What is Probate? and why does it take so long?
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- čas přidán 8. 09. 2024
- What Is Probate?
Why does the probate process take so long?
Everything we have learned about probate in the UK during an attempted purchase of a property that ended up going through probate.
#probate #ukproperty #propertycouple
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Lia:
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AK:
achillea.kyriakou
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Welcome to Property Couple UK! We are Lia and AK, or Achillea, or Ach. Everyone gets his name wrong.. so sometimes we just use his middle name which is James to save people the effort of pronouncing!
We started the Property Couple CZcams channel to document our journey as first time buyers and first time landlords. Expect weekly vlog updates, finance videos, our experiences with coaches and mentors, first time buyer mortgages, buy to let, refurbishing, financing options, money tips and also a bit of light hearted fun. We wanted to make property accessible and understandable by sharing our own experiences. Make sure to click subscribe and enable all notifications to be notified when we upload a video!
Thanks for the video guys, my mum passed away a couple of weeks ago, very helpful. I will try do the Probate process myself .. her estate is fairly straightforward. Shocked by the prices quoted the solicitors and banks.. £1000's or 1% to 3% of estate value! The government really needs to simplify this process. The last thing a grieving family needs, is a ton fees to access family members bank account savings!
I work in a bank in the US. One thing that I cannot stress enough is to have someone else on your bank accounts!! Without someone as a second owner or as a beneficiary we cannot give anyone access to those funds until it's all gone through probate. Just because someone is you spouse,child,parent or whatever doesn't mean they automatically can come to the bank and withdraw the money. Not even to pay for your debts or burial expenses! Thanks Lia and Ach for great information!
So glad you mentioned this. Thankfully my parents added me to their bank account several years before they passed in the same year and it made so much difference!!
How is what happens in the USA exactly relevant in the uk , which has at least three different legal systems?
Just came across you guys, this video was hilarious yet so informative! Thank you
This is why it is good to put all your property in a trust.
It's probably a good thing that you pulled out of that first house and moved on. Who knows how long it'll take to settle. Of course the Covid pandemic has been slowing things down also. Good luck with your next project. Can't wait to see it!😍😍😍
You should do a video on pros and coms on buying probate.
Some points are really helpful but those who may watch this video (including myself) may have suffered a bereavement so therefore your jokes and comedy is not necessarily well received. Just think about how communicate to various audiences as it can be offensive (eg: what do you call the name of the dead person). I recommend you watch back this video and imagine it was you watching this video after suffering the lost of your father
This message is not intended to be a hate message but more about reflection and awareness. Either way, your explanations were somewhat helpful and I wish you both all the very best.
It’s very similar here in the US. And, yes depending on the circumstances it can be a nightmare.
Really helpful info mates! The process is basically the same in the US. It can be infuriating! Thanks for tackling this sticky topic. Well done. L&C 👍♥️😘🇬🇧
Thank you for sharing this..I am currently going through probate now for a year!?!?
We just had an offer accepted on our first house (second attempt after the seller pullout). The property is probate sadly and they are early in the application. The EA is telling me the probate application will run alongside the sale at around 12-14 weeks. But I have read countless forum posts from others who said it took 6 months to a year. And to make matters worse my current mortgage offer runs out in 3 months and I’ve just handed in my books for last year which are way lower than the previous. I feel I may be screwed!
Not necessarily, speak again to your broker, and see what illustrations are available. You may find that rates could be more favourable.
I really needed to know all the information you shared, so perfect timing and thank you so much! 👍Also, loved the skeleton and Ach's incredible sense of humor!! 😂 Tons of love from Jean ❤❤
Here in the USA, it can be years before probate is completed. It's sad.
You can avoid probate if you instead create a living trust.
3 months into our property purchase we’ve just found out from our solicitors that not only is the house we are buying a probable purchase that no one told us about but it still hasn’t been applied for!
A pterodactyl egg??😂😂😂 my favorite part!
Very informative video, thanks for sharing. Stay safe. xx
In the US you can put everything into a living trust and and have everything listed in it and what to do and theres not inheritance tax.... it's a trust.
Works the other way round in the UK - use of living trusts often but not always results in a higher tax bill overall although it may be more spread out.
I wonder if you know where l can find outcomes of cases in the UK Probate Court 🤔 l am wondering what, if anything, they can actually achieve without the help of the joint ex/or who refuses to do anything for no apparent reason.
(Stuck abroad l am 3 and a half years into trying to get Probate dealt with by a joint executor who won't deal with _anything_ and stone walled any questions l put to them.)
Very interesting... thank you. Learned a lot!
This is why a revokable living trust is so important. Bypasses most of the probate issues. The hardest part is getting the power of attorney certificate. After that, it's just finding the assets and dividing (or selling) them according to the Trust instructions. Still takes months, but you don't have to wait for the court to make decisions.
These are not treated favourably in the British tax system so they aren't popular here.
Yes I was going to say the same thing. At least here in the US, a living trust prepared by an attorney lays out everything in much detail. This is a binding legal document and, when done correctly, helps the beneficiaries avoid any probate issues 😎
Great Energy, thanks.
My husband passed away 11 May 2021 I have started to get all information together but my father in law wants my husbands estate there was no will left in the UK..I am the wife we had no children...please advise he is asking for half of the assets? Can he?
You need to get legal advice from an solicitor about that I don’t want to give out the wrong information.
Yeah my brother and sister-in-law went through something like that but it was faster for them it took 3 months longer and they got their house which was an "as is" house. Apparently that's a steal here is California for only 400K
Amazing video you're both so funny might need a pterodactyl egg now 😂😂
Cool
So probate means the dead person need to sort out their shit...LOL😂
6:25 No. it was “What ice cream an I going to devour tonight.” 🇬🇧🇺🇸
Mine cost 3,500 dollars for me to get my moms home put in my name and this was with my executive signature who was my brother