Do You Need Probate if there is a Will?
When someone passes away, dealing with their estate can be a complex and stressful task. One common question is whether you need to go through probate if there is a Will. The answer can vary based on different factors. We’ll take a look at these, and explain what probate is, when it’s needed, and how to acquire it.
What is Probate?
Probate is a legal process that takes place after someone dies. It involves proving that the person’s Will is valid, identifying their assets, paying off any debts and taxes, and distributing what’s left according to the Will. If there isn’t a Will, the estate is divided according to the rules of intestacy.
The Probate Process Step-by-Step
Validating the Will
The first step is to confirm that the Will is legally valid.
Identifying Assets
This involves listing all the deceased’s assets, including property, bank accounts, and personal belongings.
Valuing the Estate
Each asset needs to be valued to determine the total value of the estate.
Paying Debts and Taxes
Any debts and taxes, including inheritance tax, need to be paid from the estate.
Distributing the Estate
Finally, the remaining assets are distributed to the beneficiaries as stated in the Will.
When is Probate Required?
In the UK, you usually need probate if the deceased owned property or significant assets in their sole name. However, there are some cases where probate might not be necessary:
- Jointly Owned Assets
If the deceased had assets jointly with someone else, these typically pass directly to the surviving joint owner without the need for probate. Examples include joint bank accounts or property owned as joint tenants.
- Low-Value Estates
If the estate is small, probate might not be needed. The threshold for a ‘small estate’ varies between banks and financial institutions but is generally around £5,000 to £50,000. It’s best to check with each institution holding the deceased’s assets.
- Certain Insurance Policies and Pensions
Some life insurance policies and pensions can be paid directly to a named beneficiary without probate, as long as there are valid nominations.
Applying for Probate
If probate is needed, the executor named in the Will must apply for a grant of probate. This legal document gives the executor the authority to deal with the deceased’s estate. Here’s a closer look at the steps involved:
- Submit Documents
The executor needs to submit the original Will and a death certificate to the Probate Registry. - Fill Out Forms
Complete a probate application form (PA1P). - Tax Matters
File an inheritance tax return and pay any tax due. - Pay Fees
Pay the probate fee, which as of 2024 is £273 for estates over £5,000. There is no fee for smaller estates.
Once granted, the executor can collect the estate’s assets, pay off any debts, and distribute the remaining estate according to the will.
Famous Cases Involving Probate
Several high-profile cases can shed light on how probate works in practice:
- Princess Diana
When Princess Diana passed away in 1997, her estate, valued at around £21 million, required probate. Her Will included specific bequests to her godchildren, friends, and family, with the remainder placed in a trust for her sons, Prince William and Prince Harry. The probate process ensured that her wishes were followed and her estate was properly managed. - George Michael
The pop star George Michael died in 2016, leaving an estate worth around £97 million. His Will named his sisters, father, and friends as beneficiaries. However, the probate process was complicated by disputes involving Michael’s former partners, highlighting how complex and contentious the administration of an estate can become, even with a Will. - Amy Winehouse
Amy Winehouse’s untimely death in 2011 brought her estate, valued at approximately £4.25 million, into the spotlight. Without a valid Will, her estate was distributed according to intestacy rules, resulting in her parents inheriting her fortune. This case underscores the importance of having a Will to ensure your estate is distributed according to your wishes.
Common Questions About Probate
Do I always need probate if there’s a Will?
Not necessarily. If the estate is small or assets are jointly owned, you might not need probate. However, probate is usually required for larger estates or those with significant assets.
How long does probate take?
The time it takes to complete probate can vary. On average, it can take anywhere from six months to a year, depending on the complexity of the estate and any disputes that arise.
You can read more about the timescales involved in probate in our recent article.
Can I do probate myself?
Yes, you can apply for probate yourself, but it can be complicated. Many people make life easier by hiring a legal professional to help them navigate the legal requirements.
What happens if there’s no Will?
If there’s no Will, the estate is distributed according to the rules of intestacy. This means that certain relatives will inherit in a specific order, which might not reflect the deceased’s wishes.
How a legal professional can help
Dealing with probate can be complex, even when there is a Will. A legal professional can offer essential assistance throughout this process. Here’s how they can help:
Expertise in Legal Matters
Legal professionals have the specialised knowledge to navigate probate law, ensuring the Will is valid, interpreting its provisions, and handling legal issues.
Accurate Paperwork Management
Probate involves substantial paperwork, including applications to the Probate Registry and HMRC forms. A legal expert ensures documents are completed accurately and on time, preventing delays and complications.
Compliance with Legal Requirements
A legal professional ensures all probate actions comply with legal requirements, including notifying beneficiaries, managing estate assets, paying debts and taxes, and distributing assets according to the Will.
Reducing Stress and Burden
Probate can be emotionally and mentally taxing. A probate legal professional handles the administrative and legal work, providing peace of mind and reducing stress during this difficult time.
Efficient Estate Administration
A legal professional streamlines the probate process, coordinating with financial institutions, HMRC, and other parties to manage and distribute the estate efficiently.
Maximising Estate Value
Legal experts can advise on minimising tax liabilities and managing estate assets effectively, helping preserve the estate’s value for beneficiaries.
Why choose ELM?
Dealing with probate, Wills, and estate planning can be overwhelming, but ELM Legal Services is here to help. We have helped over 30,000 clients in England and Wales with will writing, probate administration, and trust creation.
Our dedicated team delivers personalised advice and solutions, whether you need to protect your assets, minimise tax burdens, or ensure your family’s future is secure.
Get in touch
For more information on probate, Wills, or estate planning, please call 0117 952 0698 or submit a free, no-obligation enquiry.
