Does A Grant Of Probate Show The Value Of An Estate?
Many of us are unexpectedly thrust into the probate process after the death of a loved one and it can initially seem daunting.
Valuing the estate of the deceased is a vital part of this process. Here, we explain what a Grant of Probate is, what it shows about the value of an estate, and how the probate process follows from this grant.
Probate is often the last thing on our minds when we lose a loved one. Dealing with someone’s affairs is understandably a stressful time and many of us may put it off for as long as possible. However, it is important that the correct procedures are followed and that the correct valuation of their estate is given to the Probate Registry.
It is a common misconception that a Grant of Probate is not required to deal with the assets of someone who has made a will.
It is, however, the value of the deceased’s estate that determines whether or not a Grant of Probate is needed.
While there are cases where it is not required, the majority of people will need the grant, particularly when there is property involved.
Below, we explain what a Grant of Probate is, what it shows when it is granted, whether it shows the value of an estate, and how Percy Hughes & Roberts can help with any potential probate query you may have.
If you have any questions we have not answered, our expert probate solicitors are happy to speak to you regarding your probate query and provide the legal services you need.
What is a Grant of Probate?
A Grant of Probate is a particular type of Grant of Representation obtained from the court. It confirms that the executor of a will has the legal authority to administer the estate of the deceased.
In order to get the grant, executors need to apply to the local Probate Registry by filling out all of the relevant forms.
Once it has been granted, the executors have the ability to handle the estate, including closing bank accounts, selling property, and paying any debts or expenses of the administration of the estate. The grant also proves the validity of the will.
In the majority of cases, executors will need to obtain a grant of probate. You will not need a grant of probate if the deceased owned everything in their estate jointly with someone else. In this case, the ownership would be automatically transferred to the surviving owner(s).
What does a Grant of Probate show?
Executors will receive the Grant of Probate up to eight weeks after applying in most cases. There are a number of important details that are listed on the document, including:
The deceased’s information:
- Full name and address of the deceased
- The date the death occurred
- The deceased’s domicile
The executor’s information:
- Full name of the person applying for probate
- Their authority to obtain probate
- If the executor is applying on someone’s behalf, a statement saying this “for the use and benefit of” that person
Other information, including:
- The date of the Will
- The date probate has been granted – which is important for anyone contesting a will, as time limits apply
- The Gross and Net Value of the deceased’s assets
Does a grant of probate show the value of an estate?
Yes, a Grant of Probate states the value of an estate. Having completed the probate registration, executors will have already properly valued the estate and completed any inheritance tax forms.
The value of the estate will determine whether or not you need to pay inheritance tax and getting a valuation is one of the first steps of the estate administration process.
Once the probate registry office has confirmed these values, they will include the valuation on the Grant of Probate.
It will clearly show the Gross and Net Value of the estate. The Net Value is the value of the estate after debts, funeral expenses and other liabilities have been taken into account.
How to value an estate before applying for probate
Before you can apply for a Grant of Probate, you need to value the estate of the deceased. This is how the probate registry can show the value of an estate on the Grant of Probate and confirm the details.
Executors should begin with everything the deceased owned at the date of the death, including any debts. This includes:
- Bank Accounts
- Stocks & Shares
- Valuables (such as jewellery, art)
- Debt (including credit cards, mortgages, equity release)
Often, the most complex part of valuing the estate is in relation to any property that is solely or jointly owned. Executors will need to value the house. They can do this in a number of ways:
- Value the property yourself using Zoopla, RightMove or another service to see how much it could sell for
- Get a valuation from a local estate agent
- Get a valuation from a RICS property surveyor
Once you have a good understanding of how much the estate is worth you need to include the calculation in your application for probate. It is also worth noting any gifts that have been given within a 7-year period may be subject to inheritance tax which could affect the value of the estate.
You can read more about the 7-year rule in inheritance tax.
How can Percy Hughes & Roberts help?
At Percy Hughes & Roberts Solicitors, we have a team of dedicated wills and probate solicitors who are ready to help you resolve your query or issue relating to this area of the law as quickly and effectively as possible.
Dealing with a loved one’s estate can be complex, and it is vitally important that the correct procedures are followed in order to avoid any potential legal pitfalls.
Our probate solicitors have a wealth of experience in helping executors value the estate, apply for probate, and deal with any potential legal issues along the way.
They can assist you in this complex area of law and ensure you have peace of mind when it comes to your loved one’s estate.
If you would like to contact one of our expert wills and probate solicitors you can do so by calling 0151 666 9090 or by completing the “Get in touch” form on this site.
Contact Percy Hughes & Roberts
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