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What can go wrong with the DIY probate approach?

When someone you love passes away, dealing with the necessary tasks can feel overwhelming. Since this isn’t something people face regularly, knowing where to begin can be daunting. While some people choose to instruct an estate administration specialist, others opt for the DIY (do-it-yourself) route to save money and maximise the inheritance for beneficiaries. 

 


What is probate?

Probate is the legal process of managing a deceased person’s estate. In England and Wales, it's often called a 'Grant of Probate', while in Scotland it's known as 'Confirmation'. You may need probate if the deceased owned property in their sole name or if a financial institution requires it to release funds. 

Obtaining a Grant of Probate gives Executors (named in a Will) or Administrators (if there is no Will) the legal authority to manage the estate. While probate isn’t required for every estate, every estate does need some form of administration. Read about the differences between probate and estate administration here. 

 

What is DIY probate? 

DIY probate means taking full responsibility for administering the deceased’s estate yourself. This involves several tasks, including: 

It’s important to note that getting the Grant of Probate is just one part of the wider estate administration process. 

While the DIY route may seem like a cost-effective option, there are risks involved. Let’s explore some of the potential challenges you may face. 

 

The risks of DIY probate 

Personal liability 

As an Executor or Administrator, you are legally and financially responsible for any mistakes, even if they are unintentional. This can be daunting, especially if you are unfamiliar with legal paperwork. Errors can result in delays, financial penalties, or even legal claims against you. 

If you are unsure about the process or face a complex estate (for example, if the deceased died without a Will), it may be wise to seek professional help. Kings Court Trust offers services that remove the stress and take on the financial and legal responsibility on your behalf. Alternatively, if you wish to manage most of the process yourself, we can assist with specific tasks such as obtaining the Grant of Probate. 

 

Failing to identify or locate all assets and liabilities 

Finding all the deceased's assets and liabilities isn’t always simple. While searching their home for paperwork is a good starting point, you will also need to contact banks and other financial institutions to gather a complete picture. 

This process can be time-consuming, and there’s no guarantee you’ll find everything straight away. If an overlooked asset is discovered after probate is granted, you will need to have it valued, notify the Probate Registry, and adjust the estate’s value accordingly. This adds further steps to an already complex process. 

 

Mistakes with probate and Inheritance Tax forms 

A common error during DIY probate is filling out forms incorrectly. Probate and Inheritance Tax documents must include accurate valuations of the deceased's assets and liabilities. Mistakes can lead to delays or even penalties. Providing incorrect financial information may also result in paying too much or too little Inheritance Tax, which could frustrate beneficiaries or lead to legal issues. 

It’s also easy to overlook available tax-free allowances. This may result in paying more tax than necessary and ultimately reduce the inheritance left for beneficiaries. 

 

Misinterpreting a Will 

A Will is a legal document that outlines the deceased's wishes. If the wording is unclear or includes legal jargon, it can be easy to misinterpret. Mistakes in understanding the Will could mean beneficiaries miss out on their rightful inheritance, potentially resulting in legal claims. 

If the Will includes amendments (known as Codicils) or if a beneficiary has passed away, interpreting the document can become even more complex. If you are unsure about any part of the Will, seeking professional advice is recommended. 

 

Unexpected claims 

Modern family dynamics, such as blended families or estranged relatives, can increase the risk of unexpected claims. If a previously unknown beneficiary comes forward and successfully claims from the estate, you could be personally liable. 

To protect yourself, consider placing a public notice in a local newspaper to inform creditors of the death. While not legally required, this step offers protection against future claims from unknown debts. 

 

Final thoughts 

DIY probate can seem like a cost-saving option, but it carries risks that may cause stress and financial strain. If you are uncertain about any part of the process or managing a complex estate, professional support can help ensure everything is handled correctly. 

Are you dealing with the death of a loved one?

If someone close to you has passed away and you have questions about probate and what needs to be done, our team of specialists are on hand to help. Discuss the next steps and how professional support can reduce the burden.