Understanding Probate: The Essential Process
Probate is the legal right to handle a deceased person's estate. Required when:
Assets exceed £5,000
Solely owned property exists
Complex financial affairs
Banks/institutions request it
The process involves:
Valuing the estate
Paying inheritance tax
Settling debts
Distributing assets to beneficiaries
Without probate:
Can't access accounts
Unable to sell property
Can't distribute inheritance
Risk personal liability
A Grant of Probate protects executors and ensures legal distribution of assets. Professional help often saves time and reduces stress during this complex legal process.