Probate breakdown
- Register the death
You will need a copy of the death certificate for the deceased before you will be granted access to any of their assets, so before you can start probate you must get the death registered.
- Is there a Will?
Before you can move any further forward you must find out if the deceased had a will. It is essential to find out if there is a will as the executors will be named on it, these are the people who have agreed to carry out the wishes in the will. If there isn’t a executor, or they can’t take on the role then a beneficiary of the estate can apply to the probate registry to become the estate ‘administrator’.
There’s no will – what now?
If there is no will, the deceased is regarded as passing away ‘Intestate’. In this scenario the ‘Law of Intestacy’ dictates who is entitled to inherit.
- Apply for a grant of probate and deal with inheritance tax
The person authorised to deal with the estate – the executor must apply for a document known as a ‘grant’. It proves you have the right to access funds, deal with any finances and distribute the estate.
- Gather assets
You must identify all of the deceased’s assets, such as property, bank accounts and shares. As well as this you must identify all liabilities, debts such as loans, bills and outstanding payments. Once you have an idea for assets and liabilities you can determine an accurate estate value.
- Deal with debts
Debts need paying, so you must ensure that everything that could be seen as a liability is settled with the debtors, that way the remaining estate can be distributed.
- Final estate valuation
Once debts are dealt with you can work out the total value of the Estate.
- Administer the estate to beneficiaries
Once you’ve jumped through all these hoops you can finally share out what is left of the Estate!
