This article gives you the steps in obtaining probate in an easy manner.
When a person dies and leaves a will, then the process of dealing with the deceased person’s estate which includes money, possessions, and properties is called probate. A grant of probate from the probate registry should be applied for by the executor of the will so that he can collect money from banks, building societies, and other organizations which hold assets belonging to the deceased person, and sell or transfer ownership of a property. Assets will remain frozen and inaccessible if the executor of the will does not apply for a grant of probate from the probate registry.
There is no need of a solicitor to help the executor of the will to obtain probate if the estate is straightforward.
A copy of the will is not valid to obtain probate; you should find the original will of the deceased estate owner. In order to establish who has been appointed as the executor of the will, the original will should be checked. The executor’s responsibility is to apply the probate and carry out the terms of the will.
Every interested parties should be notified of the death. The notification should be done in writing and the death certificate should be enclosed. Banks, building societies, insurance companies, share registrars, investment and ISA providers, pension providers, tax and benefits authorities, creditors, and others make up the group of interested parties.
There is a need to obtain the date of death valuation of the deceased’s assets since this information needs to be included in the probate and inheritance tax forms.
You do not have to pay inheritance tax if the value of the deceased person’s estate is valued below the inheritance tax threshold. If the spouse of the deceased is the sole beneficiary of the estate, there is also no payable inheritance tax. If the deceased was a widow or widower, there is an increase in the inheritance tax threshold.
Inheritance tax forms should then be completed. If the estate value is less than the inheritance tax threshold then there is a special form to be completed for that, and another form is needed if inheritance tax is payable.
You need to submit to the probate registry a completed probate application form, which is to be submitted together with your inheritance tax form, probate application fee, and any other documents requested by the probate.
The probate registry then issues the grant of probate if there are no problems or further questions. With this grant the executor can then finalize the administration of the deceased’s person’s estate and implement the terms of his will.
You need 4 to 12 weeks to complete the whole process depending on how quickly your can proceed.
If the estate is complicated, then you need a solicitor to help in the execution of the will.