What is Probate?
The word ‘Probate’ is derived from the Latin word for “proof”. When someone dies, the remaining friends or family members may need to “prove” they are the appropriate people to deal with the deceased’s affairs and that they are entitled to inherit or deal with property, monies and other assets that the deceased may have left behind.
Who can apply for Probate?
If the deceased left a Will it is the responsibility of the Executors to obtain the Grant of Probate. When there is no Will the Administrators must apply for Letters of Administration, as set out under the ‘Rules of Intestacy’. The Executors and Administrators are sometimes referred to as the Personal Representatives.
Do I need Probate?
Not every estate will require a Grant of Probate however Probate will be required in the following circumstances:
- There is property held in the deceased’s sole name that needs to be transferred or sold. The property cannot be sold without a Grant of Probate. This includes complete sole ownership of the property, or part sole ownership, which is referred to as Tenants in Common
- If there were savings or shares held in the deceased’s sole name and the financial institutions holding those savings ask for a Grant of Probate to release the funds
Each organisation sets its own rules on when it requires a Grant of Probate to release the funds to the Personal Representatives. To find out if Probate is required for any financial institutions you’re currently dealing with please contact us.
What is involved?
There are three core areas of work required in order to successfully administer a deceased person's estate - Legal, Tax and Estate Administration.
The work involved to administer the estate includes:
- Completing the Probate application forms and attending an interview at the Probate Court
- Completing the necessary Inheritance Tax forms for HMRC, regardless of whether there is inheritance tax to be paid or not
- Gathering in and valuing all of the estate assets, including property, monies and personal belongings, and paying any debts held against the estate
- Distributing the remainder of the deceased’s estate in line with the terms of the Will or the Rules of Intestacy to those who are due to inherit
How long does it take?
Typically obtaining the Grant of Probate can take between 2-3 months. The additional work to administer the estate can take on average 6-9 months, however, this can vary depending on the legal and financial complexities of the deceased’s estate.
Why use Affinion Probate?
Affinion can deliver a Grant of Probate at a lower price and much faster than traditional Probate providers. We endeavor to obtain the Grant within 30 working days for a fixed and inclusive fee of £549*, both of which are industry leading.
Our expert advisors take the time to understand your personal situation and what matters to you most. We are efficient, accurate and fast in the delivery of our services as we specialise only in providing Probate and nothing else.
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