If your loved one has died with a 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.
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Generally speaking, you will need a grant of probate if
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 is required. Some financial institutions 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 applying for the Grant of Probate and distributing the Estate.
Inheritance tax is a tax on an estate of someone who has died. Inheritance tax must be paid before the courts will issue a grant of probate. Not all estates will need to pay inheritance tax, it highly depends on what the deceased person owned and what is being passed on.
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 a share of whatever is left after the debts have been paid and the specific gifts are 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 on probate law, then please do not hesitate to get in touch for a free initial enquiry.
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