Probate is the process of carrying out the requests a person made in their will after they pass away, while also ensuring that all of their debts are settled, and all of their affairs are in order.
In this post we’ll outline the probate timeline, exploring the various steps of the probate process one by one.
If you’ve been appointed a will’s executor, be sure to also read our guide to your responsibilities are throughout the probate process.
At Anthony Jones, we’re committed to helping you get the cover you need throughout the probate process, and beyond. For more information, get in touch with us, call us on 0208 8290 9086 or you can email the team direct at personal@anthonyjones.com.
A Step-by-Step Guide to the Probate Process
There are seven main steps to the probate process. Let’s look at each of them in turn, and what they involve.
Step 1 – Register the Death
After a person passes away, you need to register the death within five days. After this, you will get a death certificate, which you will need to execute a will.
You can register a death online, on the government’s website.
Step 2 – Is There A Will?
Once you’ve registered the death, you need to establish whether or not the deceased left a will. This will determine the action you take next.
- If there is a will – You need to apply for power of attorney with form PA11.
- If there is no will – You need to apply for power of attorney (interstate) with form PA12.
- If you cannot find a will – You need to complete form PA13 to report the will as lost.
Read our full guide to the documents you’ll need through the probate process.
Step 3 – Make Some Calls
You will need to contact a number of organisations to inform them of the deceased’s passing. This can include their bank, their insurers, their mortgage lenders, their utility providers, and more.
Each organisation will then close the deceased’s account, or else make alternative arrangements with you.
You will also have to contact any beneficiaries mentioned in the will, to inform them of their coming inheritance.
Step 4 – Value The Estate
As part of the probate process, you will need to provide an accurate figure of the deceased’s estate. This is the total value of the deceased’s property and possessions, minus any outstanding debts.
There’s a good guide to valuing a deceased’s estate on the government’s website.
Step 5 – Pay Inheritance Tax, If Necessary
Depending on the value of the deceased’s estate, you may have to pay some inheritance tax. If the estate is valued at more than £325,000, then there is currently a 40% inheritance tax rate on everything over that amount.
If the estate includes any property, then it may be possible to pay less inheritance tax, or even to avoid paying it at all. If the property was the deceased’s “main residence”, and if it’s being left to a direct descendent of the deceased, then the “main residence nil-rate band” may apply.
At the time of writing, the nil-rate band is £175,000, which is added to the main £325,000 inheritance tax threshold. This means it’s technically possible to inherit a property worth up to £500,000 without paying any inheritance tax.
Read our full guide to what happens after you’ve inherited a house.
Inheritance tax can get complex, so it’s a good idea to enlist the help of an accountant or inheritance specialist when managing this part of the probate process.
Step 6 – Apply For The Grant of Probate
After you’ve declared and paid any inheritance tax, you can apply for a grant of probate. This will give you official permission from the court to execute the deceased’s will.
You will have to supply certain documents as part of your application. This includes the death certificate, the inheritance tax return, some photographic ID, and the will. If there is no will, or you cannot locate one, you’ll instead have to apply for a grant of letters of administration.
Read a full guide to applying for probate.
Step 7 – Settle The Will
First, you’ll need to settle any outstanding debts the deceased may have, beyond inheritance tax. This might include credit card or loan balances, mortgage payments, and outstanding payments on car or furniture purchases.
Whatever is left of the estate after all of these debts have been settled can then be shared among the will’s beneficiaries according to the deceased’s wishes. Certain beneficiaries might also inherit specific parts of the estate, such as property or valuables.
Step 8 – Store All Records Securely
Once the probate process is completed, be sure to store all paperwork in a safe place, making any copies if necessary.
You may need to refer to this paperwork if:
- Any beneficiaries ever ask you about the will’s terms.
- Any new debts emerge after you’ve completed the probate process.
- HMRC chases some underpaid tax, or raises a query into the deceased’s assets.
How Long Does the Probate Process Take?
It will take you some time to gather information, locate all necessary paperwork, and value the deceased’s estate. It will then take you some time to settle any inheritance tax that might be due. And only after this can you apply for a grant of probate, which can take up to eight weeks.
It can take up to a year to complete the probate process – from the initial date of death to the time their estate is finally distributed. Unfortunately, probate delays are common.
Probate delays are problematic, because a will’s beneficiaries cannot access anything they’ve inherited until the process is complete. This is a particular issue when the will includes some property, as it may mean that the property will be unoccupied for the duration of the process.
Unoccupied homes are vulnerable to burglaries, fire, flood, and other risks. And the bad news is that most home insurance policies will stop providing cover if a property is left unoccupied for a certain period.
So, along with all of the steps we’ve outlined above, a major part of the probate process is to get some dedicated probate home insurance. This can provide necessary cover for any properties involved in the will for as long as they remain unoccupied throughout probate.
Anthony Jones – Helping You Protect Your Assets Throughout the Probate Process
At Anthony Jones, we know how complex the probate process can get. That’s why off-the-shelf probate insurance solutions are not always your best option. So come and talk to us, and we will discuss the specifics of your situation to help you understand exactly what cover you need, and how long you need it for.
For more information, get in touch with us, call us on 0208 8290 9086 or you can email the team direct at personal@anthonyjones.com.
