A question we get asked a lot is: What's the difference between a Will and Probate?
A will is a legal document that confirms how you want your assets deal with after your death. Assets may include money, property and possessions.
Probate is a legal process that takes please by the person administering the estate. This gives that person the legal right to fulfil your wishes of the property. For example if you wish for them to sell it, they will need to be Granted Probate to do so.
There are cases where Probate isn't necessary for example:
-Low value Property or no Property
-Property Jointly owned with a Partner who is still alive
-Only money in joint bank accounts
-Less than £5,000 in cash
-Only small possessions like Jewellery
Always seek legal advice if you're unsure.
Who Applies for Probate?
When you write your will you'll choose who you want to settle your affairs when you pass. These are known as Executors and it's their job to carry out your instructions. They will apply for Probate if needed.
When there's no will, an Administrator will be appointed by the Court of Protection. This will be one of your Beneficiaries who inherits under Intestacy Laws.
Please note, more than one person can apply to the courts when someone has passed and there's no guarantee who will be appointed as administrator. The Court will decide according to the laws of Intestacy.
What can you do with Probate?
With Probate your Administrator can:
-Access bank/building society accounts
-Sell or transfer property
-Collect Assets
-Liquidate Assets
-Pay additional taxes
How long can probate take?
This can take around 4-8 weeks and in some cases longer.
We understand this can be stressful. If you're still unsure please contact us on 01274 498855 and we will try to help.
