10 March 2025

What is Probate and When is it Required?

By BJ McKenna & Co Solicitors

Probate is the legal process of administering a person's estate after they pass away. It involves valuing assets, settling debts, and distributing inheritance to beneficiaries.

At BJ McKenna Solicitors in Stockport, we specialise in probate and estate administration, ensuring the process is handled efficiently and correctly.

When is Probate Required?

A Grant of Probate is usually needed when the deceased held property, bank accounts, investments, or other assets in their sole name.

If the deceased left a will, the appointed executor applies for a Grant of Probate.

If there is no will, the next of kin must apply for Letters of Administration, which grants legal authority to manage the estate.

Not all estates require probate. If assets were jointly owned, they often pass automatically to the surviving owner. However, it's always best to seek legal advice to confirm whether probate is necessary.

The Probate Process: Step by Step

1. Valuing the Estate

The executor (or a solicitor) must contact banks, investment companies, and other financial institutions to determine the value of the deceased's assets and debts. Accurate valuations are crucial for Inheritance Tax (IHT) reporting.

2. Asset and Liability Search

To ensure no accounts or liabilities are missed, a full asset and liability search is conducted. This helps executors avoid unexpected claims and ensures all assets are accounted for.

3. Preparing the Grant of Representation

The executor or solicitor prepares the probate application, submits it to the Probate Registry, and includes:

• The original will (if applicable)

• A detailed Inheritance Tax account

• Any necessary supporting documents

4. Paying Inheritance Tax (IHT)

If IHT is due, we assist in calculating the correct tax amount and liaising with HMRC for payment. This must be settled before probate is granted.

5. Receiving the Grant of Probate

Once the Grant of Probate (or Letters of Administration) is issued, the executor can begin:

• Closing bank accounts

• Selling shares and investments

• Arranging the sale or transfer of property

• Distributing assets to beneficiaries

6. Placing Trustee Act Notices

To protect the estate from unexpected creditor claims, executors should publish Trustee Act Notices in The London Gazette and a local newspaper. This allows potential claimants to come forward within two months.

7. Settling Liabilities

Once funds are collected, the estate's outstanding debts, funeral costs, and taxes are paid.

8. Obtaining Inheritance Tax Clearance

Before finalising the estate, confirmation from HMRC is needed to ensure all IHT obligations have been met.

9. Submitting Estate Tax Returns

If the estate generates income or capital gains during administration, a tax return must be filed to report any additional tax due.

10. Informing Beneficiaries

All beneficiaries are formally notified of their entitlement and must verify their identity through ID and bankruptcy checks before receiving their inheritance.

11. Preparing Estate Accounts

A detailed estate account is prepared, outlining:

• Assets collected

• Liabilities paid

• Final distribution amounts for beneficiaries

Executors and beneficiaries review and approve these accounts before distribution.

12. Distributing the Estate

Once all approvals are in place, the estate is officially distributed according to the terms of the will or rules of intestacy.

Need Help with Probate?

The probate process can be complex, time-consuming, and emotionally challenging. At BJ McKenna Solicitors in Stockport, we offer expert legal support to ease the burden and ensure everything is handled correctly and efficiently.

• Expert Guidance – We handle all aspects of probate and estate administration.

• Minimise Stress – Let us manage the legal and financial complexities.

• Protect the Estate – Ensure compliance with tax laws and legal requirements.