The probate process is the series of steps taken following the death of a family member that enables the executor of their will, or their closest family member, to distribute their assets to beneficiaries.
From the registration of the death of an individual, to the sharing of their remaining assets among family members, we will explain the process of probate, the steps you will be required to take and how Fast Cash Houses can help you to make the process as smooth as possible.
What Is a Grant of Probate?
A grant of probate is a legal document that will be used in order to access and settle the assets and debts of a deceased person. When a person has left a will the probate process is the established legal method of resolving their estate and distributing their assets to beneficiaries.
According to the deceased’s will, the executor named should be the person applying for grant of probate in this process. Even if there is more than one executor named, only one application should be sent for grant of probate.
It is possible to appoint a third party to administer the estate on your behalf if you do not wish to be executor.
If there has been no will left, then a slightly different process will need to take place. The next of kin or closest living relative can apply for a ‘Grant of Administration’.
Probate administration can take a long time to process and it is not uncommon for the proceedings to take between 6 months to a full year to fully complete. With this in mind it is important that you seek out good legal counsel and find the right advice and support during this time to avoid delays and avoid unnecessary costs.
How Does Probate Work With a Will?
In the case that the decedent has left a comprehensive will, the process of probate is relatively simple.
Validating the will
The first requirement will be to ensure the validation of the will through the necessary legal process.
Appointing an executor
As should be stated in the will, an executor will be appointed to oversee the probate process and to be a point of contact for solicitors involved. Should the named executor not wish to take on this responsibility they can apply to transfer their powers to another party.
Applying for Probate
The executor will then need to commence the application for ‘Grant of Probate’.
Gathering and valuing the estate’s assets
Once probate has been granted, the decedent’s assets and the entirety of their estate may be valued.
At Fast Cash Houses we offer speedy valuations for properties, facilitating quick sale.
Paying off debts and taxes
When valuing the assets of the estate, you will also be required to quantify its outstanding liabilities, from debts to taxes. These will need to be paid off before the remaining assets of the estate can be released to its beneficiaries.
Distributing the remaining assets to beneficiaries
Following the requirements outlined in the will, the remaining assets of the estate will be distributed among the beneficiaries.
How Does Probate Work Without a Will?
In the event that the deceased leaves no will, the probate process can still take place but with some slight differences. Rather than requesting a ‘Grant of Probate’ document, you will be required to request a ‘Grant of Administration’.
Appointing an administrator
The first step in an intestate probate process in the appointment of an administrator. According to law this will be the responsibility of the closest living relative of the deceased.
Identifying and valuing the estate’s assets
Once an executor has been chosen, the estate’s assets must be discovered and evaluated in preparation for distribution to the deceased living relatives.
At Fast Cash Houses, we sell houses in probate where we offer a prompt valuing service should you be looking to sell a decedent’s property.
Paying off debts and taxes
During this discovery phase, you will also be required to identify outstanding taxes and debts that the deceased may still owe. These will then be paid off using the assets of the deceased.
In the case that assets may need to be dissolved in order to pay off certain debts, turning to an efficient and quick property buying service can be highly beneficial to the probate process.
Distributing the estate according to intestacy laws
Without the guidance of a will, the estate will therefore be divided in accordance with intestacy laws. If there is a living spouse or civil partner, the entire estate worth up to £322,000 will be inherited to them. For estates worth in excess of £322,000, the assets will be divided between the spouse and any children or grandchildren of the deceased.
Practical Steps in the Probate Process
The following are the steps that ought to be taken during the probate process:
Obtain the death certificate
The very first stage of the probate process will be obtaining a death certificate for the deceased.
This should be done within the five days following the death of the decedent and is vital for notifying relevant institutions such as banks and kick starting the probate grant application.
Apply for a grant of probate or letters of administration
This will need to be completed by the named executor, should there be a will, or the nearest family member to the deceased, if there is no will.
Notify banks, creditors, and relevant institutions
Notification should be made for any ongoing payments that the person has died so that they can halt direct payments from the decedent’s accounts.
Inventory and value the estate
Valuation of the estate is a crucial step that will give an understanding of what can be distributed to the beneficiaries. This will also highlight the amount of Inheritance Tax that may need paying for the estate, through the completion of an Inheritance Tax return.
Pay any outstanding debts and taxes
All outstanding debts or taxes must be settled and paid out before the rest of the assets of the estate can be released.
Distribute the remaining assets to beneficiaries
Either through following the instructions of the will or according to intestacy rules, the remaining assets of the decedent’s estate can then be shared.
Common Challenges in the Probate Process
The main challenges that can delay the probate process can be the possibility of disputes among the beneficiaries and the length of time that the entire procedure takes place.
If the estate of the deceased has international assets this can increase the length of time that a probate process can take, often to over a year. The length of time that probate can take can be a burden on families who are required to pay inheritance tax or may be in financial hardship and need to liquidate the assets of the decedent.
Should the probate process be taking place without a will, there may be barriers to locating and documenting all the assets of the deceased, again elongating the process entirely.
Tips for a Smooth Probate Process
Ensuring you consult an experienced solicitor can make a world of difference through the probate process. Having a professional third party who can spot any mistakes before they are submitted, avoiding delays, can be important and keep the process moving.
Understanding the process in full and the timeline of the proceedings can also be crucial for a smooth probate process. Frustration and financial hardship can be the consequences of a lengthy process so ensuring good communication and a roadplan for the probate execution can avoid upset amongst beneficiaries.
How Can Fast Cash Houses Help
During the probate process, should you wish to sell the properties owned by the deceased, Fast Cash Houses can help to sell your house fast.
During the probate process we can be trusted for speedy house valuations and, when the time comes, for the quick and efficient buying of properties in cash.
If you are in need of advice on what to do with the assets of a loved one and how to sell property through the probate process then get in touch with us today.
We are available 24/7 to talk about our services and to ease your mind through a difficult time and confusing process.