What is Probate?

‘Probate’ is a term commonly used when talking about applying for the right to deal with a deceased person’s affairs (also called ‘administering the estate’).

We are working alongside a highly reputable and established company specialising in Probate, a company who are renowned for their expertise in this field. Please telephone or email us for further information and for a representative to talk to you.

Different Terms Associated with Probate:

The deceased has left a will:-

In this case one or more ‘executors’ may be named on the will to deal with the person’s affairs after their death. The executor applies for a ‘Grant of Probate’ from a section of the court known as the Probate Registry. The grant is legal document which confirms that the executor has the authority to deal with the deceased person’s assets (property, money and possessions). They can use it to show they have the right to access funds, sort out finances and collect and share out the deceased person’s assets as set out in the will.

The deceased has left no will:-

If there is no will, a close relative of the deceased can apply to the Probate Registry to deal with the estate. In this case they apply for a ‘Grant of Letters of Administration’. If the grant is given, they are known as ‘Administrators’ of the estate. Like the Grant of Probate, the Grant of Letters of Administration is a legal document which confirms the administrator’s authority to deal with the deceased person’s estate. In some cases for example where the person who benefits is a child, the law states that more than one person must act as administrator.

When a Grant is needed:-

A grant is almost always needed when the person who has died has left one or more of the following:

• £5,000
• Stocks or shares
• Certain insurance policies
• Property or land held in their own name or as ‘tenants in common’

When a Grant May not be needed:-

A Grant of Representation may not be needed where:

• The deceased has left less than £5,000
• Everything was owned jointly with someone else so everything would pass automatically to the surviving joint
  owner.

What Is Involved When Applying For Probate:

The process of administering the estate and obtaining probate can be extremely time consuming. Most people will require professional help as there can be a number of legal, financial and tax implications.

The following duties could include:

• Locate the original will.
• To complete and file all court forms necessary for the Grant of Probate.
• Attend and be interviewed at the Probate Registry.
• Obtain valuations of the deceased’s assets at the time of death.
• Collect and identify all of the deceased’s assets (including selling any property the deceased owned).
• Pay all of the debts of the deceased plus the funeral expenses and other expenses of obtaining the Grant of
  Probate, e.g. Court fees.
• Distribute the deceased’s assets in the accordance with the term of the will.
• Ensure that the wishes of the deceased as stated in the will are carried out.
• Prepare and submit tax returns for the deceased should Inheritance Tax, Capital Gains Tax and Income Tax
  become payable.
• Obtain Tax clearance in order to distribute the estate.
• Prepare estate accounts for the beneficiaries
• Distribute the remaining monies of the estate once all claims have been paid.