Dealing with the loss of a loved one is already a challenging time, and managing their estate can further contribute to the overwhelming experience.
Navigating the initial steps of probate can be daunting as you may be unsure where to begin. The following guide will provide you with the relevant steps to be taken while managing the estate administration process.
The steps of probate
The first steps involve registering the death and coordinating the funeral arrangements.
Next, is a fact-finding process for the Executor(s) to determine the value of the assets and liabilities held by the deceased person when they died. It is best to provide your solicitor with as much information as possible at the outset of a matter. Once the extent of all assets and liabilities has been determined, your solicitor will be able to advise whether an inheritance tax (IHT) return is required. If it is, they will complete the necessary forms on your behalf. These documents are then sent to HM Revenue and Customs (HMRC) along with payment of any IHT due.
HMRC requires 4 weeks to process the documents before issuing a receipt to your solicitor so that they can apply for the Grant of Probate.
What is a Grant of Probate?
A Grant of Probate is a legal document issued by the Probate Registry, which may be required in order to access bank accounts and sell assets.
The application for the Grant requires a legal statement to be prepared, which must be signed by the Executors applying. This statement confirms that the Executors will comply with their legal duties when administering the estate.
The original Will, signed legal statement, and the Probate Registry’s fee must then be sent to the Probate Registry.
Delays to probate application approval
Until recently, the Probate Registry had estimated that it would take around 16 weeks to issue Grants of Probate from the date of receipt of an application. However, the Probate Registry currently advises that the processing time for applications is closer to 22 weeks. This means that your solicitor will not be able to follow up with the Probate Registry for a progress update on applications until the initial 16-week time frame has elapsed.
The phone lines for the Probate Registry are currently accessible only from 9.00am to 1.00pm Monday to Friday, meaning that the opportunities to request updates are limited.
Once the Grant of Probate has been issued, your solicitor will be able to assist you with administering the estate.
The impact of delays at the Probate Registry
A property owned by a deceased person cannot be sold until the Grant of Probate has been issued. It is therefore advisable that a property is not listed for sale until the Grant of Probate application has been submitted. This should avoid the potential stress of an agreed sale being delayed by the pending issuance of the Grant of Probate.
How TWM can help you
Our dedicated private client solicitors have considerable experience and expertise in dealing with complex estate administration cases.
They can help guide you through the entire process, making things easier during what is often a very difficult and emotional time. To discuss a loved one’s estate, please get in touch with our Private Client team for an initial no-obligation consultation.