Grant of Probate
Has your loved one died with a valid will? Then it is likely that you will need a Grant of Probate.
If you need any guidance please do not hesitate to contact us for a free initial enquiry. Our experts at Lovedays Solicitors will be able to guide you through making an application for a Grant of Probate.
Do I need a Grant of Probate?
Generally speaking you will need a grant of probate if
- the deceased person had a valid Will (if they did not have a valid Will you may need to apply for Letters of Administration click here for more information)
- their Estate (all of their assets) contains more than £5,000 and does not automatically pass to someone on their death.
A Will should name someone to act on the deceased’s behalf on the event of their death. This person is called an Executor. They will gather all the assets and liabilities and apply for the grant of probate if required. Some financial institution may require you to obtain a grant of probate before releasing the funds or closing the account.
It does not mean that they must do it on their own. Solicitors can help and guide you through apply for the Grant of Probate and distributing the Estate.
If you would like to find out more information about inheritance tax then please click here.
Once you have obtained the Grant of Probate
The Court will check the documents you send and if they are happy, they will send you the Grant of Probate. Once the court has done this it will mean that the Will is officially registered. The executors are the only ones with the authority to deal with the estate after the Grant has been given.
You can then begin the process of sending a copy of the Grant of Probate to the relevant parties and collecting the assets. Once the debts have been paid the assets can be distributed to the beneficiaries. This is sometimes called inheritance. The beneficiaries are the people who are named in the Will who may either get a specific gift such as an amount of money or some property. Alternately they may get share of what ever is left after the debts have been paid and the specific gifts given, these are called residual beneficiaries.
Each estate will vary depending on the assets and liabilities. It will also depend on the individual Will. If you require any guidance, then please do not hesitate to get in touch for a free initial enquiry.
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