Grant of Probate
Probate is the offical certificate you receive from the Probate Registry which establishes the value of an estate and who is responsible for dealing with them before the assets are distributed. Probate is normally the responsibility of the executors of a Will.
A similar process is required when a person dies without making a will, and this is called a 'Grant of Letters of Administration'.
The process of administering an estate and obtaining probate is usually very time consuming and complex. There are a number of legal, financial and tax implications, which is why most people need professional help.
Here are some of the duties involved:
- Locate the original Will.
- Complete and file the court forms for the Grant of Probate.
- Attend a personal interview at the Probate Registry.
- Obtain valuations of the deceasedís assets at the time of death.
- Identify and collect all of the deceased's assets (including selling any property the deceased owned).
- Pay all of the debts of the deceased plus the funeral expenses and other expenses of obtaining the Grant of Probate e.g. Court Fees.
- Distribute the deceased's assets in accordance with the terms of the Will.
- Ensure that the wishes of the deceased as stated in the Will are carried out.
- Prepare and submit tax returns for the deceased for Inheritance Tax, Capital Gains Tax and Income Tax.
- Obtain tax clearances before distributing the estate.
- Prepare estate accounts for the beneficiaries.
- After payment of all claims, distribute the estate.
How long does Probate take?
A Grant of Probate is usally issued within 3-5 weeks from the time it is applied for by the Probate Registry.
In order to apply for the Grant of Probate, you are required to complete a Tax return and prepare a umber of other documents for the Regsitry and HMRC to consider.
Some estate are in a position to apply for the Grant of Probate very quickly whilst other can take months before they are in a position to apply. This is due to the complexity of different estates and how quickly information required can be obtained.
At Smith Sutcliffe, we would be able to provide you with an estimate of how long Probate will take. Please do not hesitate to contact us for further details.