What is the Probate process?
When there is a Will
The main actions that the executor will need to carry out are to:
Write to all the asset and liability holders requesting confirmation of the value of the assets and liabilities of the deceased at the date of death and of any income received in the last year
Establish if the estate is solvent
Establish if there is sufficient money to meet all legacies in full - if not, deal with the subsequent problems
Complete form IHT 400 if the estate is subject to inheritance tax
Arrange funds or a loan to pay probate fees and inheritance tax
Complete and return all forms to the Probate Registry (Sheriff Clerk in Scotland)
Receive the grant of probate (‘confirmation' in Scotland)
Place the statutory advertisement for creditors and other claimants subject to the requirements of the particular country (this does not apply in Scotland, where instead the executors must obtain a Bond of Caution)
Present the grant of probate/confirmation to the appropriate authorities
Collect all the assets due to the estate (‘in-gather' the estate in Scotland)
If the district valuer has not agreed with the valuation of the property, negotiate a new value and arrange payment of the extra tax
Complete the income tax forms and capital gains tax forms for the period of administration
Release sufficient cash to pay all debts
Where relevant, complete stock and share transfer forms and draft an assent for the house
If there has been a claim under the Inheritance (Provision for Family and Dependants) Act 1975, deal with the claim (this does not apply to Scotland)
Prepare the estate accounts
Administer any trusts or life interests created within the will or statute
Obtain approval of the estate accounts and distribute the assets to the beneficiaries of the Will
Dealing
with a loved one's estate?