Probate: The ‘legals’ connected to loss

Experiencing the loss of a loved one is one of the most difficult things that can occur in anyone’s life. Whilst prioritising funeral planning, working through the emotional toll of grief and looking after family members, the added responsibility of managing an estate, can often leave people feeling overwhelmed and burnt out. Knowing what to expect in terms of processes can help to alleviate some of the pressure associated with estate administration.

Cassie Woodier from our agriculture, estates and private client team explains more about probate and how instructing solicitors can provide peace of mind during the process.

What is ‘Probate’?

‘Probate’ is the term used to describe the legal process of administering the estate of someone that has died. The probate process can often be a time-consuming and sometimes legally complex process with deadlines, financial implications, and possible pitfalls for those responsible for the administration.

Understanding the grants available

When someone dies without a will, that person is considered to have died intestate. Whoever has authority to administer the estate in accordance with the intestacy rules can apply for a grant, which in this case would be called a ‘Grant of Letters of Administration’. This ‘Grant’ will give the administrators authority to be able to administer the estate in accordance with the intestacy rules.

When someone dies with a valid will, and where executors have been validly appointed and are willing to act, they are able to apply for a grant, which is called a ‘Grant of Probate’. This ‘Grant’ will give the executors authority to be able to administer the estate in accordance with the will.

Actions to take

Whether someone dies with or without a will, the executors or administrators will be required to complete the following where relevant to that estate:

• Make sure the home of the person who has died is secure and remains insured.
  
  
• Register the death with the relevant agencies, companies and individuals – including the government ‘Tell Us Once’ service, pension providers, utility services, banks, employers, landlords and phone companies, as well as anyone else that had any sort of financial relationship with the person that has died.
  
  
• Gather information from the above agencies, companies and individuals to determine the value of the assets and debts attributable to the estate. This should be a continuous calculation, even after that person has died, as interest and expenses continue to accrue.
  
  
• Calculate any tax due – including the process of calculating any Inheritance Tax.
  
  
• Deal with any claims against the estate – individuals are able to make claims against the estate if they feel they have not been adequately compensated.
  
  
• Distribute the assets of the estate to the beneficiaries in accordance with the will or relevant statutory rules. Sometimes having to transfer property or company shares.

Consulting the experts for peace of mind

The process of estate administration can be simple and relatively stress-free, allowing an executor or administrator to be able to manage without the assistance of a solicitor.

This, however, is not always the case. It should be noted that executors and administrators are legally responsible for ensuring all debts and taxes against the estate are correctly paid, prior to the distribution of assets. Miscalculating inheritance tax or overlooking creditors can leave that individual liable for any shortfall.

Instructing solicitors can provide peace of mind, ensuring this process is handled correctly, efficiently, and in full compliance with legal requirements.

Contact our team of probate experts today at [email protected] and we can provide legal advice tailored to your budget and circumstances.