Probate is one of those terms that is often mentioned without any real context or explanation as to what it really means. It is often used generally when discussing the need to administer an Estate after someone dies. This blog aims to answer those initial questions clients tend to ask when they first speak to us about a loved ones passing.
Why do you need probate if there is a Will?
Unfortunately, there is a common misconception that leaving a Will means that Probate won’t be needed.
Applying for a Grant of Probate is actually the legal process of proving that the Will is valid and confirming who has authority to administer the estate. This is often used interchangeable with Grant of Representation and Letters of Administration.
Grant of Representation means either a Grant of Probate or Letters of Administration, as well a number of other types of Grant for special circumstances.
It is a Grant of Probate when there is a Will and Letters of Administration when there is not.
Why is probate required?
Probate is requested by asset holders and financial institutions in order for them release assets to the Executors. If the deceased owned a property in their sole name, or had other high value assets, then it is likely that Probate will be needed.
Unfortunately, as the financial institutions are allowed to set their own guidelines for when they will ask for a Grant it’s not easy to put a figure on when a Grant will be requested.
Who pays?
The cost of obtaining a Grant of Probate is an estate expense. We will often require the Court fee of £300 up front as a disbursement but this can be reimbursed from the estate once the Grant has been issued and the estate funds transferred.
Who can apply?
The Executors of a Will are the first people who can apply for the Grant of Probate. Where there is no Will the Rules of Intestacy, see previous blog here, dictate who can apply.
If there are no Executors (this does happen with homemade Wills, or when the Will hasn’t been reviewed for a long time) then there is a strict order of who can take up the role.
Can probate be fast tracked?
The issuing of Grants of Probate has definitely sped up in recent months after going through quite a long period of delays.
Sometimes people pass away mid-way through a property sale, after the exchange of contracts but before completion, which means we urgently need a Grant of Probate to meet contractual obligations. There is a special type of Grant that we can apply for just to deal with this, which should be issued quicker, it’s latin name is Administration Ad Colligenda Bona.
We don’t really have power to push applications through the Court but our experience in understanding what information is needed, who can apply and what paperwork to submit and to where can help the process run more smoothly.
If you have any questions about the Probate process and how we may be able to assist please do contact the team.