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If someone has passed away, you might be unsure what the legalities are surrounding their assets. It might be one of the last things on your mind initially, but eventually, their belongings will need to be dealt with.
You might need to apply for probate to get legal access. So whether you’re not sure about applying for probate or what makes you eligible to apply, this article will run through everything you need to know.
What is Probate?
Sometimes referred to as ‘administering the estate’, probate is used to discuss the process of managing a dead person’s estate.
It’s the legal right that gives someone the ability to manage a deceased property, money and possessions once they have died.
Without probate, you won’t be able to make financial decisions on behalf of the deceased or sell their property etc.
How Does It Work?
To get probate, you need to apply. Before doing this, it’s best to check you’re eligible and that you need it.
You should also find out the estate’s value in case you need to pay Inheritance Tax. Whether you can apply or not will depend on if there’s Inheritance Tax to pay or not. Once the estate has been valued you can apply either online or by post.
First, Check If It’s Needed
If you’re unsure whether you need to get probate to access a deceased’s assets, you can get in touch with the financial company, e.g. the deceased’s bank or mortgage company. Every organisation will be different, but you won’t usually need to get probate if:
- The deceased only had savings
- The deceased owned shares, land or property with other people, this will automatically be passed to the other owners
Applying for Probate
Only certain people will be able to apply for probate and it will depend on if the deceased has a will or not.
If they do have a will, those named in the will can apply for probate. Whereas, if there isn’t a will then only closest relatives are able to apply.
Is There a Will?
If the deceased had a will and you were named as an executor, then you will be able to apply for probate. If you’re also named as a beneficiary, this means that you can inherit assets such as items, property and money.
When you apply for probate, you will need to send the original will with it. It’s important that this isn’t a photocopy and is the original version, this is so the probate registry can keep it for public record.
Those who have been named as executors should have been told where the will can be found and any updates with it. It’s most likely that the will has been left in their house or with a solicitor.
If you find more than one will, you should use the most recent one.
More Than One Executor?
If there’s more than one person named on the will as an executor, only one person can make the application. As a group you must come to an agreement on who this person should be.
Or, up to 4 executors can be named when you apply. If just one is named, you will need to provide evidence that shows you tried to contact the other executors if there are more. Contact the Probate Call Centre if you are having difficulty finding the other executors.
However, if you no longer wish to be included as an executor, you can give up your right.
How To Apply
You can apply either online or by post. You could decide to get help with your application from a probate practitioner, but this can be expensive.
It should take around 16 weeks for your application to go through, but if they need further information this can take longer.
To apply online, you need to know the estimated value of the deceased’s estate, this is so HMRC can work out if Inheritance Tax is needed to be paid. If this tax still needs to be paid, you need to wait 20 working days after you’ve sent the forms to HMRC before you apply for probate.
If you’re applying by post, you can find the application forms on gov.uk.
Keep Everything Recorded
When finances are involved, it’s key to always keep a record of everything as proof if needed. This should include the value of the deceased items and properties, and make sure this is dated after the death of the person.
