Simplified Probate Procedure for an estate that is not liable for Inheritance Tax

It is best to set this out as a series of steps, but please bear in mind this is a very simplified explanation of the probate procedure and each case is different:

1. Register the death in the Local Authority’s register of Births, Deaths and Marriages and obtain death certificates.

2. Forward a copy of the death certificate to all institutions in which the deceased had a financial investment to inform them of the death, ask for a ‘date of death balance’ and confirmation of all assets/debts.

3. Forward a copy of the death certificate to all utilities and creditors to inform them of the death and ask for confirmation of all debts.

4. Complete form IHT205 if the gross estate (i.e. the total value of the estate before deducting any debts) is less then the current nil-rate band for Inheritance Tax (IHT). IHT205 can be downloaded from Her Majesty’s Revenue And Customs’ (HMRC) web site, together with various booklets advising on how to fill it in or obtained from any Probate Registry or Tax Office. It is a four-page summary of the assets and liabilities of the deceased as valued at the date of death. There is extensive guidance on valuation, but in all cases in comes down to the actual open market value of the item, be it a house, bank account, insurance policy or an old second hand bed and wardrobe full of grubby clothes.

5. Draw up the Oath for Executors and Exhibit the original Will to it or draw up an Oath for Administrators if there is no will. The Oath confirms the death and identity of the deceased, the Personal Representatives, acknowledges their duties to the court and the validity of the Will, and confirms the size of the estate and that there is no tax to pay.

6. Take the Oath and Will to a solicitor or County Court to swear that is contents are true.

7. Send the sworn Oath, Will, IHT205 and probate fee to the most convenient HM Probate Registry.

8. The Probate Registry will check the documents and either ask for amendments to be made or grant Probate.

9. Send copies of the Grant of Probate or Letters of Administration to all institutions to release funds.

10. Gather in all the assets and pay all the debts.

11. Draw up Estate accounts setting out all the assets and debts of the estate, the costs of administering the estate and the final distributions to the beneficiaries.

12. Distribute the remaining assets to the beneficiaries in accordance with the Will or rules of Intestacy.

This article was written via Paul Handford at RWFC

If you have you have any questions or queries regarding the above article please e-mail Paul Handford

Also see:

Probate procedure liable for inheritance tax
What is a probate?
Sell probate property
Quick sale

Contact us or apply online for further information regarding selling a probate property quickly.