Probate is essentially the process of applying for the right to deal with a loved one’s estate after they have passed away. Their estate may include a property, a car, bank accounts, jewellery, or collectables such as art.
You can only apply for a Grant of Probate to sell an inherited property if you are named the Executor on the Will.
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What does a Grant of Probate mean?
A Grant of Probate is a legal document that gives executors the authority to manage and distribute a deceased person’s estate. If you’re dealing with a loved one’s affairs after they’ve passed away, you might be wondering “What is a Grant of Probate?” and why it’s needed.
Why Do You Need a Grant of Probate?
Even if there’s a valid will, most financial institutions and the Land Registry require a Grant of Probate before releasing funds or transferring property. It proves you have the legal right to access the deceased’s assets and carry out their wishes.
When is a Grant of Probate Required?
You’ll likely need a Grant of Probate if:
The estate is worth more than £5,000
The deceased owned property in their sole name
There are certain types of assets, like stocks or shares
However, if the estate is small (typically under £5,000) or everything was jointly owned, you might not need one.
How long does Grant of Probate take in 2024?
Online applications for a Grant of Probate take up to two months to process. Postal applications can take much longer. The delay is because of a backlog of applications since the start of the Covid-19 pandemic.
What does a Grant of Probate look like?
This is what a Grant of Probate looks like:
Credit: Dovastonlaw.co.uk
How to apply for a Grant of Probate?
- Value the estate
- Complete inheritance tax forms
- Submit the probate application
- Swear an oath
You can apply for a Grant of Probate yourself or if you prefer to appoint a solicitor. Before you post any forms, you must establish assets and liabilities left by the deceased. This means adding up the value of property, bank accounts, investments, and personal possessions. You’ll also need to tally up any loans, credit cards and mortgages that are outstanding. You can read how to value probate house and its content in our easy-to-follow guide.
You can apply for probate either by yourself or through a solicitor if you prefer. Before you send off any forms, though, there are certain things you need to check first.
Now that you have got that all wrapped up, you will need to officially apply for a Grant of Probate. You can do this by:
- Completing a probate application form
For this you just fill in the PA1 form or you can call the Probate and Inheritance Tax helpline.
- Completing an inheritance tax form
You will need to establish what the estate is worth. Then based on the value of estate, you may need to pay inheritance tax. But even if there is no tax to pay you will still need to fill out an inheritance tax form.
- And finally posting your completed application
Once all forms are completed, you must send your application to the probate registry office, ideally as a recorded delivery. Your documents will need to include:
- Probate application form PA1
- Inheritance Tax form
- The death certificate
- The original Will and its three copies – and any amendments to it
- The application fee of £215 – there is no fee if the estate is worth less than £5,000
- Swear an Oath
You will be sent an Oath by the Probate Office. This Oath can only be witnessed by either a commissioner for Oaths such as a solicitor, or your local Probate Office. There is a charge for this.
This Oath is a legally binding document, and you will promise that all the information you have provided is the absolute truth.
What happens after a Grant of Probate?
Once you have received a Grant of Probate as an Executor, you can now:
- Sell your inherited property
- Pay any taxes due
- Pay for probate related estate expenses such as utility bills, funeral bill and home insurance.
- Distribute remaining proceeds amongst beneficiaries
When do you need a Grant of Probate?
Applying for Probate is not necessary in the following circumstances:
- If you already owned a share of the property with the deceased for example a married couple and therefore, because you are joint owners when one owner passes away, it automatically transfers to the other party. Learn more about tenants in common.
- You have a joint bank account or a savings account. The bank will only need to see the death certificate to transfer the funds to you. A Grant of Probate may still be needed if there are substantial funds or assets held in bank accounts or for life insurance pay-out.
How long after Grant of Probate is money released?
It is the legal duty of the Executor to ensure that estate bills are settled before the inheritance can be distributed. Estate bills can include:
- Professional Executor fees
- Legal fees
- Funeral or burial fees
- Taxes due to HMRC
- Empty property insurance
- Clearance of property
- Mortgage payments and settling mortgage balance, if there is any.
Bank accounts can normally be closed within five to ten working days. If you have an inherited property to sell, this can take months or years to sell particularly if the property requires updating or the buyer requires a mortgage.
This is not an issue for Property Saviour. We can buy your inherited property within 10 days or quicker, and you can have the funds released via your solicitors.
How much does a Grant of Probate cost?
The fees for Grant of Probate application vary. If the value of an estate is over £5,000, then the fee is £215. For under £5,000, there is no fee payable.
How many copies of a Grant of Probate do I need?
It is best to order at least 3 copies for a relatively straightforward deceased estate for £1.50 each. More copies are required if you have a complex estate where multiple parties require original sealed copies of the Grant of Probate.
Useful Tips for Dealing with Probate
- Gather all important documents before starting
- Keep detailed records of all transactions
- Be patient – the process can take several months
- Consider using a probate specialist for complex estates
What Happens After You Get the Grant of Probate?
Once you have the Grant, you can:
- Close bank accounts
- Sell or transfer property
- Pay off any debts
- Distribute assets to beneficiaries.
How long does it take to get a Grant of Probate?
It usually takes 4-8 weeks after submitting the application, but can be longer for complex estates.
How much does it cost to get a Grant of Probate?
The current application fee is £273 for estates over £5,000. There’s no fee for estates under £5,000.
How long does it take to get a Grant of Probate?
It usually takes 4-8 weeks after submitting the application, but can be longer for complex estates.
Can I deal with an estate without a Grant of Probate?
In some cases, yes. But most financial institutions and the Land Registry will require one for larger estates or property transfers.
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