What Happens Once Probate is Granted?

Once probate has been granted, what happens next? If you’ve just been granted probate in the UK, you’re likely wondering what the following stages involve. The stages before and after probate being granted must be followed accordingly, but we understand that many individuals will be new to the process. To learn more about what happens once probate has been granted, read on.

Why Does Probate Need to be Granted?

Probate is a legal process, and it must be granted before someone manages a deceased person's estate. When probate is granted, it provides legal authority for the executor (or administrator if there's no Will) to handle the estate.

This includes managing bank accounts, properties, and any leftover debts related to the deceased. Being granted probate also means you'll be responsible for distributing assets left for specific individuals known as beneficiaries.

How to Apply for Probate in the UK

You can apply for probate by post or online through HMRC. Applying online is most common, and the process is often much quicker. Before applying for probate, there are two things you’ll have to do:

• Find out if Inheritance Tax is due by estimating the value of the deceased's estate
• Find out if the deceased had a Will

Please note that if the deceased has a Will, only executors named within it can apply, and if the deceased doesn’t have a Will, only close relatives can apply. You should always seek advice of a solicitor before applying for Probate.

When is Probate Granted?

Probate is typically granted within 12 weeks after an application has been submitted to the Probate Registry. However, this time frame varies, taking longer depending on whether additional information is required. The process of applying for probate is relatively straightforward, and for straightforward applications, the Probate Registry often deals with applications promptly.

In most cases, the process of being granted probate cannot be sped up, and while it can seem lengthy, you must wait to be granted probate before handling the deceased's estate.

How Long After Probate is Granted are Funds Released?

Funds are typically released after probate within 6 to 12 months, depending on whether there is a property to be sold. So, beneficiaries shouldn’t expect any funds straight after the executor has applied for probate. Before funds can be released, settle outstanding debts and manage unpaid tax payments, which can take up some time.

Can an Executor be a Beneficiary?

Yes, an executor can also be a beneficiary. It’s very common for an executor to be a beneficiary, especially if they’re a close family member or friend.

What Are the Next Steps After Probate is Granted?

What happens after probate is granted? Let’s find out.

1. Collect Assets

Once you've been granted probate, you must collect all the deceased's assets, whether it be money or general belongings.

2. Manage Debts or Taxes

Before being able to distribute any assets to beneficiaries, you must settle any outstanding debts, administration expenses or taxes owed by the deceased. It's important that anything the deceased owes, whether it be regarding their mortgage or other loans, must be paid to prevent issues further down the line.

3. Sell Assets

You must arrange for any assets that have not been specifically gifted to a named person to be sold.

4. Distribute to Beneficiaries

The distribution of assets must be handled according to instructions within the deceased's Will. It's incredibly important to ensure beneficiaries receive what's been left to them. This could be a set amount of money, property, or personal belongings.

5. Gather Proof and Finalise

It’s your role as executor to prepare accounts regarding any administration related to your loved one's accounts. While the task may seem tedious, it must be completed. This stage of the process involves gathering proof of all income received, funds paid out, and recording what’s been distributed to the beneficiaries of the Will.

In some cases, other beneficiaries will dispute over what's been given to who, so having records is helpful. Once everything has been completed, you can begin to finalise affairs. This is done above under Collect Assets. Again, keeping a record throughout is key, especially if you want to avoid potential disputes.

Key Takeaways

• Probate must be granted before someone manages a deceased person's estate
• Probate is typically granted within 12 weeks after the application has been submitted to the Probate Registry.
• After being granted probate, executors must collect assets, pay debts, administration expenses and taxes, and distribute assets to beneficiaries

Do You Require Help After Being Granted Probate?

​​At Bell Lamb & Joynson, we have a dedicated team of highly experienced Wills & Probate solicitors. Our team are expert at what they do, from assisting with probate matters to managing the financial affairs of someone who has passed away. You can rely on us for top-quality services like no other.

We're compassionate and friendly, with a real understanding of how challenging times like this can be. Whether it’s assistance with complex legal work, overloads of paperwork, or dealing with tedious admin - we can help.

To discuss our probate services today, please get in touch.