Probate: Avoid a difficult process when dealing with the financial affairs of someone who has diedIf someone dies leaving a valid Will, having owned property, savings or investments, probate is the process of administering their estate. Some financial institutions may also ask for a Grant of Probate (‘Grant’) before releasing assets, such as shares. Technically, applying for the Grant is seeking permission to administer the estate.Where there are jointly owned assets such a bank or building society account, or property, probate will not be needed as they automatically pass to the survivor.In some instances, a financial institution may not require a Grant if the amount of savings held is below a certain level. These do vary, however, between different banks and building societies.What steps are involved? Broadly speaking there are 3 steps:Completing the application for the GrantThis involves notifying all the institutions with whom the deceased had dealt with, notifying beneficiaries, obtaining details of all assets and then completing the application for the Grant and tax returns for HMRC, if applicable. Shortly after you’ve applied for the Grant, you will receive an oath which must be witnessed by a solicitor. This is a promise that you’ve been honest with what you’ve declared.Applying for the fundsOnce you’ve received the Grant, you have permission to apply for the funds from the various institutions, settle any liabilities, including inheritance tax if applicable. Remember, if inheritance tax is due, it must be paid before the Grant is issued.Distributing the assets according to the willOnce you’ve received all the proceeds owed to the estate, which may include the proceeds from the sale of property, you are able to distribute the assets according to the will.How long does it take?Typically, a simple estate may take 4-6 months. More complex estates take longer. It is often difficult to estimate how long the process may take. Should you seek professional help?If you’re busy running your life, running a business, or simply feel the whole process is too upsetting, you should consider obtaining professional help.The probate process is hugely time consuming and you’ll have many legal obligations to fulfil. An executor is also liable for any penalties as a result of errors or omissions. Worrying about these kinds of complications can be a real burden when you’re grieving.If the estate is complex or the will of the deceased contains a trust, it would be prudent to seek help. You may need legal or tax advice, as not all estates are the same.We can put you in touch with a solicitor to deal with probate for you and support you through the process.Pop your details in the form below, and one of the team will be in touch.Want to find out more?Call us on (01474) 853856 and we will put you in contact with one of our advisers, or send us an enquiry by clicking below. Send us an enquiry Send us an enquiryFill in your details below and we’ll come back to as soon as we can! If your enquiry is urgent, please do give us a call.Your full name*Contact no.*Email address* Business name*Industry / Profession*Your messageOne last thing...*By ticking this box you agree to being contacted via email or phone by one of our Advisers, and for the information you provide us with to be kept securely for future communications in line with the new GDPR Yes, I agree Other posts of interest What your business is missing without a Virtual Finance Director? Read more Choosing the right business structure Read more What are Management Accounts and why do I need them? Read more See more articles