| Probate is the process of collecting together someone's money and property after they have died (their estate) and dividing it between those entitled to it (the beneficiaries)
This is usually a very difficult time for the family. Our Probate department tries to deal with these matters in a sympathetic but businesslike manner to assist those involved through this difficult time and will advise on the processes involved.
The people who deal with the administration of an estate are the Personal Representatives. If the person who has died has left a Will then the people who are to be the Personal Representatives will usually have been named in the Will. In that case they can also be called 'Executors'. In any other case they can be called 'Administrators'. There are rules setting out who can be an Administrator, usually a close relative.
Probate will usually involve the following stages:
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Finding out the value of the estate i.e. how much is left in Bank and Building Society accounts, the value of the home, any shares etc. |
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Working out and paying inheritance tax (which depends on the value of the estate). |
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Applying for a Court document called a 'Grant of Probate' (if there is a Will) or a 'Grant of Letters of Administration' (if there is no Will) which gives permission to the Personal Representatives to close the Bank and Building Society accounts and sell the home, shares etc. |
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Actually closing the Bank and Building Society accounts, selling the home and shares, etc. (if this is what the beneficiaries have agreed). |
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If there is a business asset involved, dealing with that asset. |
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Preparing an account showing the value of the estate, how this has been made up, and to whom it is going to be distributed. |
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Distributing the estate to the beneficiaries. |
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How long all of this takes depends not so much on the value of the estate but how complicated it is, i.e. how many accounts, properties, etc. there are, whether any are abroad, and so on. Straightforward estates can be finalised in a few months but a period of 6 to 12 months is not unusual, but nor is 18 months or longer if there are particular complications.
The legal costs involved will depend on both the value of the estate and how complicated it is, but our Probate department will give guidance on this.
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