This article will help you on how to obtain probate easily.
The term probate is used to describe the process of dealing with a deceased person’s estate which includes money, possessions, and properties. In order for the executor of the will to legally collect money from banks, building societies, and other organizations that are holding the assets belonging to the deceased person, and sell or transfer ownership of property legally, he first needs to obtain a grant of probate from the probate registry. If the executor of the will will not apply for this grant of probate then all the assets will remain frozen and inaccessible.
There is no need of a solicitor to help the executor of the will to obtain probate if the estate is straightforward.
You need to have the original will since probate cannot be granted if you only have a copy of the will. The original Will should be checked to establish who has been appointed as the executor. Applying the probate and carrying out the terms of the will is the responsibility of the executor.
Notification of the death should be given to every interested party. The death certification should be attached to the written notification. By interested parties we refer to banks, building societies, insurance companies, share registrars, investment and ISA providers, pension providers, tax and benefits authorities, creditors, and others.
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.
There is no payable inheritance tax if the value of the deceased person’s estate is lower than the inheritance tax threshold. If the spouse of the deceased is the sole beneficiary of the estate, there is also no payable inheritance tax. The inheritance tax threshold is increased if the deceased was a widow or a widower.
Completion of inheritance tax forms follows next. There is a form to be filled up if you are to pay inheritance tax, but if the estate value is less than the inheritance tax threshold, then you simply need to submit another type of form.
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.
The whole process can take between 4 to 12 weeks depending on how quickly your proceed.
If the estate is complicated, then you need a solicitor to help in the execution of the will.