We are very pleased to announce our latest Guest blog topic. We were contacted by Kings Court Trust who are one of the UK’s leading probate and estate administration providers. Probate is one of the main reasons we started our blog. We went through such difficult times as everything was so unknown to us. We had been meaning to do an updated topic on this, but with the worldwide pandemic and everything changing so dramatically and moving online, we did not get around to it. This is why we are very happy The Kings Court Trust reached out to us about this……
Please see Guest Blog Topic from Kings Court Trust: The Probate Process Explained which covers:
- Introduction to the topic from Grief Probate Journey
- The Probate Process Explained
- What is probate?
- How do you apply for a Grant of Probate?
- How do I know if I need to pay Inheritance Tax?
- What are the costs of the probate process?
- Can property be sold before probate is granted?
- Who are Kings Court Trust?
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1. Introduction to the topic from Grief Probate Journey
We are very pleased to announce our latest Guest blog topic. We were contacted by Kings Court Trust who are one of the UK’s leading probate and estate administration providers.
Probate is one of the main reasons we started our blog. We went through such difficult times as everything was so unknown to us. We had been meaning to do an updated topic on this, but with the worldwide pandemic and everything changing so dramatically and moving online, we did not get around to it. This is why we are very happy The Kings Court Trust reached out to us about this. We hope this information might be beneficial to anyone who is dealing with this right now, or know someone who is. Please do feel free to comment/share this topic.
Please see Guest Blog Topic from Kings Court Trust: The Probate Process Explained:
2. The Probate Process Explained
The loss of a loved one can be an incredibly difficult and emotional time. Amidst the grieving process, there are practical matters that need to be addressed, including the management and distribution of the deceased’s assets.
If you have been appointed as an Executor of someone’s estate or are planning ahead for your own estate, you may have heard of the term “probate”.
But what exactly is probate, and how does the probate process work?
In this blog post, we will provide a comprehensive guide to the probate process, explaining what it is, when it is required, and what steps are involved in obtaining a Grant of Probate.
Whether you are currently in the process of obtaining probate or simply looking to understand more about estate planning, this guide will help you navigate the complexities and ensure that you know how to proceed.
3. What is probate?
Probate is the legal process of obtaining a Grant of Probate, a document that grants the Executor of a Will the authority to carry out estate administration.
While the terms “probate” and “estate administration” are sometimes used interchangeably, probate is just one component of the broader estate administration process.
Securing a Grant of Probate can be a daunting and time-consuming undertaking, requiring the completion of numerous complex documents. This can be a challenging experience for those coping with the loss of a loved one.
4. How do you apply for a Grant of Probate?
In England and Wales, a Grant of Probate is required to administer a deceased person’s estate, and this can be applied for using a PA1P form if there is a Will. If there is no Will, a PA1A form will be required, and a Grant of Letters of Administration will be provided instead.
In Scotland, this is referred to as “Confirmation” and can be obtained by submitting a C1 form.
These forms are provided and processed by the Probate Registry.
Before applying for probate or Confirmation, the death must be registered, and all relevant institutions such as banks and utility providers must be notified to account for all the assets and debts of the estate.
You also need to ensure the original Will and the death certificate are submitted to the Probate Registry with the appropriate application form.
5. How do I know if I need to pay Inheritance Tax?
To determine whether Inheritance Tax (IHT) is payable, the estate’s value must also be calculated and may need to be reported as part of the probate or Confirmation application process.
IHT may be required depending on the composition of the estate, and the reporting process may vary depending on whether the estate meets the “excepted estate” requirements.
If there is no IHT to pay and the deceased passed away on or before 31st December 2021, the value of the estate must be reported using an IHT205 form. After submitting the form, probate can be applied for online or alongside form IHT205 if applying by post.
If there is no IHT to pay and the deceased passed away on or after 1st January 2022, the estate’s value will still need to be reported as part of the probate or Confirmation application, but it will not require reporting if it is an excepted estate.
However, if IHT is due or full details are needed for other reasons, an IHT400 form must be submitted to HMRC, and 20 days must pass before probate or Confirmation can be applied for.
6. What are the costs of the probate process?
The cost of applying for probate or Confirmation is £273 if the estate is worth more than £5,000 (as of March 2023). However, estates worth £5,000 or less are not subject to a probate application fee. There are many other fees to consider depending on the direction you are taking with the probate process, such as:
- Legal fees: If you choose to work with a Solicitor or legal professional to help with the probate process, there will be additional fees to consider. These fees can vary depending on the complexity of the probate case and the hourly rate of the professionals; however, legal professionals can handle the entire process for you.
- Valuation fees: To calculate the value of the estate, it may be necessary to hire a professional valuer to assess certain assets, such as property and belongings.
- Property maintenance costs: If the estate includes property, there may be ongoing maintenance costs that need to be considered. These could include things like repairs, utilities, and insurance.
- Tax advice fees: If the estate is subject to Inheritance Tax or other taxes, it may be necessary to seek advice from a tax professional to ensure that all tax obligations are met. There will be additional fees associated with this service.
It’s important to note that not all of these costs will be applicable to every probate case, and the total cost will depend on the specific circumstances of the estate.
7. Can property be sold before probate is granted?
In the case where the deceased was the sole owner of a property, it is possible to list the property for sale before obtaining a Grant of Probate. However, it is important to note that the sale cannot be finalised until probate has been issued.
On the other hand, if the property was owned as joint tenants with right of survivorship, the property will automatically pass to the surviving owner without the need for probate. As a result, the surviving owner has the right to sell the property without obtaining a Grant of Probate.
However, if the property was owned jointly as tenants in common with unequal shares, the share owned by the deceased will form part of their estate. In this case, probate will be required before the share can be sold, as the deceased’s beneficiaries will have a right to inherit their portion of the share.
8. Who are Kings Court Trust?
Kings Court Trust are proud to be one of the UK’s award-winning leading probate and estate administration specialists, having helped thousands of families obtain probate and administer estates over the last decade.
Probate and estate administration is all they do, every day, for families in all sorts of circumstances, and their tax and legal teams have the expertise to advise on any situation.
Kings Court trust know how to overcome obstacles in the estate administration, such as locating missing beneficiaries and dealing with overseas assets. They have an abundance of experience when it comes to dealing with the Department for Work and Pensions and HM Revenue & Customs.
They offer fixed fee pricing for their probate and estate administration services to ensure families are aware of the costs upfront.
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