BJ Mckenna's Blog /What is Probate and when is it required?

What is Probate and when is it required?

What is Probate and when is it required?

Probate is the process of dealing with somebody’s estate when they die.

A Grant of Probate is usually required when a person owns property, bank accounts, investments or other assets in their sole name.

A Grant of Probate is obtained where a person held a Will and a Grant of Letters of Administration is the equivalent if the person did not have a Will.

Below are the main stages of dealing with an estate.

  • Value the estate – the executor or legal professional will need to write to all of the financial institutions where the deceased held accounts to request the date of death balances. It is important to obtain the correct figures so that the estate is accurately reported to HMRC and if the estate is taxable, that the correct amount of Inheritance Tax (IHT) is paid.
  • Asset and liability search- The executor or legal professional can undertake a full asset and liability search to check whether the deceased had any other accounts they are not aware of.  This ensures that the executor does not miss any assets or liabilities and that the correct value of the estate is reported.
  • Prepare the application for Grant of Representation – The executor or legal professional will prepare the Probate Application and submit the application to the appropriate Probate Registry, together with the Will, if there is one, and the appropriate Inheritance Tax account.
  • Inheritance Tax-We will calculate whether there is any IHT payable if there is any IHT to pay, we would liaise with the personal representatives regarding the best way to settle this and then arrange payment.
  • When the Grant is received - The Grant, once issued, is submitted to the various organisations with whom assets are held in order to start the process of winding up the deceased’s estate.  This includes closing the deceased’s bank accounts, selling any shares and closing down any investments. At this point we would also make the arrangements to sell any property the deceased owned.  If any of the beneficiaries would like any accounts or assets of the deceased transferring to them in lieu of their share, we would be able to arrange this at this stage.
  • Trustee Act Notices – The executor should also submit Trustee Act Notices under s27 Trustee Act 1925. This is a process where you as an Executor for the estate place an advert in appropriate newspapers (the London Gazette and a paper local to where your father lived) asking for any potential creditors, or those who think they might have a claim on the estate, to come forward.  
  • The liabilities of the estate are paid – Once we have gathered in the estate monies, all the liabilities will be paid. 
  • Inheritance Tax Clearance- Confirmation is obtained that tax is paid up to date and there are no outstanding HMRC claims.
  • Tax affairs for the administration period- often an estate is required to submit a tax return for the administration period to report any income received or any capital gains during the administration period. We would be able to deal with this on your behalf and ensure that all taxes are settled.
  • Informing Beneficiaries – Beneficiaries to the estate are notified of their entitlement and asked to prove their identity.  Bankruptcy searches and ID checks are performed in relation to them.
  • Estate Accounts - Formal Estate Accounts are prepared to identify the assets and liabilities of the estate which are sent to you as executor to approve.  The estate accounts are also distributed amongst the residuary beneficiaries for them to see how their inheritance has been calculated and for them to approve and raise any queries they may have.
  • Distribution – The distribution of legacies and the residue takes place, in accordance with the terms of the Will or the rules of intestacy. 

Tuesday, January 21, 2025

Specialists in Wills & Probate in Stockport, South Manchester & North Cheshire.

By entrusting BJ McKenna and Co with your matter, we assume the role of Personal Representative, handling all associated duties on your behalf. You can rest assured that a skilled professional will safeguard your best interests throughout the process.

​If you have any questions, please don’t hesitate to reach out.

By entrusting BJ McKenna and Co with your matter, we assume the role of Personal Representative, handling all associated duties on your behalf. You can rest assured that a skilled professional will safeguard your best interests throughout the process.

​If you have any questions, please don’t hesitate to reach out.

Find Us

Heaton Moor
4 Moorside Rd, Heaton Moor,
Stockport
SK4 4DT

​Heaton Chapel
335 Wellington Road North,
Heaton Chapel,
Stockport, SK4 4QG

BJ McKenna is part of the McHale Group with multiple office locations offering full-service support
© BJ McKenna & Co Solicitors 2008 - 2025 - Solicitors Stockport, Heaton Chapel, Heaton Mersey, Reddish, Offerton & Marple
B J McKenna & Co Solicitors is a trading name of B J McKenna & Co Solicitors LLP. The term partner is used to refer to a member of the LLP.
B J McKenna & Co Solicitors LLP is a Limited Liability Partnership registered in England and Wales Number OC376377.
Registered office: 335 Wellington Road North, Heaton Chapel, Stockport, SK4 4QG where a list of members of the LLP is available for inspection.
​Authorised and regulated by the Solicitors Regulation Authority www.sra.org.uk SRA Number: 570089.