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Frequently asked questions about Probate and Trusts

Here you can find frequently asked questions (and the answers) on Probate and Trusts.
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Questions

  1. What is probate? How long will it take?
  2. What is Inheritance Tax?
  3. When does Inheritance Tax have to be paid?
  4. Can a Will be varied after death?

Answers

1. What is probate? How long will it take?

This is the document that shows that the Will has been proved as valid and enables executors to prove their authority to deal with assets that pass under the Will. This is done by ascertaining the value of the estate, completing Inland Revenue Forms and swearing an Oath. The original Will, Oath and papers are sent to the Probate Registry. The Grant of Probate is then issued. Once the Grant has been issued the assets can be realised and the terms of the Will can be fulfilled. This is called 'winding up' the estate.

The length of time to wind up the estate can vary from anything from 9 months to 18 months generally but in a very large or very complicated estate would take longer. The length of time is increased by a number of factors. We aim to get things completed as soon as possible and can give you time estimates at the beginning of the matter.

2. What is Inheritance Tax?

This is the tax that is payable on death on all your assets over and above the Inheritance Tax threshold (currently £312,000). It is payable by your executor(s) at the rate of 40% over the threshold i.e. if your net estate was worth £320,000 then £8,000 of your estate would be taxable at 40% which means a potential tax bill of £3,200. There are certain exemptions for couples, business assets and agricultural property but you need to review the matter with us to see whether you have made full use of these exemptions.

3. When does Inheritance Tax have to be paid?

Some Inheritance Tax has to be paid before probate is granted. This can come from the deceased's bank accounts. If there isn't enough money available a loan may have to be taken out by the executor(s). The next payment is then due six months from the date of death.

4. Can a Will be varied after death?

Within two years of someone's death it is possible for any of the beneficiaries to vary their entitlement in the Will by way of Deed of Variation. This can help save Inheritance Tax or reduce the amount in the beneficiary's own estate. We have particular expertise in this area and would be happy to discuss the possibility of entering into a Deed of Variation with you.