When a person dies, unless their estate is very small, their estate must go through a process of Probate, a process to determine the validity of their Will. Another term for this is ‘administering the estate’.
Dealing with the death of a parent, sibling, or spouse can be very traumatic, and sadly is something we are all likely to face at some point in our lives. When the time comes, the pain could be magnified by legal issues, unless the loved one has already set out a Will and planned their estate, which is something that Beacon Wealth Legal can help with.
If a person dies and has left a Will, it makes the process easier as Executors may be named in the Will (the person(s) with the authority to administer the estate). The Executor then applies for a grant of probate (a legal document that confirms the Executor’s authority to deal with the deceased person’s estate.) They can then use this to access funds, sort out finances and share the deceased person’s estate as specified in the Will.
If a person dies and they have not left a Will then a close relative of the deceased will need to apply to the probate registry in order to deal with the estate. In this case they must apply for ‘grant of letters of administration’, if the grant is given, they are known as administrators of the estate. If a person passes away without a Will the estate administration is more complex, especially if the location of beneficiaries is unknown. However, personal representation will not be granted until some or all of the Inheritance Tax due on the estate has been paid.
Grant of Probate
A grant of probate is an order of the court, which gives one or more people the authority by law to correctly distribute the deceased’s estate to the beneficiaries, including:
- Stocks and Shares
- Certain Insurance Policies
- Property or Land held in their name
A grant of representation may not be needed if:
- The deceased left less than £5000.
- They owned everything jointly with another individual (everything would automatically pass to the surviving joint owner).
Beacon Wealth Legal offers detailed advice particular to your needs, including, but not limited to:
Going through the process of probate can be a very drawn out, and stressful procedure. Beacon Wealth Legal are here to put your mind at ease at an already difficult time. Call us for more information.
* all data correct at time of printing