Estate Administration Basics
Understanding probate, wills, and administering your partner's estate.
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.