UK Accounting Glossary
A probate is the legal process in which a will is reviewed to determine whether it is valid and authentic.
The word “probate” is the term generally used to describe what happens to a person’s property when he or she dies.
In England and Wales Probate is the word normally used to describe the legal and financial processes involved in dealing with the property, money and possessions (called the assets) of a person who has died.
The primary purpose of a probate proceeding is to make sure all of the decedent’s debts are paid, and that the remaining property is transferred to the persons who are legally entitled to it. In the UK, different methods are used, depending on the fair market value of the assets and how title is held.
Before the next of kin or Executor named in the Will can claim, transfer, sell or distribute any of the deceased’s assets they may have to apply for Probate.
When Probate has been granted through a Grant of Probate or Letters of Administration the next of kin or Executor can start to deal with the deceased person’s assets in accordance with their Will.
To help you cite our definitions in your bibliography, here is the proper citation layout for the three major formatting styles, with all of the relevant information filled in.
Definitions for Probate are sourced/syndicated and enhanced from:
This glossary post was last updated: 25th January 2020.