When a grant of Probate is issued, the person or people appointed in the Will to divide up the deceased’s estate (the Executors) have the legal permission to do so and can begin this task.
The first part of this process usually involves informing all interested parties, including beneficiaries set to inherit from the Estate, banks, building societies, or other organisations holding funds or assets. These organisations Will usually need to be sent a copy of the grant of Probate before they release any funds.
When the grant of Probate is in place, the Executor can begin administering the Estate, this involves closing any bank accounts, pensions, or life insurance policies, selling any property if appropriate, or distributing belongings or money.
When the funds from the Estate have been received, the Executor may also be responsible for covering any funeral costs from the Estate (if there is no pre-paid funeral plan in place), clearing any outstanding debts such as mortgages or loans, and paying any inheritance or other taxes required.
Once these outgoings have been paid, the remaining Estate will be divided between the Will’s beneficiaries in line with the deceased’s wishes.
It can take any time from a few weeks to several months to complete this process, particularly if there are issues with contested Wills, estranged or uncontactable beneficiaries, or problems claiming life insurance policies.
Ensuring there is a clear, professionally-written Will in place and getting timely, reliable advice around probate can help avoid many of these hurdles.
Capital Life’s Probate service and Pre-Paid Probate Plans can take the confusion, stress, and financial burden out of this process at the time when your loved ones need it most. Contact them today to learn more about their free inheritance planning review service.