Probate Guide: What is probate and how does it work?
If you’re tasked with managing the estate of a loved one who has passed away, you may find the probate and estate administration process to be challenging and complex. From fulfilling legal requirements to assessing and valuing assets, probate encompasses a series of tasks to ensure that an estate is settled properly. In this probate guide, we will answer some common questions about probate in the UK. Whether you’re an executor or administrator of an estate or are simply curious about the process, this guide is for you.
What is probate?
Probate refers to the legal process of handling a deceased individual’s debts, liabilities, and assets. This process ensures that everything is resolved correctly and in accordance with the wishes of the deceased. At Nichols & Co, we can assist you with probate, guaranteeing that all actions are properly and in a timely manner.
Why is probate necessary?
Probate is necessary to ensure that the estate of the deceased is resolved according to their wishes, and that assets, including investments, property, and money, are transferred to the appropriate beneficiaries. At Nichols & Co, we can help you with probate to ensure that all actions are fair and legal.
Is probate always required?
Probate is not always required. For instance, you may not need to go through probate if:
- The deceased did not own any land, property, or shares, and no other assets require a transfer of title.
- Monies held in a bank are below that bank’s threshold for requiring a grant.
- If you are unsure whether probate is required, our friendly experts can discuss and confirm this with you.
How does probate work?
The probate process starts with filling out a “grant of probate” form to get permission to handle the estate, which includes money and property. After that, the executor or administrator can identify assets, pay debts or taxes, and distribute remaining assets to beneficiaries. At Nichols & Co, we can help you with every step of the probate process.
When is probate necessary?
Probate is necessary when the deceased has assets under their name. For example, probate is required to transfer ownership of a house to beneficiaries. However, probate might not be necessary if the deceased has joint assets, assets in a trust, or assets with a designated beneficiary.
Who can apply for probate?
The executor named in the will is responsible for applying for probate. If there is no will, or the executor is unable or unwilling to act, the court can appoint someone to manage the estate. At Nichols & Co, we can help you understand your role as an executor or administrator and guide you through the probate process.
Can probate be refused?
Probate can be refused if the application is incomplete or incorrect. It can also be refused if there is a dispute over the validity of the will or the appointment of the executor or administrator. In some cases, probate can be refused if the estate is insolvent (meaning there are more debts than assets). At Nichols & Co, we can help you avoid common mistakes and ensure that your probate application has the highest possible chance of success.
How much can probate cost?
The cost of probate can vary depending on the size and complexity of the estate, as well as the fees charged by the executor or administrator and any legal or accounting professionals involved. At Nichols & Co, we offer an upfront estimate of the costs involved. Get in touch to discuss costs.
At Nichols & Co, we understand that dealing with the probate process can be overwhelming, especially during a difficult time. That’s why our experienced team of accounting professionals are here to help you every step of the way. From applying for a grant of probate to distributing assets to beneficiaries, we can provide expert guidance and support to ensure that everything is done legally and fairly.
If you need assistance with probate, don’t hesitate to contact us.
We offer competitive pricing, transparent communication, and a commitment to achieving the best possible outcome for our clients. Let us help you navigate the probate process with ease and peace of mind. Contact us today to schedule a consultation.