Probate - Questions & Answers

Q: If there is a Will why do I need probate?

A: Where someone leaves a Will and had assets in their sole name exceeding £15,000 it will always be necessary to apply to the Probate Court for a grant of probate. The grant of probate is the order issued by the Probate Court confirming who is entitled to deal with the deceased's assets.

Q: My spouse or civil partner didn't make a Will - will I still get everything?

A: Where someone does not leave a Will and was married or in a Civil Partnership it may not be the case that the survivor will receive 'everything'. The law determines how much the survivor will receive and it will vary depending upon whether the deceased was also survived by children, parents, brothers or sisters.

Q: When should I begin to sort out the deceased's affairs?

A: If there is a Will it is a good idea to check whether the Will contains any specific wishes in relation to the deceased's funeral. All other matters can usually wait until the funeral has taken place.

Q: When I make an appointment with TLT what should I bring to the meeting?

A: It would be useful to bring details of all assets which were in the deceased's name. You may be able to find property deeds, bank statements, policy documents, passbooks, share certificates etc and it would be helpful to bring these to the initial meeting.

Q: Can I sell the deceased's house before the grant of probate is obtained?

A: The deceased's house can be put on the market for sale but it will not be possible to sell the house before the grant of probate is issued.

Q: How will I know if inheritance tax will be payable?

A: From 6 April 2007, if the total value of the deceased's assets exceeds £300,000 there may be a liability for inheritance tax. The value of assets exceeding £300,000 is taxed at 40%. Certain reliefs are available for spouses and civil partners, charitable, agricultural or other business purposes.

Q: When does the inheritance tax have to be paid?

A: Inheritance tax on all assets other than land and buildings and certain unquoted shares must be paid before the Court will issue the grant. This presents an immediate problem because the deceased's assets will not usually be available until the grant has been issued by the Court. Where institutions in which the deceased held assets will not release funds to pay inheritance tax we will usually ask the deceased's bank to loan or advance monies to pay the tax.

Q: If I am an executor named in a Will, what are my responsibilities?

A: Amongst other things you will be responsible for:

1. Insuring and keeping safe any property and vehicles.
2. Paying all debts in the estate out of estate funds.
3. Taking professional advice on any issues relating to the deceased's investments which may arise during the administration period.

Q: Is it possible to change someone's Will after their death?

A: Under existing legislation, the beneficiaries of a Will have power to vary the way the deceased's assets are divided. This may have inheritance tax advantages in specific circumstances. This is referred to as a Deed of Variation. It is important to note that any Deed of Variation must be made within two years of the date of death.

Q: Can a person contest a Will?

A: In certain circumstances members of the deceased's family or dependants may be entitled to claim against the estate on the grounds that they have not been adequately provided for. Such a claim must normally be notified within six months of the Grant of Probate being issued. The executors will be personally responsible for any successful claim during that period, so if there is any risk of such a claim the estate should not be distributed within the six month period.