What is probate and when is it required?

Probate is a legal process which gives the executors of an estate authority to share out the estate of the person that has died (the testator) according to the will. Probate is not always required so it’s important to check if you require a grant of probate to access the funds. The document, a grant of probate gives the executors power to administer and distribute the estate.

When is probate required?

Probate is often required if:

The deceased owned property solely in their name.
The estate is over a certain value. Some organisations will released funds up to a certain value without probate with guidance from the will.
There is no valid will.

When is probate not required?

Probate may not be required if;

Assets are jointly owned with rights of survivorship. For example a property could be owned as tenants in common and the surviving owner will automatically inherit the house outside of the will.
There are named beneficiaries on accounts for example life insurance or pensions.
A living trust was used to hold assets.

Key steps in probate process:

Filing the will: If there is a will, it is submitted to the probate office. The will is retained by the probate office and is available on the public record.
Appointing a personal representative: Also called an executor (if named in the will) or administrator (if there's no will).
Inventorying the estate: Listing all assets, such as property, bank accounts, investments, and valuables.
Paying debts and taxes: Settling any outstanding obligations of the deceased which include all debts of the estate.
Distributing assets: What remains is distributed to beneficiaries as per the instruction of the will. If there is no will the intestacy rules will apply.

Who can apply for probate?

It is normally the executors who apply for probate where there is a will or the beneficiaries where not. Each may engage with licenced probate practitioners such as ourselves to reduce the
burden.