Estate Administration Basics
Understanding probate and estate administration helps you manage your partner's estate. This module explains the key concepts.
What is Probate?
Probate is the legal process of:
- Proving the will is valid
- Valuing the estate
- Paying any debts and taxes
- Distributing assets to beneficiaries
When Probate is Needed
Probate is usually required when:
- There's property to transfer
- Bank accounts are above threshold
- Investments need to be sold
Applying for Probate
If there's a will, executors apply for "grant of probate." If there's no will, administrators apply for "letters of administration."
Tip: You can apply yourself or use a solicitor. DIY is possible for simple estates.
Inheritance Tax
Inheritance tax is due on estates over GBP325,000 (or GBP500,000 if a home passes to children).
However, transfers between spouses are exempt, so you likely won't owe inheritance tax on what passes to you.
Timeline
Estate administration typically takes 6-12 months for straightforward cases, longer for complex estates.