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What is Probate?

Probate is the financial and legal process involved in dealing with the property, money and possessions (called the assets) of a person who has died. 

Probate is the process of proving that a will is valid (if there is one) and confirming who has authority to administer the estate of the person who has died.

The executor(s) named in a person’s Will, is responsible for Probate.  An executor(s) is usually a family member or friend.

What is the Probate Process?

Probate takes at least a few months to complete.  In most cases, the entire Probate administration process will take around 12 to 18 months.  The Probate process involves five different stages:

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  • Determine the Value of the Deceased Estate
    Identifying all of the deceased’s assets (property, investments and possessions) and all of their liabilities (debts ranging from loans to utility bills), to determine the value of their estate. At the same time, verifying who is entitled to inherit what from the estate, whether under the terms of the will, or in accordance with the rules of intestacy if there isn't a will, and obtaining the necessary identification documents for those beneficiaries.
  • Paying Inheritance Tax
    Paying Inheritance Tax to HM Revenue & Customs (HMRC) where applicable and submitting the Inheritance Tax return.
  • Applying for Grant of Representation
    Applying to the Probate Registry for the grant of representation. This is a document confirming who has the legal authority to administer the estate. After the grant of representation has been issued by the Probate Registry, liquidating (selling) the deceased’s assets, settling their liabilities, paying the final estate administration expenses and accounting to HMRC for any further Inheritance Tax, Income Tax or Capital Gains Tax due to or from the estate.
  • Preparing Estate Accounts
    Preparing estate accounts for all payments into and out of the estate, and showing the balance left for distribution to the beneficiaries. Sending the estate accounts to the personal representatives (such as the executor in the will) for approval.
  • Transferring Asset to the Beneficiary
    Providing there are no challenges to the estate or other complicating factors that prevent distribution, the final phase will involve transferring assets to the beneficiaries (if they want to keep these) and distributing the balance of the estate in line with the terms of the will or the rules of intestacy.
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