Everything belonging to a person who has died is part of their ‘Estate’, apart from things that were owned jointly such as the contents of joint accounts and property such as a house held as joint tenants. Nobody is allowed to deal with a person’s Estate until they get the authority through a formal process known colloquially as Probate.
The Estate
You will need to work out the value of the Estate in order to know:
- Whether you need to obtain Probate
- What tax you need to pay before you can distribute the estate according to the Will or the Intestacy rules.
The Estate includes cash, bank accounts, investments, property and personal possessions (which can be everything from a car to musical instruments, tools and jewellery). It will also include any payment under an insurance policy unless that payment has been written ‘in trust’.
In working out the value of the Estate you must value individual items and then deduct any debts, for example overdue mortgage payments, utility bills, overpaid income and reasonable funeral expenses.
Probate
Valuing the Estate, then applying for Probate and dealing with payments and distribution of assets can be onerous, which is why some people choose to appoint a solicitor to deal with Probate. However, to avoid professional fees many people now apply for Probate themselves. There is plenty of guidance online and your local Probate Registry can help you complete the necessary forms.
For an overview see: