What is Probate ?

Many people ask what in fact “probate” is as it is a term that is used all the time when talking about Wills.

“Probate” is the general term used by the legal professional to describe the process of administering a deceased person’s Estate in accordance with their wishes (if they left a Will) or by the set of compulsory rules known as the intestacy rules (if they left no Will). The term “probate” can also be used to describe the process of obtaining probate or the Grant of Probate/Representation. The Grant is the legal document that is issued by the Probate Registry when a person dies to the Executors (if there is a Will) or to the Administrators (if there is no Will). The Grant enables asset holders to close accounts and release monies held by the deceased to the Estate. Executors/Administrators will not be able to arrange the release of assets or indeed complete the sale of any property held by the deceased until the Grant has been obtained.

The type of Grant applied for will depend on whether the deceased left a Will or not. A “Grant of Probate” is obtained when the deceased left a Will and the “Grant of Letters of Administration” is applied for when the deceased did not make a Will. Innes Wills & Estate Services can assist you with both these types of applications.

How do I obtain the Grant ?

The procedure for obtaining the Grant is a complicated one and most families employ professionals, such as Innes Wills & Estate Services, to assist them in this procedure as they find the task too daunting and upsetting to sort this matter out themselves.

In a nutshell, all the assets held by the deceased have to be valued at the date of death.  If the value of the Estate exceeds the current inheritance tax threshold of £285,000, then there is a possibility that inheritance tax will be payable although there are some exemptions which can be deducted.  The values of the assets are then recorded in the probate papers which are sent to the Probate Registry with the Court fee in order to apply for the Grant.

Please be aware that any inheritance tax liability has to be paid before the Grant is applied for and indeed any assets are encashed.  Therefore, from our extensive experience in these matters, if none of the beneficiaries/Executors can provide a “loan” to the Estate, to be reimbursed at a later date, or if none of the “cash” assets are sufficient to cover the liability, then a commercial “bridging loan” has to be applied for and interest paid.

Why shouldn’t I approach a solicitors or bank to help with probate ?

The administration of an estate is a service offered by many banks/financial institutions as well as solicitors’ firms.  However, many of these charge a fee based on a percentage of the value of the estate ranging from 1% any where up to 6% in addition to the actual amount of time they spend on the probate on a day-to-day basis. 

Innes Wills & Estate Services do not believe in this costs structure as we feel it is unfair so we only charge for the actual work done on a time spent basis. We always provide a full estimate of the costs of our services in advance of doing any work so that you are aware from day one of the likely costs involved.

Unlike a lot of solicitors’ firms and other financial institutions that offer probate assistance, Innes Wills & Estate Services will provide you with a personal and friendly service which is what families need when a loved one has passed away.