Do I need a probate solicitor?
Dealing with the death of a loved one is a difficult time, especially when faced with the administrative tasks required in the period that follows. Applying for probate is one of these tasks and can seem overwhelming alongside grief. Whilst family executors can apply for the grant and administer an estate on their own, a solicitor can be a useful addition to the process.
What is probate?
When a person dies, someone must deal with their estate. A person’s estate consists of their assets including property, belongings and money, and any outstanding liabilities must also be settled. This usually falls to the deceased’s executors who will in most cases need to apply and obtain a Grant of Probate to provide them with the requisite authority to action the estate administration.
What value can a probate solicitor add?
While much of the process can be done by anyone, the usual DIY risks of ‘doing it yourself’ apply, especially if it goes wrong and you have to pay someone else to put it right. When you pay someone who does this work day in, day out, you get the benefit of their experience. In many cases a probate solicitor or their colleagues will also have an understanding of the management of trusts and Will-drafting. What are some of these benefits?
Applying for a Grant
A Grant of Probate is obtained from the Probate Registry following a successful application. A solicitor is familiar with the processes, the forms and technical language used. A solicitor can save valuable time by spotting if there is likely to be any defect in the Will which will be challenged by the probate registry. They can also advise on the process where there is no Will.
As part of the application, the value of the estate must be calculated. There can be different ways of valuing assets. HMRC can be difficult if in their view the executors have not taken sufficient care, or obtained enough valuations, or have failed to make sufficient enquiries regarding lifetime gifts made by the deceased. The work includes assisting with calculating any taxes due and liaising with HMRC regarding inheritance tax. A probate solicitor is familiar with time limits and interest rates for late payment.
Post-Grant
It is harder than it used to be to open bank accounts for executors. A probate solicitor is likely to have a client account which can be used to manage monies collected in the estate.
Once all debts and taxes are settled, the remaining estate needs to be distributed to the beneficiaries as dictated by the Will or intestacy rules. The formality of a solicitor’s involvement can help any beneficiaries who are likely to grumble or be critical which sadly can happen all too often. A solicitor can assist by providing final estate accounts for record keeping.
There are public advertisements which can be made to protect the executors from unknown creditors, bankruptcy searches, unclaimed assets database searches and genealogists, all services which may be needed from time to time and which the probate solicitor will know when to use.
In summary…
There is no requirement for a solicitor to be instructed, but it can be especially helpful in cases where the estate assets are complex or of large value, for peace of mind and if the executors are busy people or have limited experience. Errors by the executors during the Probate process can lead to disputes and further delays to the distributions. Under the rules regulating solicitors, solicitors must give costs estimates at the beginning and during the process, both to the executors and to the residuary beneficiaries, so that they can keep the solicitor accountable.
When looking for a probate solicitor, it can be worth checking whether the probate solicitor is a member of the Society of Trust and Estate Practitioners if you are concerned about skills level. The directory of members can be found here. The Law Society have a helpful ‘find a solicitor’ tool and outline why else you may consider instructing a probate solicitor here.
If you are the executor of a Will or need to administer an estate and would like further information on what probate solicitors can assist with, please contact our Succession and Tax team who would be happy to help.
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