The Probate Process Explained
The Probate Process Explained
Below is a beginner’s guide to the steps that solicitors take to administer an estate:
The solicitor will identify all the asset holders associated with the estate. Once identified, the solicitor will write to them to confirm the value of the asset at the date of death.
The solicitors will prepare the Statement of Truth (which has replaced the Oath). The application for probate will be made.
The grant, once issued, is submitted to the various organisations with whom assets are held in order to begin the process of winding up the deceased’s estate. At this point, the solicitors will also make arrangements to sell any property the deceased owned.
These are sometimes placed in newspapers to identify whether there are any claims against the estate which are not known to the personal representatives.
Once the solicitor has gathered in the estate monies, all the liabilities will be paid.
Confirmation is obtained that tax is paid up to date and there are no outstanding claims to Her Majesty’s Revenue and Customs (HMRC).
Beneficiaries to the estate are notified of their entitlement and Estate Research will provide a copy of the family tree to each beneficiary for them to check. Beneficiaries will also be subject to bankruptcy searches.
Formal estate accounts are prepared to identify the assets and liabilities of the estate which will be sent to you to approve.
Estate Research will obtain a quote for insurance for the solicitor to protect the beneficiaries from any unknown claimants.
The distribution of the estate takes place, in accordance with the terms of the Will or the rules of intestacy. Your privacy is important to us and any personal information you share with us will only be used in accordance with the General Data Protection Regulation 2018. We have developed and implemented robust data protection policies, procedures and processes to lead an unregulated industry in a new era of data protection rights and obligations.
The solicitor will identify all the asset holders associated with the estate. Once identified, the solicitor will write to them to confirm the value of the asset at the date of death.
The solicitors will prepare the Statement of Truth (which has replaced the Oath). The application for probate will be made.
The grant, once issued, is submitted to the various organisations with whom assets are held in order to begin the process of winding up the deceased’s estate. At this point, the solicitors will also make arrangements to sell any property the deceased owned.
These are sometimes placed in newspapers to identify whether there are any claims against the estate which are not known to the personal representatives.
Once the solicitor has gathered in the estate monies, all the liabilities will be paid.
Confirmation is obtained that tax is paid up to date and there are no outstanding claims to Her Majesty’s Revenue and Customs (HMRC).
Beneficiaries to the estate are notified of their entitlement and Estate Research will provide a copy of the family tree to each beneficiary for them to check. Beneficiaries will also be subject to bankruptcy searches.
Formal estate accounts are prepared to identify the assets and liabilities of the estate which will be sent to you to approve.
Estate Research will obtain a quote for insurance for the solicitor to protect the beneficiaries from any unknown claimants.
The distribution of the estate takes place, in accordance with the terms of the Will or the rules of intestacy. Your privacy is important to us and any personal information you share with us will only be used in accordance with the General Data Protection Regulation 2018. We have developed and implemented robust data protection policies, procedures and processes to lead an unregulated industry in a new era of data protection rights and obligations.
