Probate and estate administration services in Goffs Oak, Enfield and Stevenage

The word probate is often used to refer to the process of dealing with someone’s affairs after their death. It also refers to the Grant of Probate, which is a legal document giving authority to the executors named in the Will to deal with the deceased’s estate.

Where the deceased did not leave a Will, then the document required is a Grant of Letters of Administration.

A Grant of Probate or Grant of Letters of Administration is not always needed. In the case of a small estate and where there is no property to be sold, it may be possible to wind up the estate without a Grant. There is no set definition of a small estate and it will depend on the bank where the deceased had an account as to whether probate is necessary. Each bank has their own limit above which a Grant of Probate will be required. This is generally between £5,000 and £50,000.

To obtain a Grant of Probate, the estate executor will firstly need to value the estate and calculate whether Inheritance Tax is payable. Calculating Inheritance Tax can be complicated and you will need to take into account substantial gifts made in the seven years before death, as Inheritance Tax may also be payable on the value of these gifts on a sliding scale.

Once the estate has been valued and Inheritance Tax paid, you can apply to the Probate Registry for a Grant of Probate or Grant of Letters of Administration. You will need to fill in their application form and send it together with the original Will, if there is one, any codicils that may have been made and the application fee. HMRC will send a receipt for any Inheritance Tax that has been paid directly to the Probate Registry.

No Inheritance Tax is payable if the estate is worth £325,000 or less or if you leave everything above £325,000 to your spouse, civil partner or a charity.

If you leave property to your children or grandchildren, the threshold can increase to £500,000. If you were married or in a civil partnership and your spouse or civil partner predeceased you and their Inheritance Tax allowances were not used when their estate was administered, the allowances can be transferred to your estate.

Calculating Inheritance Tax can be complicated, especially if gifts were made in the seven years prior to death. You are advised to seek expert advice if you are not sure how much is payable as the estate will be charged interest and penalties if insufficient tax is paid.

Personal representatives to an estate, i.e. executors and administrators, have personal liability for any errors that are made, meaning they would be required to reimburse the estate for penalties and interest that could have been avoided.

Once the Grant of Probate or Grant of Letters of Administration has been received, you can start to close bank accounts and sell assets such as shares and property.

After all of the assets have been liquidated and a period of time has elapsed to give creditors and potential beneficiaries time to make themselves known, you will need to prepare detailed estate accounts and account to the beneficiaries with their share of the inheritance.

Dealing with an estate administration can be complex and often very time-consuming. Not everyone is able to take on the task and it is open to you to instruct a probate lawyer to carry out the process on your behalf. Their costs will usually be paid from the estate.

The key stages in the probate and estate administration process are:

• Valuation: PRs must identify and value all assets and debts, gathering information from banks, share registries, and land valuations.
• Inheritance Tax: Depending on the estate, an Inheritance Tax Account may need to be submitted before applying for the Grant of Probate.
• Applying for the Grant of Representation: This official document, issued by the Probate Registry, authorises PRs to manage the deceased’s estate.
• Estate Administration: After receiving the Grant, PRs can close financial accounts, transfer or sell assets, pay debts and taxes, and ultimately distribute the estate to beneficiaries. Administration Accounts will be prepared, and any necessary tax returns are completed or reported informally as appropriate.

Each estate is unique, and timelines will vary depending on the complexity and type of assets. A Grant of Representation can typically be obtained within 6 months, and straightforward estates are usually completed within 12 months.

Most estates will require at least 12 months to administer, with possible delays due to asset realisation or valuation issues that require agreement with HMRC or other third parties.

Whether named as an executor in a Will or appointed as an administrator when no Will exists, you take on the vital responsibilities of a Personal Representative (PR). This role carries legal obligations and often involves managing high-value assets. Our job is to provide you with clear guidance so you can fulfil your duties with confidence.