Probate
Probate is the official proving of a will and also means the grant of representation. Probate can also be defined as the legal process that the law uses to determine which parts of a deceased person’s estate go where and to which friends and relatives. Probate acts as a kind of umbrella term that encapsulates all legal procedures within the sorting and allocating of a deceased person’s possessions and assets.
In the will there is usually a clause that states who the deceased would like to carry out their final wishes. This person is called an executor of probate or the administrator of probate. The former applies if the deceased left a will and the latter applies if the deceased person left no will. In order to pursue the probate process it is usually the case that the executor or administrator contacts a probate practitioner (solicitor). Alternatively, there is a local probate registry office where you can apply for a grant of probate. However, it is highly recommended that you seek the advice of a solicitor.
It is the executor’s responsibility and role to deal with the deceased person’s affairs after their death. The executor must contact the probate registry and apply for a grant of probate. The grant of probate is a legal document that acknowledges that the person applying for the grant of probate is the same person that the will of the deceased person refers to. It is the executor’s responsibility to share out the assets of the dead person as they intended in the will after the court has announced the terms of the will.
If the deceased person did not leave a will then it is up to the family members or close friends to contact the probate registry for an application for a grant of letters administration. If they are successful in their application, the person who applied will become an administrator of the deceased’s estate. The administrator possesses the same power as the executor to deal with and distribute the deceased person’s assets.
A grant of probate is always needed if the deceased person left stocks or shares, insurance policies or significant property and land. There is not always a need for a grant of probate when the deceased person has left less than £5,000 or if they shared all their possessions with another. In this case, the possessions go straight to the other person and there is no need for a probate. With regard to inheritance tax, the executor or administrator of the probate will not be granted the right to distribute the possessions and assets of the deceased person until the inheritance tax is paid.