How to apply for probate

When is probate required?

Probate is often required when the deceased person owned property, had a significant amount of assets, or if the assets are valued over a certain amount. The need for probate depends on the size and nature of the estate and isn’t dependent on whether there is a valid will in place.

If the deceased owned a home or land solely in their name, probate is usually necessary to transfer ownership. Banks also typically require probate if the account balance exceeds a certain amount, however this threshold varies on each specific bank.

Probate is also needed to manage and distribute investments and shares held solely by the deceased. Valuable personal items like jewellery or vehicles, may also necessitate probate, depending on the valued amount.

What are the steps for applying for probate?

Applying for probate involves several crucial steps, which is why it is important to consult with an expert solicitor to ensure a stress-free process.

Before applying for probate, the estate must be valued and the correct inheritance tax form filled out and, if necessary, report it to HMRC.

Begin by filing a petition to obtain probate. If there’s a valid will in place, probate is applied for by the named executor(s). If the deceased didn’t have a will, or the will is invalid, then a set of strict rules about who is entitled to apply for probate in these circumstances applies.

Create an inventory of the deceased person’s assets. For this, you will need to investigate the value of the estate. To help in doing this, make a list of all the possessions and if there are any joint assets.

Organise if inheritance tax needs to be paid. Inheritance tax needs to be paid on estates valued at over £325,000.

Once you have valued the estate, you need to file the probate application. This can be quite a confusing process depending on what kinds of forms are needed. In certain circumstances, you may be able to apply for probate online.

How can we help?

Applying for probate is a crucial step in managing a deceased person's estate. By understanding when probate is required and following the steps, you can honour the person’s wishes. Though this is a confusing and difficult time, our experts are on hand to offer support and assistance for the probate process. For more information on how we can help, please contact us here.