24 questions people ask about probate and estate administration
- What is probate?
- Where do I find a copy of the will?
- How do I know if a will is valid?
- What happens if there is no will?
- What happens if the will does not name any executors?
- What can I do if I am named as an executor but do not want to act as one?
- What happens if the will names several executors - who does what?
- Why do people use a professional to help with probate and estate administration?
- What does an executor need to do?
- How can I be sure I have identified all the estate's assets and all the debts that need to be paid?
- Can I deal with an estate without obtaining a grant of probate?
- How do I apply for a grant of probate?
- How is an estate valued?
- When does inheritance tax need to be paid?
- What happens to the deceased's debts?
- What happens if the estate doesn't have enough cash to pay the deceased's debts?
- How long does probate take?
- What are the typical mistakes made when handling probate?
- What are the risks of being sued as an executor (or administrator)?
- What happens if a will is contested and who can contest a will?
- How do I deal with the tax aspects of a deceased person's affairs?
- How can I keep the fees for using a probate professional down?
- What happens if some beneficiaries named in a will have died?
- How can I protect the deceased's assets until they have been sold or distributed?
- What is estate administration?
1. What is probate?
Probate is the process through which someone gets the court's permission to deal with a deceased person's estate - collecting up all the assets, paying off any debts and distributing the assets to the beneficiaries who are entitled to them.
- If there is a will, the executors (the people responsible for dealing with the estate) are usually named in it. They can apply to the probate registry for a 'grant of probate'.
- If no executors are named, or none of the executors is prepared to act, a beneficiary of the will can apply to the probate registry for a 'grant of letters of administration (with will annexed)'.
- If there is no will, a relative can apply for a 'grant of letters of administration'.
Once the probate registry is satisfied with the application, the executors or administrators are asked to complete a statement of truth confirming the information they have provided and their commitment to deal with the estate in a right and proper manner.
The grant of probate (or letters of administration) can be shown to anyone who is asked to release any money or other assets belonging to the deceased's estate.