Probate Frequently Asked Questions
When we lose someone we love, we face one of the most difficult times of our lives. Knowing how to deal with their estate, whether Grant of Probate is required and if so how to deal with it can be a lot to cope with.
Dealing with an estate can be a time consuming and often complex process and may take a
considerable amount of work.
Veritas Law can help you by removing the burden of the legal work during this difficult time. We can ensure that the wishes of the deceased are carried out as quickly and efficiently as possible.
Contact us to discuss your situation and we will be happy to give you an estimate for carrying out any work required.
Below are some of the questions we are most frequently asked about Probate and dealing with a deceased estate.
- What is Probate?
- What happens if the deceased left a Will?
- What happens if the deceased did not leave a Will?
- Is Probate always required when someone dies?
- What is Administration of a deceased estate?
What is Probate?
When someone dies it is necessary for someone else (usually a family member) to apply for grant of representation to authorise them to deal with the deceased person's affairs.
Probate is the term commonly used to mean applying for the right to deal with a deceased person's estate.
Actually dealing with the estate will vary depending on whether the deceased left a Will or not.
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What happens if the deceased left a Will?
If the deceased left a Will, the executors named in the Will are responsible for carrying out the wishes of the deceased.
The executors have to apply to the probate registry for Grant of Probate which is a legal document confirming that the executors have the legal authority to deal with the deceased's affairs.
A Grant of Probate is required to deal with the person's property, finances and possessions.
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What happens if the deceased did not leave a Will?
If someone dies without leaving a Will, they are said to have died Intestate. In these circumstances a relative or other close person will need to apply to the probate registry for Grant of Letters of Administration; which gives them the legal authority to deal with the person's estate.
We can deal with applying for Grant of Probate or Grant of Letters of Administration on your behalf.
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Is Probate always required when someone dies?
Not always. As a general rule a grant is not required when everything the deceased owned was held in joint names with their spouse and they are the sole beneficiary.
You should always seek legal advice to ascertain if this applies to you and to avoid any legal problems as a result of not applying for grant when it may be required.
It is also not usually necessary to apply for grant when the deceased has an estate of low value, for example a bank account containing less than £5000. If the deceased held shares or substantial savings or a property then grant is always required.
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What is Administration of a deceased estate?
Many estates are small or simple, and are therefore relatively straightforward to deal with. Some estates are more complex, involving property, money in the form of bank accounts, investments and pensions as well as personal possessions of high value.
Dealing with the administration of this type of estate can be time consuming, depending on the size and complexity of the person's affairs.
With this type of estate the deceased's assets and liabilities need to be valued, their debts settled and their income tax and inheritance tax liabilities calculated. Assets such as savings, investments, shares, property and insurance policies all need to be taken into account to enable the estate to be dealt with properly and the assets distributed to beneficiaries.
Here at Veritas Law we are experts in dealing with high value and complex estates. Please contact us for a consultation.
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