What is probate of will?

Probate of a will is a legal process in which a court (the probate registry) validates a deceased person's will and authorises the named executor to administer the estate. Here's a breakdown of what it entails:

1. Validation of the Will: The probate process begins by confirming that the will is legally valid. This involves submitting the will to a probate court, where it is reviewed to ensure it meets legal requirements.

2. Grant of Probate: Once the probate registry is satisfied that the will is valid, it issues a "Grant of Probate" (in England and Wales). This document gives the executor the legal authority to act on behalf of the estate.

3. Executor's Responsibilities: The executor, who is named in the will, is responsible for managing and distributing the deceased’s estate according to the will's instructions. This includes:

1. • Collecting Assets: Gathering and securing all assets of the estate, such as property, bank accounts, and investments.
   • Paying Debts: Settling any outstanding debts and liabilities of the deceased.
   • Handling Taxes: Dealing with any inheritance tax or estate tax that may be due.
   • Distributing Assets: Distributing the remaining assets to the beneficiaries as specified in the will.

 

4. Legal and Financial Duties: The executor must ensure that all legal and financial matters are handled properly, including notifying relevant institutions, managing estate accounts, and potentially dealing with disputes or claims against the estate.

5. Completion: Once all duties are fulfilled, the executor finalises the probate process by providing a detailed account of the estate's administration to the beneficiaries.

Probate can be a complex process, particularly for larger or contested estates, and may involve legal and financial professionals to ensure everything is managed according to the law and the wishes of the deceased.