Probate is the legal process of dealing with someone’s estate (money, property and possessions) after they die. In England and Wales, this involves applying for a ‘Grant of Probate’ if the person left a will, or ‘Letters of Administration’ if they didn’t. These legal documents give you the authority to access and distribute the deceased person’s estate.

Probate is typically required when:

• The deceased owned property in their sole name
• They had significant savings or investments (usually over £5,000)
• Banks, building societies, or other institutions require it
• There are certain types of assets or complex financial arrangements

Probate might not be needed if:

• The estate is worth less than £5,000
• Assets were jointly owned and pass automatically to the surviving owner
• The deceased only had savings or premium bonds less than a certain amount

The timeline for probate in England and Wales typically involves:

• 10-16 weeks to receive the Grant of Probate or Letters of Administration after applying
• 6-12 months for the entire estate administration process
• Longer if the estate is complex or there’s Inheritance Tax to pay

The current processing times are published on the UK Government website and can vary throughout the year.

Current fees in England and Wales include:

• Probate application fee: £300 (as of 2024)
• Extra copies of the grant: £1.50 each
• Professional fees if using a solicitor (WT Solicitors will provide complete costs at the outset so no hidden fees)

In England and Wales:

• If there’s a will: The executor(s) named in the will
• If there’s no will: The next of kin, following this order:
  1. Spouse or civil partner
  2. Children
  3. Parents
  4. Siblings
  5. Other relatives according to legal priority

Executors in England and Wales must:

• Value the estate and report to HMRC
• Pay any Inheritance Tax due
• Apply for probate
• Collect in the assets
• Pay any debts and funeral expenses
• Distribute the estate according to the will or intestacy rules
• Keep accurate records of the administration
• Prepare estate accounts

Inheritance Tax considerations include:

• Current threshold (nil-rate band): £325,000
• Additional allowance for main residence: Up to £175,000
• Tax rate: 40% on anything above these thresholds
• Must be paid within 6 months of death
• Payment required before probate is granted
• Additional costs for estate administration, such as asset valuations and property sales