What is Probate?

Posted on: February 3, 2020

what is probate

Probate is a term that most people aren’t really aware of until it is a process that they have to go through.

It is the process of dealing with a deceased person’s estate. This can be an easy process if the individual has had a will put in place or can become more complicated if there is no will. It is why we offer Cheltenham wills and probate services to ensure that everyone has their assets protected and dealt with in accordance with their wishes upon their death and to allow the probate process to run as smoothly as possible. For more information about our wills and probate services click here

After an individual has passed away their death needs to be registered in the proper manner and a funeral arranged. Any financial and legal documents relating to the deceased individual will be collected together and the executors can then apply for a Grant of Probate. This gives these individuals the right to act on the information that is contained within the will and on behalf of the individual. When an individual dies without a will a place a professional probate company will be brought in to deal with the estate. In these cases, intestacy rules determine who can deal with the estate and this process can take months and in some extremely difficult cases even up to and over a year.

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Following on from the approval of the Grant of Probate the executors can then complete and pay an inheritance tax that is due along with other outstanding debts that need to be paid off. Any money, possessions and other assets that remain at this point are then divided amongst any of the named individuals in will in accordance with the deceased individuals wishes and in the given proportions. If a person dies intestate (without a will) the only people who can inherit any assets from the estate are the spouse or civil partner, children and any close relatives.

This process can become complicated when necessary paperwork can not be found and where an individual does not have a will in place.