If you’ve been named as the executor, or one of several executors, in the will of a deceased person, it can feel a little overwhelming.
You may feel a huge responsibility to the deceased, especially if they were a parent or sibling. You may also feel pressure from the beneficiaries of the will who want to get what is due to them as quickly as possible.
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At the same time, you’ll suddenly find yourself dealing with a lot of legal phrases that you may not understand, and you’ll have a whole set of responsibilities and obligations to deal with that you’ve probably never had before.
But don’t worry; it’s easier than it seems. We’ve put together this straightforward guide to answer all your questions about probate, and to help you to understand your role and responsibilities, so that you can work efficiently and effectively as an executor. We’ll also explain your options for selling an inherited property.
Note: This article discusses probate and executors, however, if there is no will and letters of administration are issued, administrators will have the same rights and responsibilities as executors and much of this article applies equally to them.
This guide will explain:
- What is probate?
- Do I need probate?
- What is an executor?
- Do I get paid for being an executor?
- Do I have to become an executor?
- How to apply for probate
- What do I need to apply for probate?
- How long do probate applications take?
- How much do probate applications cost?
- Can I get help with probate?
- What can you do without probate?
- What are my probate responsibilities?
- What are my probate obligations?
Your next step
The quickest and easiest way of selling an inherited property is to sell to a fast cash homebuyer. They will take the property in any condition, even furnished, so you don’t have to deal with sorting through their stuff if you don’t want to. To see what you could get by selling a probate property to a cash house buyer, click the button below
What is probate?
According to the Gov.uk probate pages, ‘Probate is the legal right to deal with someone’s property, money and possessions (their ‘estate’) when they die’. You cannot distribute any significant funds or possessions, or finish selling an inherited property, until probate has been granted.
Do I need probate?
You don’t need probate if the deceased’s estate was worth £5,000 or less. For example, if they had spent their final years in a nursing home and used all their savings and assets to pay for it. You may also not need probate if the deceased only had savings, but you should check with their bank to see if they require probate to access these funds.
However, if you are selling an inherited property, then you will usually need to apply for probate in order to execute their wishes in their will. The only exception is where the property was owned as joint tenants, and it passes directly to the surviving owner.
Even if everything passes directly to the deceased’s children, you still need to be granted probate for this to happen.
What is an executor?
An executor is a person, or persons, named in the will, whose job it is to carry out the wishes expressed by the deceased. Anyone can be named as an executor, and you will usually be asked if you’re happy to take this role when the will is first written.
If there is no will, then the estate is handled by an administrator. Only close family can apply to be an administrator, such as children or grandchildren. Letters of administration give you the same legal powers as grant of probate.
Do I get paid for being an executor?
There is no payment for your work as an executor, most people act out of duty and respect for the deceased. However, you will be reimbursed for any expenses when the estate is settled, so it’s important to keep all receipts and note any mileage travelled to make sure you are not left out-of-pocket.
Do I have to become an executor?
You are not obliged to take on the role of executor if you don’t want to. You may be feeling overwhelmed by your loss and simply unable to focus on such a job, or you may simply not have the time with your other commitments.
You can give up your right to be an executor and name someone else to fulfil the role. If there is more than one named executor, you can refuse the role now, but retain the right to return to it later. This is called ‘power reserved’.
How to apply for probate
The easiest way to apply for probate is online at the Government website. Here you can complete the necessary forms and set up an account where you can log your progress. You can also apply for probate by post, but you need to download the forms online anyway.
If you need help, you can call the Courts and Tribunals Service Centre on 0300 303 0648, or email [email protected].
What do I need to apply for probate?
Before you apply for probate, you need to estimate the value of the person’s estate, including what you might get for selling an inherited property. You can value a property by asking two or three local estate agents for a valuation and taking an average of the three.
There is a useful online Inheritance Tax checker you can use to estimate the estate’s value.
If the estate is worth over £325,000, or £500,000 if property is left to direct descendants, then you will need to pay Inheritance Tax. You need to let HMRC know this and they will give you a code, which is required as part of your probate application. You can read more about Inheritance Tax in our companion article here.
How long do probate applications take?
According to the probate website, applications are currently taking around sixteen weeks to complete. However, it should be noted that this is for straightforward probate applications.
If the service needs to get in touch with you, or requires extra documents to be provided, it can take longer. It is important to make sure you have filled out all the paperwork carefully, completely and correctly to avoid this kind of delay.
You can track the progress of your application online, but unfortunately there is little you can do to speed things along.
How much do probate applications cost?
Currently, probate applications cost £300, and this will be reimbursed to you from the estate when it is settled.
If you need help with probate fees, for example if you are on a low income or certain benefits, you can apply online here, or fill out form EX160, which you can download here.
Can I get help with probate?
You can always get help when applying for probate by contacting the Courts and Tribunals Service Centre as described above. You can also contact Citizens Advice for free, friendly help.
For more complicated estates, you may need the help of a local probate solicitor. They will give you expert advice and help you to do the right thing. However, these services can be expensive. You should consult with the beneficiaries of the will to make sure that they’re happy for you to pay for this service. Once again, you’ll be reimbursed for any costs from the estate, although most probate lawyers will wait until the estate is settled and take their fees before distributing what is left.
What can you do without probate?
You cannot make any major financial decisions, or distribute any significant or valuable possessions, before probate is granted. However, family members may take small keepsakes that they agree to between themselves.
You cannot finish selling an inherited property before you have a grant of probate, but that doesn’t mean that you can’t start the sale process. You can list the property with a local estate agent in advance, but you need to let them, and any potential purchasers, know that it’s subject to probate. This can put some buyers off, due to the unknown timescale, but you may find a buyer who is happy to wait. Inevitably, this means you will get a little less than market value when you sell.
Selling an inherited property at auction is not advisable if you’re still waiting for probate to be granted. There’s a strict timetable for exchange and completion for properties sold at auction, and you may not get probate granted in time.
If the beneficiaries agree to selling an inherited property to a cash homebuyer, then they can be done with the heartache of selling their parents’ home sooner, and get quicker access to their inheritance. If this is the case, then you can start the sale process immediately. The cash buyer will then arrange to complete the sale on the day that probate is granted.
The first step is to see what you could get by selling an inherited property to a cash homebuyer. Click the cash offer calculator button below to get an instant estimate, with no obligation.
What are my probate responsibilities?
As an executor, you become the legal owner of any property mentioned in the will, until such time as it’s sold or handed over to the beneficiaries. This means that you’re responsible for looking after it during this time.
This includes paying any ongoing mortgage (though many lenders will suspend payments), as well as paying bills, such as council tax and standing charges for utilities, securing and maintaining the property, and arranging insurance. You need to let the insurer know that the property is empty, as this affects the cost of the premiums.
If you don’t look after the property diligently, and it loses value as a result, then you could be sued by the beneficiaries for these losses.
What are my probate obligations?
As an executor, you have a legal obligation to get the highest possible value when selling an inherited property.
However, since an inheritance is often an unexpected windfall, it’s not unusual for the beneficiaries to prefer 80% of their inheritance now, rather than 90-100% of it in six to twelve months, if this speeds things up. It’s a small price to pay to avoid the long, drawn-out process of a sale on the open market. Selling the house they grew up in is an incredibly hard thing to do, and so the faster you can achieve that sale, the better for all concerned.
You can read more about selling your parents’ house in our companion article, here.
If all the beneficiaries agree, selling an inherited property can be arranged in as little as fourteen days by using a cash homebuyer. To protect yourself as an executor, you should get this agreement in writing, or you risk being sued for underselling the property.
Your next step
Many people who have lost a loved one naturally want to get the admin completed as soon as they can, rather than drag the process out for months or even years.
The quickest and easiest way of selling an inherited property is to sell to a fast cash buyer.
They will buy the property as it stands, with no heart-breaking viewings or house clearances to go through. What’s more, you’ll have access to your inheritance the day that probate is granted, so there’s no waiting around.
To see how much you could get by selling an inherited property to a cash buyer, simply click the cash offer calculator button below. There’s no obligation, but it will give you a figure to put to other beneficiaries as an option.
If think you can all work with that price, we’ll connect you directly to the first-class services of a fully vetted home buyer we know you can trust.