–\u00a0 Valuing and collating the estate<\/p>\n
–\u00a0 Paying inheritance tax (if applicable)<\/p>\n
–\u00a0 Applying for grant of probate (or letters of administration if there is no Will)<\/p>\n
–\u00a0 Informing interested parties<\/p>\n
–\u00a0 Gathering the estate assets (liquidate if required) and then paying any debts from the estate<\/p>\n
–\u00a0 Distributing the estate in line with the Will or rules of intestacy if there is no Will<\/p>\n
–\u00a0 Below, we will take you through each of these stages in more detail.<\/p>\n
Stages of probate in England and Wales<\/h2>\n\n- Valuing and collating the estate<\/strong><\/li>\n<\/ol>\n
The first thing to do is to ensure that the deceased’s assets, possessions and property are secured and make sure there is adequate insurance cover for them. You will also need to find the Will. It may be necessary at this point to take steps, perhaps by contacting suitable probate solicitors, to verify the document’s validity. Begin to make a detailed inventory of all assets and arrange a valuation of the estate, including any houses, chattels (general possessions), stocks, shares, investments, life insurance policies, artwork and all other personal items. Collate all documentation and paperwork relating to assets, including any bank statements, passbooks for savings accounts, share and stocks certificates, property deeds, insurance policies, NSA accounts and more.<\/p>\n
The personal representatives should register the death with all asset and liability holders; you will need to send each one a copy of the death certificate.<\/p>\n
\n- Paying Inheritance Tax (if applicable)<\/strong><\/li>\n<\/ol>\n
The current Inheritance Tax threshold stands at \u00a3325,000, and if the estate is not subject to Inheritance Tax, it will be necessary to complete form IHT205. More information about Inheritance Tax, including the Nil Rate Band Transfers and the Residence Nil Rate Band, can be found here \u2013 Inheritance Tax<\/a>.<\/p>\nIn the event that there is not enough money to cover Inheritance Tax and probate fees, a loan may be required. In some cases, it may be possible to pay the Inheritance Tax in instalments. Inheritance Tax must be paid within 6 months of the date of death and before the Grant of Representation can be applied for.<\/p>\n
\n- Applying for grant of probate (or letters of administration if there is no Will)<\/strong><\/li>\n<\/ol>\n
In order to obtain the Grant of Representation, it is necessary for the personal representative to swear an oath that all information they have given the Probate Registry is true to the best of their knowledge. The registry will send the oath, and the representative will need to make an appointment at a local probate office or with a commissioner for oaths (typically a solicitor) to take the oath and sign the document.<\/p>\n
Probate fees:<\/p>\n
\n- \u00a3215 for a personal application, or \u00a3155 if a solicitor is applying on behalf of the executors<\/li>\n
- 50p per copy of the Grant<\/li>\n<\/ul>\n
Completed forms need to be sent to the Probate Registry<\/a> together with the original Will, the death certificate and the IHT form.<\/p>\n\n- Informing interested parties<\/strong><\/li>\n<\/ol>\n
Once the executors have received the Grant, usually within ten working days, copies should be sent to all asset holders together with a request to release any funds.<\/p>\n
A statutory advertisement for creditors and other claimants should be placed in the Gazette and local press.<\/p>\n
\n- Gathering the estate assets (liquidate if required) and then paying any debts from the estate<\/strong><\/li>\n<\/ol>\n
Another important step in the probate process is settling accounts with all asset and liability holders \u2013 you will need copies of the grant of representation to do this. Any monies due to the deceased should be collected.\u00a0 Usually, it is necessary to open a bank account on behalf of the estate (the Executor’s Account) and any owed money to the estate that is then collected can be paid into the account.<\/p>\n
Income tax forms and capital gains tax forms for the period of administration should be completed. If any assets are due to be sold, this is the stage at which to sell those assets. Any debts should now be settled. There is a set order of priority for whom should be paid first:<\/p>\n
\n- Any remaining Funeral expenses<\/li>\n
- Any taxes that are due<\/li>\n
- Creditors, such as loans, mortgages, and outstanding debts<\/li>\n
- If there is a will, and once all creditors are paid, the beneficiaries can then receive their legacies. If there is no Will, then the estate is distributed according to the Rules of Intestacy.<\/li>\n<\/ol>\n
The final estate accounts should be prepared.<\/p>\n
\n- Distributing the estate in line with the Will or rules of intestacy if there is no Will<\/strong><\/li>\n<\/ol>\n
Once the residuary beneficiaries have approved the estate accounts, the executors can distribute the estate in line with the Will, or the Rules of Intestacy if there is no Will. The Executor\u2019s bank account can now be closed.<\/p>\n
Lastly, be sure to keep all relevant papers for a minimum of 12 years.<\/p>\n
The first thing to do is to ensure that the deceased’s assets, possessions and property are secured and make sure there is adequate insurance cover for them. You will also need to find the Will. It may be necessary at this point to take steps, perhaps by contacting suitable probate solicitors, to verify the document’s validity. Begin to make a detailed inventory of all assets and arrange a valuation of the estate, including any houses, chattels (general possessions), stocks, shares, investments, life insurance policies, artwork and all other personal items. Collate all documentation and paperwork relating to assets, including any bank statements, passbooks for savings accounts, share and stocks certificates, property deeds, insurance policies, NSA accounts and more.<\/p>\n
The personal representatives should register the death with all asset and liability holders; you will need to send each one a copy of the death certificate.<\/p>\n
- \n
- Paying Inheritance Tax (if applicable)<\/strong><\/li>\n<\/ol>\n
The current Inheritance Tax threshold stands at \u00a3325,000, and if the estate is not subject to Inheritance Tax, it will be necessary to complete form IHT205. More information about Inheritance Tax, including the Nil Rate Band Transfers and the Residence Nil Rate Band, can be found here \u2013 Inheritance Tax<\/a>.<\/p>\n
In the event that there is not enough money to cover Inheritance Tax and probate fees, a loan may be required. In some cases, it may be possible to pay the Inheritance Tax in instalments. Inheritance Tax must be paid within 6 months of the date of death and before the Grant of Representation can be applied for.<\/p>\n
- \n
- Applying for grant of probate (or letters of administration if there is no Will)<\/strong><\/li>\n<\/ol>\n
In order to obtain the Grant of Representation, it is necessary for the personal representative to swear an oath that all information they have given the Probate Registry is true to the best of their knowledge. The registry will send the oath, and the representative will need to make an appointment at a local probate office or with a commissioner for oaths (typically a solicitor) to take the oath and sign the document.<\/p>\n
Probate fees:<\/p>\n
- \n
- \u00a3215 for a personal application, or \u00a3155 if a solicitor is applying on behalf of the executors<\/li>\n
- 50p per copy of the Grant<\/li>\n<\/ul>\n
Completed forms need to be sent to the Probate Registry<\/a> together with the original Will, the death certificate and the IHT form.<\/p>\n
- \n
- Informing interested parties<\/strong><\/li>\n<\/ol>\n
Once the executors have received the Grant, usually within ten working days, copies should be sent to all asset holders together with a request to release any funds.<\/p>\n
A statutory advertisement for creditors and other claimants should be placed in the Gazette and local press.<\/p>\n
- \n
- Gathering the estate assets (liquidate if required) and then paying any debts from the estate<\/strong><\/li>\n<\/ol>\n
Another important step in the probate process is settling accounts with all asset and liability holders \u2013 you will need copies of the grant of representation to do this. Any monies due to the deceased should be collected.\u00a0 Usually, it is necessary to open a bank account on behalf of the estate (the Executor’s Account) and any owed money to the estate that is then collected can be paid into the account.<\/p>\n
Income tax forms and capital gains tax forms for the period of administration should be completed. If any assets are due to be sold, this is the stage at which to sell those assets. Any debts should now be settled. There is a set order of priority for whom should be paid first:<\/p>\n
- \n
- Any remaining Funeral expenses<\/li>\n
- Any taxes that are due<\/li>\n
- Creditors, such as loans, mortgages, and outstanding debts<\/li>\n
- If there is a will, and once all creditors are paid, the beneficiaries can then receive their legacies. If there is no Will, then the estate is distributed according to the Rules of Intestacy.<\/li>\n<\/ol>\n
The final estate accounts should be prepared.<\/p>\n
- \n
- Distributing the estate in line with the Will or rules of intestacy if there is no Will<\/strong><\/li>\n<\/ol>\n
Once the residuary beneficiaries have approved the estate accounts, the executors can distribute the estate in line with the Will, or the Rules of Intestacy if there is no Will. The Executor\u2019s bank account can now be closed.<\/p>\n
Lastly, be sure to keep all relevant papers for a minimum of 12 years.<\/p>\n
- Distributing the estate in line with the Will or rules of intestacy if there is no Will<\/strong><\/li>\n<\/ol>\n
- Gathering the estate assets (liquidate if required) and then paying any debts from the estate<\/strong><\/li>\n<\/ol>\n
- Informing interested parties<\/strong><\/li>\n<\/ol>\n
- Applying for grant of probate (or letters of administration if there is no Will)<\/strong><\/li>\n<\/ol>\n
![\"Orange](\"https:\/\/simply.law\/england-wales\/wp-content\/uploads\/sites\/5\/2023\/09\/oratto_orange_probate_tick-1.png\")
We provide you with a range of fixed fee quotes within minutes<\/p>\n