The death of a close friend or family member is an extremely difficult and emotional time. If you’re the named executor on the will, this can become even more challenging, as you have to apply for probate, pay various taxes and debts, and distribute the deceased’s estate according to their will.
Understanding the probate process can help make this time easier, which is why our team have explained the process below.
What is probate, and why is it required?
Understanding what probate is and whether you need it can be confusing. Ultimately, probate offers the lawful right to deal with the money, property, and possessions of a person when they pass away.
Your first step should be figuring out whether probate is required, by contacting the financial organisations used by the deceased, such as their bank and mortgage company. Each company has their own rules, so it best to check individually.
It’s worth noting that if the late person shared assets (such as a property or business shares), these would automatically pass to the surviving owners.
Role of the Executor
The executor named in the will is in charge of carrying out the deceased’s will. In short, that means distributing their assets as they intended. As the executor, your responsibilities include gathering the assets, paying any debts and taxes, and distributing the remaining estate to the various beneficiaries.
Only one person is able to make the application for probate, so if multiple executors are named, then they must reach an agreement.
How long does probate take?
Once you’ve applied for probate, your application needs to be reviewed by the Probate Service. Online applications can be tracked through the probate service, giving you full transparency of the process. On the other hand, if you applied via post then they will typically respond by post or email within 12 weeks of your application.
In some cases, you might need to provide additional information. This will cause the probate process to exceed the 12-week timeline. If it’s been longer than 12 weeks and you haven’t needed to submit extra information, you should contact the Courts and Tribunals Service Centre.
Accessing funds before probate is complete
There are various costly procedures, like funeral expenses and inheritance tax, which mean you require access to funds before the probate is completed. While there aren’t ways to accelerate the process, you might consider taking out a probate loan. This is a short-term financial tool that can give you access to the necessary funds and can easily be paid off once the probate is completed.
Challenges Executors Face During Probate
Even after the layout of the process, executors might face various challenges during probate. If you are fully aware of some common challenges, you can avoid unnecessary delays. First of all, it can be quite a challenging and frustrating experience when it comes to locating all assets and paperwork. The process of gathering the necessary documents can be time-consuming, and it will test your patience. Family disagreement is another major challenge that you might have to handle during probate. Some beneficiaries might slow down the process by questioning the handling of assets or contesting the will.
Sometimes, you might get delayed responses from your bank, government departments, or financial institutions. These delays in communication will eventually slow down your process. Executors should also be aware of the debts emerging during probate; otherwise, unexpected debts or liabilities will pose a challenge to completing the process. Lastly, as an executor, you will go through emotional strains at times, so it’s important to take breaks, ask your family and friends for help when needed, and give yourself time to cope.