Before you can start managing a deceased person’s wealth and assets, you have to acquire the legal authority to do so. This is called a grant of probate in England, Northern Ireland, and Wales; it is called a grant of confirmation in Scotland.

A grant of probate is a document that authorises an executor to manage the estate of a person who has already died. Their responsibility includes handling the deceased’s affairs and distributing assets to the heirs. 

If you need more information about grants of probate, read on. 

Applying for Probate

Sometimes, you may not need to obtain this legal document to act as an executor of someone else’s estate. This is possible when the estate is worth less than £10,000 or when the deceased owned their assets jointly with another individual. In this case, full ownership will be transferred to this other person. 

To make sure that you can indeed manage a deceased’s assets without a grant of probate, reach out to concerned institutions, including banks and investment brokers and confirm the death with a copy of the death certificate.  

If a grant of probate will be required of you, you need to apply for it. 

Your Probate Application Checklist

1. Register the Death

You need to complete this step within five days in England, Northern Ireland, and Wales, and eight days in Scotland. We also recommend that you secure extra copies of the death certificate for other potential requirements in the future. 

2. Valuate their Estate

Review the deceased’s official documents and bank statements and compile a list of all of their assets and liabilities. You also need to find all records available of their accounts. To ensure you do not miss anything, try to get in touch with the following: 

• Banks for accounts and cash assets
• Department of Work and Pensions
• Fund managers and stockbrokers 
• Her Majesty’s Revenue and Customs (HMRC) for outstanding taxes
• Lenders for credit cards and mortgages
• Local government for council taxes
• Pension providers

Upon registration of the death, you will be given an identifier for the government’s Tell Us Once service. Use this to contact government agencies and departments efficiently. 

For every financial institution, remember to send them a copy of the death certificate and request a final statement. Typically, the assets in a specific institution will be frozen until a grant of probate has been approved. 

3. File the Probate Application

After evaluating all assets, accomplish a probate application form or apply via this link. You can also download this from the HM Courts and Tribunals Service website. 

Unless the solicitor is considered a co-executor, you are not required to avail of their probate service. You can either choose a different probate solicitor or handle the application yourself. 

4. File Inheritance Tax Forms

If you are completing the application online, you have to accomplish the IHT400 form and provide an inheritance tax reference and the estate’s value during the application. 

In addition to this value, HMRC asks for details on cash gifts by the deceased from around seven years before their death. These increase the estate’s value for inheritance tax purposes and have to be accounted for meticulously. You may visit the government’s website for additional information.

5. Settle Probate Fees

In England and Wales, the probate application fee is £215; there may be an exemption for estates that have a value of less than £5,000. This fee is lower if you apply with the assistance of a solicitor. 

Payment for copies of the grant of probate can be made via card or cheque over the phone or via credit or debit card if online. We recommend requesting at least five copies.

6. Pay Inheritance Taxes

If inheritance tax is due, you must settle this in advance to secure the grant of probate. You may arrange a direct payment from a bank account of the deceased to HMRC if it has enough funds. 

Conclusion

As soon as you obtain your grant of probate, you may want to put up a deceased estate notice on The Gazette to encourage other creditors to come forward. Not accomplishing this step may make you liable for unidentified debts of the estate. 

You may start managing the estate once you have been provided with the official grant of probate.

If you need assistance with applying for a grant of probate, reach out to Wills and Probate. We can help in all aspects of future and financial planning as well as offer advice on wills and inheritance tax. Get in touch with us today.