There are situations where probate is not needed, and this will depend on the type of assets owned and the nature of ownership. Where there is no land/property, involved probate may not be required to deal with relatively small amounts of money held in bank or building society accounts. Even if there is land/property but this is jointly owned (as a joint tenant) and this passes automatically to the surviving co-owner(s), often between spouses or partners, then probate is not needed. Probate would be required to deal with land or property held as a tenant in common meaning that the share owned does not automatically pass on to the co-owner(s) on death.

FAQs Archive | The Probate Network

Q: When is inheritance tax due?

Inheritance Tax is paid by the executor on behalf of the estate. It is due no later than six months after the date of death. Interest and penalties can be applied if this deadline is missed. The are provisions to encourage executors to make interim payments within that timescale even when the total tax liability due is not known. This reduces the interest payable if assets take longer than that to sell.

Q: Is inheritance tax always payable?

No. Estates worth less than the current threshold of £325,000.00 do not attract any inheritance tax liability. The executor still has to report the value even if it is below the tax threshold. If the deceased has an estate worth more than the threshold but leaves the remainder to their spouse, civil partner, a charity or a community amateur sports club, then no inheritance tax is payable. Beneficiaries do not normally have to pay inheritance tax on what they inherit. People who have benefited by way of gifts of cash or property from the deceased in the 7 years before death may have to pay inheritance tax too, if the value given away exceeds 325,000.00 in that time frame. The standard rate of tax is 40% on the value of the estate above the threshold. There are a number of reliefs and exemptions available. The rules on dealing with property gifted to family are complicated and professional advice is essential to get the tax return right.

Q: What is inheritance tax?

UK Tax Rules require that inheritance tax is payable in certain circumstances after a person’s death. Inheritance Tax is a tax payment calculated on the value of the estate at the time of death, meaning the total value of the property, money and possessions of the deceased. The rules are complex and specialist help is crucial.

Q: Do I need a solicitor for probate?

The short answer is no. However, there are many situations which arise after a person’s death that mean expert legal advice is sensible. Executors may find themselves dealing with a will that is challenged, having to referee disputes between beneficiaries or deal with disagreements where there is more than one executor. They may face practical difficulties dealing with the paperwork and contacting the institutions involved. The role can be time-consuming, especially if the estate is complicated. The estate may be insolvent, the tax position may not be clear and an executor may be exposed to personal financial liability if there is a shortfall. Related Articles The risk of being an executor or administrator of an estate Book a free consultation with a probate solicitor

Q: How long do banks take to release money after probate?

Each bank has its own policy but most will release funds held in the deceased’s account within two weeks of being provided with the documentation they require. Many will release a sum of money prior to the grant to deal with essential expenses such as funeral costs. The executor should approach the relevant bank promptly to determine the approach they take.

Q: How long does probate take?

Timescales for the probate process depend on a lot of factors. There can be delays in the court process of obtaining a grant, caused either by court workloads or errors on the forms. Thereafter, much depends on the size and complexity of the estate and the number of beneficiaries. It also depends on how long it takes to realise assets particularly if there is a house to sell. The inheritance tax return has to be submitted within 6 months of death which provides an informal target date to resolve matters. However, a simple estate can be dealt with in a matter of weeks.

Q: What is probate court?

This term refers to the Probate Registry which deals with matters relating to the grant of probate or Letters of Administration. The Central Registry is located in London and there are currently 11 district probate registries serving the regions of England and Wales.

Q: What is probate property?

Probate property is the term for the assets of an individual that do not automatically pass on to others on death. It comprises cash, investments, non-jointly owned property, art, antiques and other physical possessions and assets. It is the parts that make up the estate which have to be valued and realised by the executor or administrator.

Can I challenge an Executor of a Will or Administrator

When is inheritance tax due?

Is inheritance tax always payable?

What is inheritance tax?

Do I need a solicitor for probate?

How long do banks take to release money after probate?

Do I need probate?

How long does probate take?

What is probate court?

What is probate property?