When it comes to dealing with the estate of a loved one after they have died, or planning your own estate and Will, you may have heard the term probate being used.
It is important to understand what the probate process is and what factors can affect the process.
What is probate?
Probate is the first step in the process of an executor distributing an individual’s estate.
It commences the process of proving a Will and distributing the estate of the deceased in alignment with their wishes.
It is necessary to get a Grant of Probate to get the legal power to handle things like bank accounts on behalf of the person who has died.
How does a Grant of Probate work?
The Grant of Probate is the document that enables executors of the Will access to the deceased’s estate, which will let them follow the terms of the Will.
Once they have a Grant of Probate, the executors become responsible for addressing any outstanding debts that need to be paid off and distributing assets to the intended beneficiaries stated in the Will.
If there is no valid Will, then a Grant of Probate will not be required.
Instead, a Letter of Administration will be needed to give someone the same legal right to the estate as would be given by a Grant of Probate.
What factors can impact the probate process?
Understandably, the probate process can be an emotionally charged time as it represents the final handling of the deceased’s estate.
It can serve as an opportunity to gain closure by honouring their final wish as presented in the Will.
As such, many loved ones want the probate process to be smooth and efficient.
Complex estates will slow down the probate process as the more assets that need to be managed, the more work will be required to fulfil the wishes.
Overseas assets can also prove challenging to obtain and distribute, particularly if the executor is unfamiliar with the laws and customs of the country.
The Will itself can sometimes prove a barrier to probate if it is not stored safely or if its contents are contested by family members.
That is why we recommend you store your Will safely with a trusted solicitor and make it known to your loved ones where your Will is, so it does not need to be discovered to start the probate process.
If you are worried about potential disputes, adding in terrorem clauses, or anti-contest clauses, can help.
These clauses are not always legally enforceable, but they should go some way to addressing potential conflicts before they arise.
At Palmers, we advise the people of Essex to be holistic in their approach to estate planning.
Try to anticipate potential challenges in your own estate and make provisions accordingly.
Make it clear to executors how to access all of your estate, especially overseas assets, and try to mitigate contests by having honest discussions with friends and family.
Our team is here to provide you with expert legal support and advice to ensure that your loved ones are not left to struggle with a drawn-out probate process. For expert support with Will writing and probate support, speak to our team today.
