Probate is a word used to to describe the right for someone to deal with a deceased person’s financial estate.
If a person dies having left a Will.
In such a case the Will, will appoint one or more ‘execuotrs’ to deal with the deceased person’s affairs after their death. The executor named in the Will must apply for ‘grant of probate’ from the court. This is a legal document which gives authority to deal with the deceased person’s assets. This authority allows the executor to sort out the assets of the deceased and collect and distribute the deceased assets as instructed by the will.
If a person dies without having left a Will.
Where a person dies not having left a will, they are said to have died ‘intestate.’ If this happens than, the law dictates the manner in which the deceased person’s assets are to be distributed and amongst whom. If there is no will, a close relative of the deceased can apply to the probate registry 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 the administrator’s authority to deal with the assets of the deceased, and collect and distribute the the deceased person’s assets as set out under the intestacy rules. A grant is not required where the all the assets owned are held as joint with someone else and therefore everything passes automatically to the surviving joint owner (as opposed to a tenancy in common.)
How can we help ?
We can assist in a variety of ways, including but not limited to:
•Help determine the value of an estate for Probate and Inheritance Tax purposes.
•Prepare an application for the Grant of Representation on your behalf and help lodge the required forms with the relevant organisations to collect monies due to the estate and settle any outstanding debts.
•Dealing with the funeral directors and the Beneficiaries
•Valuing the deceased’s estate for Probate purposes
•Completing of the Inheritance Tax Account Forms
•Calculating the Inheritance Tax due
•Advise you of the best ways of arranging for the Inheritance Tax to be paid, which often means an application to the deceased’s bank or building society if there are sufficient funds available
•Prepare the Oath for Executors or Administrators and other paperwork for the Probate Registry
•Distribute the estate and account to the Beneficiaries
Here to help
We hope this gives you some better understanding of the steps that need to be undertaken after someone dies. Our aim is to ensure that the stress factor that so often occurs when administering the estate is alleviated as much as possible. We offer compassionate and sympathetic advice to ensure that the process from start to finish is dealt with in the most efficient manner possible. Please do get in touch for more information and to speak to one of our probate law specialists on 020 8509 6800 or contact us online.