Probate Solicitors Limited - Probate & Estate Administration

Probate Explained

See also :

• Obtaining a grant of probate
• Responsibilities of an executor
• What to do when someone dies
• Fixed fee probate service

 

What is probate?

When someone dies all of their assets and debts (held in their sole name) have to be valued.  The value of the assets, less the debts, forms what is termed their "estate". The estate must then distributed according to the wishes of the deceased or if no will was left the estate is distributed in accordance with the intestacy laws.  In addition there may be tax to pay on the value of the estate.

Applying for probate is the way in which the people responsible for the estate are granted the authority to deal with the assets. Dealing with an estate can be complex particularly when the deceased didn’t leave a will.  A recent consumer survey, carried out for a large insurance company, showed that 49% of people questioned used a solicitor to administer the estate of a loved one.

• What exactly is a Will?
• Making a Will
• What happens if I don't?
• Deeds of Variation
• FAQs about Wills
• Express Will Service
• Changing or updating a Will
• Statutory Wills
• Will disputes
•  
• Probate & Estate Administration
• Wealth & Inheritance Tax
• Specialist Advice for the Elderly
• Powers of Attorney
• Court of Protection
• Severing Joint Tenancies
• Funeral Planning
• Glossary of legal terms

If the deceased leaves a will:

• the executor(s) named in the will apply for a "grant of probate"
• the grant is a legal document which confirms that the executor has the authority to deal with the deceased person's assets

 

If the deceased didn't leave a will:

• a close relative of the deceased can apply for a "grant of letters of administration"
• if the grant is given, they are known as "administrators" of the estate
• the grant of letters of administration is a legal document which confirms that the administrator(s) have authority to deal with the deceased person's assets

Do I have to apply for a "grant"?

A grant may not be required in some situations where:

• the person who died left less than £5,000 (or in some limited cases more depending where saved)
• they owned everything jointly with someone else and everything passes automatically to the surviving joint owner

 

A grant will usually be required when the deceased left one or more of the following:

• stocks or shares
• certain insurance policies
• property or land held in their own name or as "tenants in common"
• In most cases, the bank or relevant institution will need to see the grant before transferring control of the assets. However, if the estate is small some organisations may release money to you at their discretion.