Probate is a term used when talking about the right to deal with a deceased person’s estate. A person who wants to take responsibility for winding up and distributing an estate - often appointed as executor within the will - will apply for probate to allow the proper winding up and distribution of the estate, especially the sale of property and shares. It would be illegal to do so without a grant of probate.
When probate is granted, it is the inclusion of the estate account that gives rise to the payment of inheritance tax. There are two forms of estate accounts. The short form is for estates under the inheritance tax threshold (£325,000 in 2016 for an individual - different rules apply for couples). The long form is for estates passing more than the threshold through probate.
Jointly held property passes outside an estate by survivorship, so no grant of probate is needed for such assets.
How long will it take?
Our work through to submission of the application can be completed within day, or faster if necessary. Obtaining probate normally takes about a month from submission of the application in simple cases.
We will provide you with the proper tax form, check your completion of that tax form, produce the oath necessary for you to swear, collate the other documents required, submit all the documents to the Court and then deal with the Court’s enquiries through to grant.
Our fee for obtaining the Grant of Probate, completion of the appropriate tax forms and administration of the estate is generally 1% of the estate. This may vary depending on the assets held within the estate.
In addition you will need to pay the probate application fee of £155 for a solicitor’s application (the fee where no solicitor is involved is £60 higher). You will probably also wish to have a number of official copies of the grant @ 50p.
More detail of all these matters will be outlined in our retainer letter which you will be able to review before you engage us, after pressing the “Buy” button on the website.
If you have any questions or require any further information, please don’t hesitate to Contact Us.