Wills vs. Probate: What’s the Difference? A Streatham Solicitor Explains

A question we often hear from families in Streatham is, “If I have a will, do I still need probate?” This common misconception can lead to confusion and delay during an already difficult time.

“Understanding the difference between a will and probate is crucial for families to manage expectations and avoid unnecessary stress,” explains Jo Walia, Principal Solicitor at Van Eaton Solicitors in Streatham.

For many South London residents, uncertainty about these two important legal concepts can cause frustration and anxiety, especially when dealing with the loss of a loved one. Clarifying this distinction helps families navigate the process more smoothly and with greater confidence.

Key Areas to Cover

• What is a will?
• What is probate?
• How do wills and probate work together?
• Common myths and misunderstandings
• Real-life scenarios from Streatham and South London
• Why professional advice is essential

Introduction

When planning for the future or managing an estate, it’s essential to understand the roles of both wills and probate. For residents of Streatham, knowing the difference between these two can make a significant difference in how estate matters are handled.

This article aims to clarify what a will is, what probate involves, and how they interact. At Van Eaton Solicitors, we have extensive experience guiding families across Streatham and South London through both the preparation of wills and the probate process, ensuring peace of mind every step of the way.

What Is a Will?

A will is a legal document that sets out your wishes regarding the distribution of your estate after your death. It allows you to name beneficiaries, appoint executors to manage your estate, and specify how your assets should be divided.

However, a will cannot cover everything. It does not deal with jointly owned assets that pass automatically to the surviving owner, nor does it override certain types of trusts or pension beneficiary nominations. Additionally, a will cannot prevent disputes or guarantee that the probate process will be straightforward.

For example, a Streatham resident might create a simple will leaving their home to their children and cash savings to a spouse. This clear instruction helps ensure their estate is distributed according to their wishes.

What Is Probate?

Probate is the legal process of administering a deceased person’s estate. It involves validating the will (if there is one), collecting assets, paying debts and taxes, and distributing the remaining estate to beneficiaries.

Probate is required whenever a deceased’s estate includes assets solely in their name above a certain value. Even if there is a will, probate is usually necessary to give the executors legal authority to deal with the estate.

The probate process typically involves:

• Applying for a grant of probate
• Identifying and valuing assets and liabilities
• Settling debts and taxes
• Distributing the estate according to the will or intestacy rules

For instance, a South London family with a valid will still needed to apply for probate to access the deceased’s bank accounts and transfer property ownership.

How Do Wills and Probate Work Together?

Having a will does not eliminate the need for probate, but it can make the process more straightforward. A valid will provides clear instructions and appoints executors, which helps avoid delays and confusion.

Without a will, the estate is considered ‘intestate,’ and probate can become more complicated as the law decides how assets are distributed. This often leads to longer delays and potential disputes among family members.

Consider two estates: one with a clear will and one without. The estate with a will typically progresses through probate more smoothly, while the intestate estate may face additional legal hurdles and family disagreements.