Grant of Probate – what is the process?
15 May 2019 by Jane Golding
Sadly during our lives we will all lose someone very close to us. It could be our Mother, Father, Spouse/Civil Partner, Brother, Sister, Uncle, Aunt or a very dear friend. When losing a loved one would you know what do if you needed to obtain a Grant of Probate?
Grant of Probate, is a legal document in order to deal with a deceased’s Estate in England or Wales.
Grant of Probate
A Grant is almost always needed when the person died leaves:
- Bank Accounts held solely with the amount of £5,000 +. (Although each Bank Provider has a set minimum of monies held in account; which they would require a Grant of Probate).
- Property or Land
- Stocks/Shares/Investment Bonds
- Insurance Policies
- If the deceased left a Will, this would appoint an Executor to carry out the administration of the Estate. If the deceased didn’t leave a Will, the role falls upon individuals entitled to the Estate under ‘Laws of Intestacy’. Such individuals who would have to apply for Letters of Administration rather than a Grant of Probate.
- The Executor/Administrator would need to collate the value of the deceased’s assets and liabilities. This would include assets held solely and/or jointly at the date of death.
- When the Executor/Administrator has established the value of the Deceased’s Estate, they would then need to complete the relevant HM Revenue & Customs Tax Forms. If the Estate is not subject to Inheritance Tax, or the Estate is going to a surviving spouse/civil partner, then the simpler IHT 205 form would be required. If the Estate is subject to Inheritance Tax then an IHT400 form would need to be completed.
- Before an Executor (or Administrator) named in the Will can transfer, claim, sell or distribute any of the Deceased’s assets the Application should be submitted to the probate registry for processing with the appropriate Court Fee.
- Once processed by the Probate Registry, a Grant of Probate / Letter of Administration will be issued to the Executor or Administrator.
Our Wills, Life Planning, & Probate team at Fisher Jones Greenwood can assist you in the Administration of an Estate or assist in the extraction of a Grant of Probate, then please call 01206 700113 or email [email protected] in order to arrange a mutually convenient appointment.
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