Probate And Estate Administration
Probate is a Latin term meaning to 'prove' the last Will and Testament as a valid public document. Probate may be required when someone passes away. It is referred to as the 'Grant of Probate' in England & Wales or 'Confirmation' in Scotland. Probate is required by law when the deceased has left a Will and owns property or if a financial institution requires a 'Grant of Probate' to release funds. Obtaining the 'Grant of Probate' from the probate registry gives the Executors the authority to act in the administration of the estate. Probate has become synonymous for dealing with the affairs of someone who has died. However, probate is just one small component of administering the estate overall.
Do I need probate?
Probate is required by law when the deceased leaves a valid Will and owns assets valued over £5,000 (including any houses, buildings or land) or if a financial institution (such as a bank) requires a 'Grant of Probate' to release funds. If the assets were held jointly, probate will not be needed as they will automatically pass to the surviving joint owner.
Not every estate will require probate but all estates need estate administration. Estate administration is the process of dealing with a person's legal and tax affairs after they've died. This means dealing with all their assets (such as property, shares and personal possessions), paying debts, paying any Inheritance Tax and Income Tax and transferring inheritance to the beneficiaries of the estate.
Simply put, estate administration is the process of dealing with a person’s legal and tax affairs after they’ve died. This means dealing with all their assets (such as property, shares and personal possessions), paying debts, paying any Inheritance Tax and Income Tax and transferring inheritance to the beneficiaries of the estate. Estate administration can be extremely complex and is required after every death, whether or not there is a Will.
How we can support you through the estate administration process
We understand that dealing with the death of a loved one can be a stressful and emotional experience. This is why we want to support our clients at their time of need by offering them access to professional services that can reduce the burden on them at this difficult time. One task that you may need to consider is administering the estate of the person who has passed away. This can be a complex and time-consuming legal process that involves dealing with all of the assets and liabilities associated with the estate. This could include property, stocks, shares, bank accounts and other personal belongings that need to be distributed in line with the Will.
There is often a significant amount of paperwork that needs to be completed, not to mention liaising with various third parties and calculating the tax that is payable on the estate. Some clients choose to undertake the estate administration themselves but others prefer to appoint a specialist firm to do the hard work for them. We recommend Premier Solicitors, one of the UK’s leading firms of solicitors and estate administration specialists. They have helped over many, many families deal with the estates of their loved ones, offering a range of services to reduce the stress and work involved.
Premier Solicitors offer a number of services of which you can take advantage:
• Free, impartial and practical advice on what to do when someone dies so that you can understand your options and make an informed decision with confidence
• A comprehensive estate administration service that will remove the stress, effort and legal liability of dealing with a potentially complicated process yourself
• A fixed fee service so that you know exactly what you will pay upfront and don’t have the uncertainty of hourly rates or contingency fees to consider
• Regular updates on how the estate is being managed
• You will be allocated a dedicated personal estate adviser and can contact them directly by phone or email – no call centre queues or being passed from person to person when you need to speak to someone about your case