What is a Probate?

When a person dies, someone needs to deal with their affairs by addressing, collecting and distributing; this is called ‘administering the estate’. A skill full solicitor can help break down the process involved as well as reading on our website. This is done through a process in the UK legal system known as the Grant of Probate or a Grant of Letters of Administration.

A will has been left behind

If the person who has died leaves a will, it will in most cases name one or more people to act as the executors of the will, that is to administer the will.

If you’re named as an executor of a will then you may need to apply for a grant of probate and this will need to be processed by a solicitor.

A grant of probate is an official legal document which grants executors to administer the estate of a person who has died. It is granted by a section of the court known as the probate registry.

A will has not been left behind

If no will has been left by the person who has died (known as dying intestate) then the process involved would be lengthier. An application for a grant of letters of administration through the courts would need to be made.

The person who is granted the letters of administration is known as the administrator. The person will have legal rights to deal with the affairs of the person who has died, and the person is set by a order of priority. Information about order of priority can be obtained from a Solicitor.

Selling the property once the probate is complete

Once the probate stage is complete then you have the choice of moving into the property yourself, selling the property or renting it out to tenants. Keep in mind if you do sell the property you may be liable for Capital Gains Tax (or dispose of) inherited assets that have gone up in value since the person died, this happens due to capital appreciation.

Keeping the property once the probate is complete

If you live in the property as your main home in most cases you won’t need to pay Capital Gains Tax. Rather you would be bound to pay council TAX depending on the banding the property falls on.

Renting out the property once the probate is complete

You have responsibilities as a landlord to make sure the property is in a good condition and all legislation is met. This still applies if you inherit the property that is already tenanted.

You may also be liable for tax on the rental income you make.