Dealing with the estate of a deceased loved one is never easy, and it is a potentially complex process that takes some time. Delays to the probate process are becoming more common, with many estates taking more than a year to settle. Here we look at why obtaining a grant of probate can be delayed or problematic.
What is a Grant of Probate?
A grant of probate is a legal document assigned to the executor of a will to enable them to access to the deceased’s bank accounts and assets. They can then sell assets, manage finances and settle debts. This is referred to as a grant of probate only when a valid will is in place; otherwise, it is called a grant of letters of administration. Both a grant of probate and a grant of letters of administration work in a similar way.
What is the Probate Process?
Probate is needed to prove a will is valid and determine who is authorised to execute the deceased’s estate. The executor must apply for a grant of probate before anything can be done with the assets belonging to it. Probate steps include:
- Identify the assets of the deceased and all debts
- Identify all beneficiaries as outlined in the will
- If inheritance tax is applicable, it must be calculated and settled
- Apply to the Probate Registry for the grant of representation (document stating who has the legal authority to manage the estate.)
- The estate administrator settles any liabilities and all aspects of the accounting. The accounts must be prepared correctly to reveal the balance left for the beneficiaries.
- Transfer assets to all named beneficiaries.
Reasons for Grant of Probate Delays
There are increasing amounts of delays regarding grants of probate. Here we look at some reasons this could happen:
Missing documentation – this can cause considerable hold-ups, so it is best to ensure all required documents are sent with the application.
Missing inheritance tax information – inheritance tax forms must be submitted 20 days before your application.
Missing executors – the executor must be ready to handle the estate and provide all relevant information.
Concerns a will is invalid – if the document is damaged, incomplete or causes suspicion, this will cause delays.
Cannot find the will – problems locating a will are common and can cause significant delays. A will should be registered and safely stored.
Contact UK Probate Reseals on 0208 1502010.
