Probate - An introduction

Probate is a grant of authority issued by the Court. It authorises the Executors named in the will to manage the affairs of someone who has passed away.

This includes collecting the assets, paying any inheritance tax and debts due, and distributing the remaining assets in accordance with the wishes of the deceased as set out in their will.

Historically, carrying out or managing the process of applying for probate was a reserved legal activity. Only solicitors could offer these services to the public. But in 2014 this all changed. The ICAEW became an approved regulator of probate services and ICAEW members could now apply to be licensed as probate practitioners and so, Goldwins Probate was born.

When is probate required?

Probate is required where the deceased left assets in their Estate that were held in their sole name.  Where small bank account balances or shareholdings represent the only assets, financial institutions may not require the Grant of Probate. In such an event, one should enquire with the financial institutions whether a Grant of Probate is required.

Should there be solely owned land or property within the Estate, a Grant of Probate will always be required.

What is the probate process?

The executor(s) or their appointed probate practitioner collate information about the estate, its assets, its liabilities and transfers made in the 7 years leading to the date of death and in certain circumstances, beyond this period too.

Following this, the IHT 400 tax return and subsidiary schedules are submitted to HM Revenue and Customs, the inheritance tax paid and only then can the application be submitted to the Court for the grant of probate.  Once the application has been successfully granted, the executor(s) settle any debts of the estate and distribute the remaining assets in accordance with the will.

How long does this process take?

The length of the probate process depends on the complexity of the estate. In straightforward cases, the probate process often takes 3 to 6 months. In more complex cases, it can take longer.

Quick, free, non-obligatory