What is probate?
Probate is a term commonly used when talking about applying for the right to deal with a deceased person's affairs (called 'administering the estate').
The administration of an estate is almost always made easier if the deceased person left a will although this are, of course, provisions for handling situations where no will exists (dying intestate).
If the person who has died leaves a will
One or more 'executors' may be named in the will to deal with the person's affairs after their death. The executor applies for a “grant of probate” (also known as a “grant of representation”) from a section of the court known as the probate registry.
The grant is a legal document which confirms that the executor has the authority to deal with the deceased person's assets (property, money and belongings). 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.
If the person who has died didn't leave a 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 assets.
In some cases, for example, where the person who benefits is a child, the law states that more than one person must act as the administrator.
Is a grant of probate/representation always needed?
A grant is almost always needed when the person who dies leaves one or more of the following:
In most cases above, banks or relevant institutions will need to see the grant before transferring control of the assets. However if the estate is small, some organisations, such as insurance companies and building societies, may release the money to you at their discretion.
A grant of probate/representation may not be needed where:
To find out if the assets can be obtained without a grant, the executor or administrator would need to write to each institution informing them of the death and enclosing a photocopy of the death certificate (and will if there is one).
Probate and Inheritance Tax
The personal representative won't be granted probate until some or all of any Inheritance Tax that is due on the estate has been paid. Where property is involved this is likely to require a valuation for probate being carried out in order to agree a value.
Where we can help
The process of obtaining probate can be a complicated and time consuming one but obtaining the correct professional advice will make the process speedier and more straightforward.
At Orchards of London we can help:
We will attend the property and provide a market appraisal. This will take into account market conditions, comparable property transactions and will also consider such aspects as potential refurbishment or redevelopment. We will also provide our views as to the best method of disposal of the property and a suggested asking price.
Disposal of property
We can take instructions, market the property and manage the sale to a successful conclusion.
The Government provides a clear and easy to follow guide online at https://www.gov.uk/wills-probate-inheritance/overview