Things you Need to Know About Applying for Probate – Post Covid 19 – Series 2

Continuing with our series about things we think you need to know about applying for Probate, and perhaps some of the practical tips that should be considered.

We believe you should record every detail.

We are often asked by executors or administrators, as to the preparation of the documentation, for submission to their Probate Registry and HMRC, in respect of estates.

The view being that many executors, administrators and families believe that they can deal with the practical part of the administration, and that is often the case.

However in many instances those same executors, administrators or indeed family members, come back to us during the course of the administration and say that they are surprised with the amount of work involved in obtaining probate, even for the simple estates well below the inheritance tax threshold.

The larger the estate, the more is involved, especially if financial gifts have been made during the person’s lifetime.

Often in these situations, the administration is passed to us, if we can use the expression, part way through the administration, to organise and finalise the administration, and settle any outstanding liabilities.

Executors are responsible for getting assets valued, and distributed to the correct beneficiary. Each step should be recorded in detail to show that the executor has acted properly and honestly; this also applies to evidence to HMRC that the correct amount of inheritance tax has been paid.

Probate can be needed even if the estate is worth less than £10,000 – it all depends on where the money is held.

National Savings and Investments can require an executor to obtain probate when only £5,000 is involved; at Nationwide, TSB, Halifax, Lloyds, Santander and Bank of Scotland, the figure is increased.

If all the assets in the estate are jointly owned, this will automatically pass to the surviving co-owner (usually a spouse or civil partner).

If there is no will, the executor must distribute the estate according to the intestacy rules, and will need to apply for a ‘Grant of Letters of Administration’ before doing so.

We offer a service where, we will draft and provide the appropriate paperwork, for the application for the Grant of Representation to be made.

Please do not hesitate to contact to us if you have any queries on this matter.