WHEN IS PROBATE REQUIRED

If a loved one passes away, certain steps may be required to take care of their finances, including obtaining a grant of probate.

Probate is a legal process that is sometimes required to validate a deceased person’s will, allowing their wishes to be carried out by a named executor. The executor is responsible for administering the deceased person’s estate, ensuring debts are paid, and distributing any remaining assets. If awarded, a grant of probate is the court’s official recognition of the validity of the will and who the executor responsible for the estate is.

Probate may be necessary depending on the types of assets included in a will. For example, if there is money in a bank account and the deceased is the sole account holder, the financial institution may ask for a probate grant before releasing the funds to the executor.

If you’ve inherited a property that you want to sell, you’ll usually need to undergo probate before you can progress. The process can be complex, but working with the right estate agent and solicitor can make the sale as smooth and painless as possible.

In this article, we’ll explain what probate is, when it’s required and how to sell a property when probate is required.

WHAT IS PROBATE?

Probate is the legal and financial process that deals with any assets (including money, properties or possessions) of a person who has passed away. The process involves proving that the will is valid and confirming the executors of the will have the authority to administer the estate of the person who has died – which includes whether you can sell the property.

Probate is a legal process through which the appropriate county court makes sure that the assets of the deceased are distributed according to the Will or applicable law.

Probate sees to it that the wishes of the deceased will be granted, whether it be from debts to be paid to the distribution of probate estate property. If there is no Will, assets will be distributed according to the state law.

Probate can simply be thought of as the last option for transferring title from the decedent to the beneficiaries.

WHAT IS GRANT PROBATE?

If you are selling a property you have inherited due to someone passing away, you will need to apply for grant of probate before you can proceed with the sale. This is a legal document that confirms the executors of the will can start the sale of the property and deal with any other assets of the deceased person.

Probate is the process of proving and registering in the Supreme Court the last Will of a deceased person. When a person dies, somebody has to deal with their estate.

If the deceased died leaving a valid Will, it is the duty of the executor named in that Will to call in the assets, pay liabilities and distribute the estate to the beneficiaries so named. In order to get the authority to do this, the Executor would need to obtain a legal document called a Grant of Probate.

WHEN IS PROBATE REQUIRED?

In England and Wales, probate is usually needed when:

A person has died and owned property.
A bank or other financial institution asks for grant of probate.

HOW TO SELL A HOUSE WHEN PROBATE IS REQUIRED?

1. Arrange a Valuation
Knowing the value of the property is important when selling a home during probate. The property value will help determine the overall value of the deceased person’s estate. It’s also used to calculate how much inheritance tax must be paid.

When selling a house during probate, make sure you choose a reputable estate agent with good reviews to evaluate the property.

2. Speak to a Solicitor
A solicitor will need to apply for a grant of probate before you can sell the property. This process involves identifying all the deceased person’s assets, confirming who will inherit the assets in the will, arranging payments of inheritance tax, and granting probate ready for you to sell the property.

Many solicitors can also help progress the sale to a buyer after granting probate. If you can’t find a good solicitor, ask an estate agent for a recommendation.

3. Work With an Estate Agent
Once probate has been granted and you have the go-ahead from the solicitor, you can work with an estate agent to sell the property. When choosing an estate agent, consider how much involvement you need and what qualities you’d prefer.

Expert communication and good availability may be particularly important qualities to consider when choosing an estate agent to progress a probate sale. This is especially the case if multiple people are inheriting the property and/or you cannot be available often to help with viewings.

WHO HAS TO DEAL WITH PROBATE?

As you know that probate is the process of dealing with a persons estate after they have died. It can include selling property, calling in money from bank accounts, paying bills and dealing with personal possessions. Then, who has to deal with it?

If there is a Will, then the executors appointed in the Will shall deal with the probate. If there is no valid Will in place then the rules of intestacy appoint Personal Representatives who can deal with the estate.

Is Probate complicated?

Every estate is different. Some are very simple and some are more complex. What remains the same is the personal liability executors and personal representatives take on when administering probate. If they make a mistake, the beneficiaries can pursue them for any losses.

Probate can seem to be a never ending task. If you or someone you know needs help or guidance dealing with an estate then please contact us. We have some helpful guides on how to deal with probate as well as a number of different options and solutions to help you along the way.

What is the job of a probate judge?

Probate judges adjudicate matters within the probate jurisdiction and administer court operations. But the heart of the role transcends this simple definition.

As servant of the people, the judge guides patrons through complex laws and procedures that are meant to protect people facing challenging and intimate transitions in their lives. Judges are called upon to be a mourning friend, a stern parent, a caring child, a defender of individual rights and a neutral party.

Effective judges have legal expertise and sound reasoning to understand and interpret the law, along with a judicial temperament to manage conflicting views and adjudicate fairly.

Are You Selling a House With Probate?
Selling a house with probate can be an emotional period. Choosing the right estate agent to help progress the sale is important to make the situation as painless as possible.