What is probate and how does it work?

Probate is the process of dealing with a persons estate after they have passed away and is one of the many reasons why it is important to ensure that you have a will written before your death. You should also make sure that you use the services of a professional Cheltenham wills and probate  company such as https://beesandco.co.uk/our-services/wills-cheltenham so you can be assured that your will is valid and legal.

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Before the probate process can begin fully you need to register the death of the individual and make the funeral arrangements. You also need to collect up together all of the financial documents and any will that belong to the deceased person. Once all of these are in place probate can begin, following on from the executors of the will applying for a Grant of Probate giving them the legal right to act on behalf of the deceased individual. Some individuals will use a professional probate company to deal with this process and in the cases where an individual dies without a will in place the intestacy rules dictates who can administer the estate and the process can take much much longer.

Once the Grant of Probate has been received the executors will complete the return for inheritance tax and pay any amounts that may be due along with making payments to any other outstanding debts that are in the deceased persons name. Following this all remaining monies, property and possessions will be given to the individuals named in the will or in the case of no will the intestacy rules again will dictate who will receive these items and in what proportions. Without a will only civil partners and spouses, children and close relatives can inherit any monies or items.

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The entire probate process can take up to a year and in some complicated cases longer than this. It is for this reason that it is important that you keep all relevant information filed and have a will that clearly states you wishes. This helps the executors to smoothly distribute items as you desire and can dramatically speed up the process. If you have any questions regarding the probate process or what you should and shouldn’t include in your will, consult with a professional will writer as they will be able to answer any queries you have and calm any concerns as well.