When a person dies, someone is appointed to deal with their assets. This includes:
If the deceased person has left a valid Will: When the deceased person leaves a valid Will, it usually names one or more people who act as the administrator or executor. The responsibility of the executor is to administer their estate. If you are named as the administrator or executor of the Will, then you will have to apply for a Grant of Probate so as to release their assets. A Grant of Probate is an official document which is issued by a section of court. This section is known as the Probate Registry. If the deceased person did not leave a Will: If there is no Will left by the deceased person, then the entire process becomes even more complicated. In this case, one has to apply for a ‘Grant of Letters of Administration’, which allows them to administer the deceased person’s assets. The person to whom the letters of administration is granted is known as the administrator for the assets. This person is given the authority and has the legal right to deal with the deceased person’s assets. Usually, if there is only one administrator, then he/she is a close relative of the deceased person. But, there can be more than one person acting as administrator, who each have equal rights to administer the assets. However, only the solicitor will be able to provide the information regarding the set order of priority. Legal Terms in Probate Law
If the deceased person has more than one personal representative, then it is important that they work together, so as to decide matters amongst themselves. This is because any kind of disagreement between the personal representatives will only result in expensive delays.
Responsibilities of Personal Representatives: As a personal representative, it is their responsibility to ensure that the assets are correctly administered and if not, they must remain liable. If there is a valid Will, they need to ensure that the wishes of the deceased person are followed properly, as set in their Will. However, if there is no Will, then the personal representative has to follow the Rules of Intestacy. When is a Grant of Representation required? A Grant of Representation is a must when the deceased person has left:
How to get a Grant? The administrator can apply for the Grant of Representation either by themselves or with the assistance of a solicitor as they are licensed to provide probate services. If the Grant of Representation is applied in person, then the administrator or executor will have to go for an interview at the probate registry and fill in the probate application form, as well as the Inheritance Tax form. However, if the administrator seeks the assistance of a solicitor, then the need to go for an interview is eliminated, which is a major benefit for them as it reduces the extra expenses. Inheritance Tax It is the responsibility of the administrator or executor to find out if inheritance tax is due, after the person’s death. If the tax amount is due, then they have to ensure that it is paid before applying for the Grant of Representation. The payment of Inheritance Tax that is to be made by the administrator depends on the following:
The Grant is issued: What Next?
When the Grant is issued by the court, the administrator has to send a copy of the Grant to all those organisations that hold the deceased person’s assets; for example: the bank or insurance company. Then they release the assets which are transferred into the executor’s account.
The money from the asset can also be used to pay off the solicitor’s fee which is a part of the entire probate process.
The entire probate process can be extremely complex. Therefore, it is better to seek assistance from a solicitor who is approachable, so as to complete the process without any kind of delay. To find out more information on probate law and how to contest probate in UK there is a range of professionals out there that can help you with your case.
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