Planning For Probate: What You Need To Know
Dealing with someone's estate after death can be difficult.
Here's a quick guide to probate in the UK.
When a person dies somebody has to deal with their estate (the
money, property and possessions left) by collecting in all the
money, paying any debts and distributing the estate to those
people entitled to it. The term probate often means the issuing
of a legal document which is called a grant of representation,
to one or more people authorising them to do this.
Organisations holding money in the deceased's name need to know
to whom that money should be paid, and the grant is proof that
the person named in it may collect the money. The estate left
when a person dies passes to the people named in his or her Will.
If there is no valid Will it passes to his or her next of kin.
The distribution of the estate to the correct people is the
responsibility of the person named in the grant. The grant is
proof to anyone wishing to see it that the person named in it is
entitled to collect in and distribute the estate.
The Executors will need a grant to transfer or sell a property
held only in the deceased's name.
There are organisations who may release the money to the
Executors without a grant if the amount held is small and there
are no complications. Among these are Insurance Companies and
Building Societies.
Obtaining probate can be up extremely complex. For this reason,
it is worth appointing a professional executor to handle your
estate on behalf of your other executors. You can then rest safe
in the knowledge that the administration of your estate will be
dealt with by experts in a professional, efficient and caring
manner.