Dealing with a loved one’s estate: the Probate process explained

Dealing with the estate of a loved one can be an emotional and legally challenging time and there is often confusion about what steps are required in order to deal with the estate.

What is Probate?

Probate is the legal process of administering someone’s estate after they have passed away. If that person leaves a valid Will then the Executors named in the Will can apply for a Grant of Probate. If there is no Will, the estate is intestate, and Administrators, who are decided by a strict statutory order, can apply for a Grant of Letters of Administration.

The Probate Process

1. Valuing the estate – all assets have to be valued, for example property, bank accounts, investments and pensions. Outstanding debts also need to be ascertained.
2. Inheritance Tax – depending on lifetime gifts each estate has a £325,000 allowance against inheritance tax. There is also the Residence Nil Rate Band, which can provide up to an additional £175,000 allowance if specific criteria are satisfied. There are also other exemptions and reliefs, for example but not limited to, spouse/civil partner exemption, business property relief and agricultural property relief.
3. Applying for the Grant – depending on the type of Grant and who is applying this is done either online or through post to the Probate Registry.
4. Administering the estate – once a Grant is obtained, assets can be collected in, debts settled and any property can be sold if required.
5. Distribution and finalisation – once all assets and liabilities have been dealt with, beneficiaries can be paid, either through the Will or under the intestacy rules if there is no Will.

When we should be involved

Many Executors or Administrators handle probate without involving a Solicitor but there are times when legal advice can be crucial.

Some examples are:

1. The estate is complex or high value.
2. There are foreign assets.
3. There is a business or a farm.
4. Inheritance tax is involved and there is doubt about what allowances, reliefs or exemptions apply.
5. The Will is disputed/unclear and there is a potential claim against the estate.
6. There are family disagreements.

How we can help you

If you are unsure about how to administer an estate, it may be advisable to speak to a Probate Solicitor. Our Wills & Probate team can guide you through the process, helping to reduce delays and stress while ensuring the correct legal procedures are followed. Call York 01904 716000, Wetherby 01937 583210 or Malton 01653 692247 or email law@warekay.co.uk.