Gardner Leader

Probate – what is it and how does it work?

This month Lucy Samara, Inheritance Protection Solicitor at Gardner Leader LLP, takes a look at the often confusing issue of Probate.

A family member has died leaving a Will naming me as sole executor and I need to obtain Probate to administer her estate.  The deceased was a widow with an estate of £350,000.   

What is Probate?

A Grant of Probate is a legal document giving the executors the authority to deal with the deceased’s assets.

There are three different types of Grant:

1. Grant of Probate - issued to one or more of the executors named in the Will.
   
   
2. Grant of Letters of Administration (with Will annexed) - issued when there is a Will, but there is no executor named, or when the executors are unable or do not wish to apply.
   
   
3. Grant of Letters of Administration - issued when the deceased had not made a Will.

How do I obtain a Grant of Probate?

Firstly, you need to ascertain the value of the deceased’s estate as at the date of death, including valuations of the deceased’s property, bank/building society accounts, other investments and personal possessions.

As the deceased’s estate is over the current inheritance tax threshold of £325,000, there will probably be an inheritance tax liability, so you must complete an inheritance tax account IHT400.  This requests personal details of the deceased together with details of the deceased’s assets and liabilities.

Part of the inheritance tax liability must be paid on applying for the Grant.   This can sometimes cause difficulties if insufficient cash funds are available. All executors named in the Will who wish to apply for Probate must sign the tax account. 

As the deceased was a widow, you may be able to make use of the transferable nil rate band available from her husband’s estate, potentially increasing the nil rate allowance to £650,000. This will require a specific application to HM Revenue & Customs, together with details of her late husband’s estate (ie his Grant of Probate), his death certificate and their marriage certificate.

You will then need to apply for a Grant of Probate by contacting the Probate Registry to arrange a personal interview with the Registrar.  Solicitors are able to make the application by post and will receive the Grant within ten working days of making the application.

What do I do when I receive the Grant of Probate?

You will be able use the Grant to sell the property, close the bank accounts and cash in any investments. Ultimately, you will be able to distribute the estate to the beneficiaries.

Can I instruct a solicitor to obtain the Grant on my behalf?

Yes, I would be happy to guide you through what can be quite a complex and time-consuming process.

(Figures quoted in this article are correct at the time of going to print.)

[Back]