Published on: 26th October 2020

Probate - A Guide

‘What is Probate’ is a question we often get asked when in reality, Probate is just part of the Estate Administration process. In this article, we will go into more detail on how Probate fits into an Estate Administration scenario.

The Probate process starts when a spouse or family member passes away. In a typical scenario, if it is the husband or wife of someone who passes away, they often have a number of immediate thoughts with regards to their Estate which usually include:

• What do I do?
• Where is my spouse’s Will? Is it in the house or stored with Casey & Associates?
• What is going to happen to the house? Are we insured and is the insurance in my name?
• What is going to happen to the savings of my spouse and the money in their bank account?
• I have bills to pay, how can I get hold of my spouse’s money?

We always advocate good Estate Planning well in advance of this so you, your spouse and other family members are aware of where your Will is and what plans are in place. If you are already a Client of Casey & Associates then the chances are you already have a good Estate Plan in place and when the time comes we can assist you and your loved ones with the Probate process, taking away the stress and hassle for you at an already emotional time.

The Estate Administration of the above scenario will play out one of two ways:

No Will

If there is either no Will in place or a Will cannot be found then assets of the individual will be distributed as to the laws of intestacy. This is a situation to be avoided at all costs as it will invariably lead to assets not being distributed as per the wishes of the deceased.

A Will exists

If a Will does exist then the Probate process consists of assets being distributed in accordance with the Will. If good advice has been taken with regards to the Will, this process may play out with assets distributed as follows:

• The house is owned jointly by the husband and wife and therefore passes to the surviving spouse.
• At this point, if good Estate Planning has been in place then a Life Interest in Property Trust would be in place that protects the share and interest in the property of the deceased from care home fees and Sideways Disinheritance.
• Because there is a trust this needs to be formalised. Executors apply to the Probate registry for the Grant of Probate. The grant is only released from the court once HMRC have agreed whether there is any tax to pay, and if there is tax to pay that this has been paid. Once submitted to the Probate registry, the Grant of Probate will be sent out. Executors can then formalise the life interest trust and start the Estate Administration process.
• The end result of this process if proper Estate Planning has been in place is that the half of the property of the deceased is protected and the liquid assets of the deceased transfer across to the surviving spouse.

If you are worried about your Estate Plan and feel you do not have the correct and appropriate planning in place then we would recommend you act on this as soon as you can by discussing your personal situation with a professional who will be able to advise. Here at Casey & Associates we work with our Clients to help and assist them with their Estate Administration and Probate requirements, giving them peace of mind that when the time comes their loved ones will not be burdened with the additional stress of Probate.

If you want to talk with one of our Consultants then fill out the enquiry form on our website, or give our friendly a team a call on 01732 868 190 to arrange an initial consultation.

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Our Covid-19 policy is now that if you require general information about our Wills, Lasting Powers of Attorney or Trusts then we will carry out a telephone appointment. However, if you wish to give instructions to one of our Consultants we are offering a limited number of Face to Face appointments in most of the areas we normally cover (subject to Government advice). To see the areas we normally cover please click here.

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