Wednesday, February 22, 2012
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Probate - What is Probate? What is a Grant of Probate?

Probate Explained

Probate can refer to the legal process of issuing a document which gives someone the legal right to administer the deceased's estate. The document is given by the Probate Registry.

Probate is a court order certifying a will. A Grant of Probate can also be referred to as a Grant of Representation. It gives the Executors the power to administer the estate in accordance with the Will.

The Probate Process

The process of Probate involves dealing with multiple issues such as legal and financial elements of someone's estate. The Executor will have to contact HM Revenue and Customs, all financial institutions relating to the deceased as well as the Probate Registry. The Executor will have the responsibility of calling in every asset, paying all liabilities and ensuring any Inheritance Tax is paid in full. The estate is then to be distributed as per the instructions of the Will. If there is no Will this is known as dying intestate and the Rules of Intestacy need to be adhered to. It is very important that the executor understands their responsibility as they are personally liable if any mistakes are made.

What is a Grant of Probate?

Obtaining a Grant of Probate is a legal requirement which must be obtained when the deceased leaves assets in their sole name. Any assets that are held jointly can often pass via survivorship. (Excluding property owned as tenants in common) Assets that will require Probate are listed below:

  • £5,000 - £15,000 held with a bank or building society
  • stocks or shares
  • certain insurance policies
  • property or land held in their own name or as 'tenants in common'

Do you need help with Probate? Contact Inheritance Solutions UK today

Probate can be a complicated process and needs a knowledge of inheritance tax and the law to carry out the process effectively. To find out more about Probate, contact our specialist advisers. They will be happy to take the time to guide you through the process and carry out the work for you. Call Inheritance Solutions UK today on 0800 028 5119.

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