The death of a loved one is a difficult time for anyone, and the process of handling their estate may seem overwhelming at first. That’s why we’ve given an overview of how the process of probate works, from start to finish.
Probate usually takes around three or four months to complete, which is the entire process of identifying assets, paying off any debts and sharing the remaining estate in accordance with the Will, or if there isn’t one, intestacy rules.
Locating the Will
The first step once a death has been registered and the funeral arranged is to locate their Will, or get confirmation that there is no valid Will. If you are unable to find their Will, you must contact their bank, accountant or solicitor to see if it is held by any of them, and you can ask for a search of the safe custody Wills register to be made.
Contacting financial providers
The named executors of the Will, or those who will inherit the estate if there is no Will, should begin to gather all financial information. Banks, credit card providers, mortgage lenders and other relevant financial institutions should be notified of their death.
It can then be reported on the ‘Tell Us Once’ service, which reports a death to the majority of Government institutions at once, including HM Revenue & Customs (HMRC) and the Department of Work and Pensions (DWP).
Estimate and report the value of the estate
The next step is for the executor of the Will to assess the amount that is held in pensions, shares, Isas and savings accounts and whether the deceased was owed wages by their employer.
After this, any debts such as credit cards must be paid off, while the executor should check if there are any pay-outs due to insurance companies.
Begin the formal process of probate
At this point, the executor should apply for a grant of probate. This is the legal document that allows you to sort out finances, access funds and share out assets.
When dealing with the grant of probate, seeking expert advice can ease the burden on the process at a difficult time.
We are here to help. We can support you in the entire process, from creating Wills to Powers of Attorney, estate planning and probate.
For help and advice, contact our expert team today.