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Estate administration - help and guidance
Once you’ve appointed Lloyds Bank to administer an estate, you can rely on us to keep you informed at each stage. But we’re also here to offer support when you need it.
Frequently asked questions
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Probate is often the term used when referring to the estate administration process as a whole. In England and Wales, the Grant of Representation, also known as Grant of Probate, is the legal document that gives a person or company legal authority to administer the estate of a deceased person, proving that their Will is valid.
No decisions can be made about an estate until Probate has been applied for and received. Note that different rules apply in each country of the UK.
Who can apply?
If the deceased has left a Will, the executors named in it can apply.
Executors, personal representatives or relatives can enlist professional support, such as that offered by the Lloyds Bank Estate Administration Service.
If there’s no Will, who can apply for Letters of Administration is determined by the law. Our Estate Administration Service can support relatives through this process and more.
Is probate necessary?
This depends on the type and value of assets held in the deceased’s estate.
Before applying for probate, you’ll need to:
- receive a death certificate, or an interim certificate from the coroner
- find the original Will of the deceased if one exists
- contact all organisations the deceased had a relationship with, including banks and utility providers, so you can understand the value of any assets or liabilities
- estimate the value of the estate. You’ll need this value as part of your probate application, and to determine if there will be Inheritance Tax to pay
- report the estate’s value. How you do this depends on whether there’s Inheritance Tax to pay.
The basic Inheritance Tax threshold is currently £325,000, but in a lot of cases there’s no tax to pay if you leave anything above that figure to a spouse, civil partner, or charity.
If there’s no Inheritance Tax to pay
And the deceased passed away on or before 31 Dec 2021, you’ll need to report the value of the estate to HM Revenue and Customs (HMRC).
Or, if the deceased passed away on or after 1 Jan 2022, simply report the gross and net values of the estate on your probate application.
If there is Inheritance Tax to pay
You’ll need to report the value of the estate to HMRC and wait 20 working days before applying for probate. Just be aware, you may need to pay all or at least a portion of tax in advance. If there are insufficient funds in the deceased’s estate, you may need to set up a specialist loan to pay the tax in advance. Lloyds Bank Estate Administration Service can provide information on what to do next.
You may not need probate if the deceased:
- only had savings
- owned land, property, or money (usually in a bank account) as a beneficial joint tenant, in which case that asset would usually pass to any surviving owners. It is important to understand how an asset is legally held when there is more than one owner.
An application fee may apply:
- if the value of the estate is over £5,000, the application fee is currently £273
- there’s no fee if the estate is £5,000 or less.
If probate has already been granted, it costs £20 to make a second application. For example, if you want to apply as an executor after holding ‘power reserved’ on the original application.
For more details or to start an application, visit the gov.uk website.
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If there’s no Will, or there aren’t any executors acting, a personal representative or professional can apply for Letters of Administration. Personal representatives are usually a surviving partner or relative of the deceased.
Personal representatives may be able to enlist professional support, such as that offered by the Lloyds Bank Estate Administration Service.
An administrator can be:
- a person or firm appointed to administer an estate where the deceased has not left a valid Will. Note, this does not apply in Scotland as there are differences compared with the law in England and Wales
- appointed where the executor named in a valid Will is unwilling or unable to act.
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Yes, you can be named as an executor and beneficiary of the same Will. We recommend seeking legal advice to make sure acting as an executor won’t affect your entitlement. Lloyds Bank Estate Administration Service can provide information on what to do next.