Dealing with money property and possessions in estates can be frustrating, depending on the complexity of the estate. If the deceased left a will, then their executor can deal with the details. However, if they did not leave a will, then a family member may have to step in and assume the role of administrator.
Who Is Responsible for a Deceased Person’s Estate?
The first step to distributing money property and possessions in estates, is to find out whether the deceased person left a legal will. For if they did, then that document takes precedence over anything else. The best place to start could be the official UK Probate Registry. You may use this service as follows:
- Search for a probate record in England or Wales.
- Determine the type, and whether probate was issued.
- If probate has been issued, then there is a legal will.
- If you wish, order a copy of the probate record for £1.50.
Alternatively, you may prefer to search for a will on the National Will Register website:
- Check whether there is a will on the National Will Register
- Although registering a will is not compulsory in the United Kingdom.
- Pay a £65 fee and search for both registered and unregistered wills.
If the Deceased Left a Valid, Legal Will
For a will to be legal, it must specify who the executor(s) are, so they can apply for a grant of probate, and administer the deceased’s wishes. If the deceased left a valid, legal will, and a probate official has issued letters of probate, then that will overrules any other documents.
If the executor(s) fails to fulfill their obligations in terms of the will, then one of the beneficiaries must obtain a grant of probate, and see the matter through. There is only one exception. If the estate is worth less than £5,000, then no grant of probate is required.
Money Property and Possessions in Intestate Estates
If a person dies, and they do not leave a legal will, then their affairs are intestate without a last will and testament. Close family members may apply to administer the deceased’s assets instead. However, they will have to do so in terms of the rules of intestacy. Here’s a simple illustration as to how this might work in practice:
- If there’s a surviving spouse or civil partner, then they automatically inherit all personal possessions, the first £322,000 of the estate, and half the remaining assets.
- Any surviving children receive the other half of the estate, divided equally between them.
However, the rules of intestacy are complex, so you should consider seeking legal advice if you’re dealing with an estate such as this.
How To Apply for Probate (If There Is a Legal Will)
Probate is a legal right that allows approved persons to administer money property and possessions in estates. Application may be by post or email, depending on user preferences.
APPLYING FOR PROBATE BY POST
Complete a PA1P form if there is a will. If there isn’t a will, then complete a PA1A form instead. Depending on the value of the estate, you may also need to complete an Inheritance Tax (IHT) form .
Call the HMRC helpline for probate and inheritance tax inquiries on 0300 123 1072 to request these forms. Once you have completed them, post them to the address listed on the form along with the following information:
- An official copy of the death certificate.
- The final will plus any amendments.
- £300 fee plus £1.50 for each extra official copy.
APPLYING FOR PROBATE ONLINE
You can apply for probate online on THE GOV.UK website. Complete the same forms, confirm how many copies of the grant you need, and pay the fee. Although you need to send a physical copy of the will separately.
Settle the Estate’s Debts First
The deceased’s estate must be debt-free before you can distribute the assets. Your first step is to settle any outstanding taxes and debts out of the estate. You cannot proceed further until you have done so.
Play it safe, and advertise the estate in the media. Wait for two months to allow any creditors to respond. If you do not take this reasonable step, then as executor you could be held personally liable. But if you do, then the heirs to the estate will have to settle any late claims.
Pay Any Estate Duty Due to HMRC
Estate Duty may be due on the deceased estate. Follow this link to learn how to calculate it. Once you have resolved this, the estate should be debt free, and you can distribute the money property and possessions in the estate, in accordance with the deceased’s wishes.
More Information
