Probate UK Explained
Probate Explained
Applying for probate and probate of a Will can be complex and confusing. This guide sets out everything that is involved. We have included information such as who is responsible for carrying out probate, what to do if there is or is not a Will, the appointment and responsibilities of an Executor and much more.
Don’t hesitate to contact us if you need some help and advice or if you’re ready to go ahead with a prepaid plan. Contact Us
Probate UK Explained
What is Probate?
When a person dies, whether or not they have a Will, the people responsible for their estate may need to apply to the courts for probate. Probate is the process by which a Will is "proved" and accepted as valid. In the absence of a Will it is the permission to settle the estate according to the laws of intestacy.
The application for probate is made to a section of the court known as the Probate Registry. Once granted, a document known as the Grant of Probate is issued and confirms that the applicants are authorised to deal with the deceased’s affairs. In the absence of a valid Will, Letters of Administration will be issued.
The people who apply for the Grant of Probate and carry out the administration of the estate are known as the Executors. Executors must carry out a number of tasks including notifying the authorities and distributing the estate to the beneficiaries.
What is Prepaid Probate?
Our prepaid probate plans involve paying a fixed amount in advance to cover probate and the administration of your estate in the future. Our charges are based on your age not on estate values. The younger you are the cheaper the cost.
Most probate applications involve much of the same work. Yes there can be more complex ones, but most estates have a similar amount of work. Why should you pay more to a solicitor because your house has a higher value or you have more savings?
The Benefits
The main Benefits of a Prepaid Probate Plan:
- The costs are fixed at the outset, saving your beneficiaries a significant amount of money.
- You are taking away the burden of loved ones trying to apply for probate themselves and administer the estate at a difficult time.
- You will feel fantastic that you have your house in order and everything is in place.
- You can save on Inheritance Tax – probate costs are not deductible from Inheritance Tax. Without a plan, you pay IHT and then probate costs. By paying for a probate plan during your lifetime, you can save on IHT if it is above the nil band threshold.
- Should you need to go into care, this expense has already been paid. So your beneficiaries won’t need to find the cost to pay for probate themselves.
Our Probate Plan
Once you have decided to prepay your probate this is what happens next:
- One of our experienced and professional team will discuss your circumstances and requirements with you to ensure you are making the right decision.
- You will receive your Welcome Pack which includes your certificate and a copy of our terms & conditions.
- We send funds to one of our probate experts or solicitors.
- They will write to you to confirm they have been instructed and supply you all of their contact details.
- If necessary they can write a new simple will for you and suggest they are nominated as joint Executors. This way, your beneficiaries cannot miss the fact you have already paid for probate. Alternatively if you already have your own Will, you could ask your existing Will writing company to nominate your new probate solicitor as an Executor on the existing Will.
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