What is Probate?
Essentially, probate is the process of handling the estate of someone who has passed away. Therefore, it involves clearing debts, informing banks and distributing their assets.
Probate means obtaining permission to follow through with the wishes of the deceased as explained in their Will. However, the term does relate to the entire process of settling someone’s estate after they die.
There are rules in place for someone who is executing a Will. There are rules that govern how to inform authorities as well as how to distribute the estate. In order to gain permission, individuals will need to apply for a grant of probate. If someone dies without a Will, then there are other rules that they will have to follow.
How Does It Work?
Settling the affairs of someone after their death can follow several processes. It is possible for it to be done by the executors or a professional service can take care of the process.
If an estate is complex, then it could be wise to use a professional. However, if you choose to take care of it, then several applications will have to be submitted. Probate will also require you to obtain all of the assets of the deceased individual and then distribute them to the beneficiaries as per their wishes.
This will involve informing banks, building societies, the council, HMRC and government departments where applicable. All accounts that they hold will have to be settled while all assets and liabilities will have to be totalled up. Any inheritance tax that is owed will have to be paid up before the assets are then distributed.
Probate is an important part of the process after someone has passed away and left a Will. In order to move through the process, it is important that executors apply for probate in order to ensure that the wishes as stated in the Will are followed. However, it is also important as this will ensure that all liabilities and accounts are taken care of prior to the distribution of the remainder of the estate.
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