What is the difference between probate and estate administration?
If you’re dealing with the estate of someone who has passed away, you’ll likely be familiar with the terms ‘probate’ and ‘estate administration’. But what do each of these processes involve, and is there a difference between them?
In short, probate will give someone the legal right to deal with the affairs of a person who has passed away. It will usually be the executor named in the Will who applies for probate, as this will be the individual responsible for distributing the estate.
When a probate application has been approved, the executor will be able to start the process of estate administration. This will involve settling any outstanding debts or loans, as well as sharing out assets amongst beneficiaries listed in the Will.
Essentially, probate is just one part of dealing with a loved one’s estate, whereas estate administration refers to the entire process of handling a deceased person’s assets, debts and taxes.
I’m the executor of a Will – where should I start?
As an executor, your first priority should be to find the Will of the person who has passed away. If you’re not sure where this is, try contacting the deceased person’s solicitor or bank – it may be that the Will is locked away for safekeeping.
After locating the Will, you’ll need to have the estate valued – this will include everything the individual owned at the time of their death, minus any outstanding debts or loans.
How much an estate is worth will ultimately determine whether probate is necessary. So it’s important that a full valuation is carried out before applying for a grant of probate.
We understand that the thought of valuing an entire estate may seem daunting, and it can be difficult to know where to begin. For most people, property will be the largest asset they acquire over their lifetime, so this can be a good place to start.
For lower-value properties where inheritance tax is unlikely to apply, an estate agent’s valuation should be enough to apply for probate. But where properties are more expensive, a formal valuation from a surveyor may be required.
You’ll then need to consider the contents of the property. We would suggest making a list of any jewellery, furniture or equipment that could be of value. For antique or bespoke items, it may be better to use the services of a professional appraiser.
The next step after this will be to apply for probate, so that you can deal with the assets you’ve identified. Our Wills, estates and probate solicitors can help you to navigate this process, taking some of the pressure off your shoulders.