When a person dies their estate has to be dealt with. This can be very stressful for the family members or friends that are involved at this difficult time. Probate is the legal term given to the process of dealing with a person’s estate after they have died.
Probate is typically undertaken by the Executors of the Will or, where there is no Will, by the administrators of the estate, both known also as the deceased’s ‘Personal Representatives’. The procedure of obtaining a Grant of Representation allows the Personal Representatives to gather in the assets of the deceased and distribute them in line with the terms of the Will, or the Intestacy Rules where there is no Will.
Probate is not required in all instances. For example, where the deceased has left a minimal amount of funds (a few thousand pounds or less) and personal possessions it is unlikely that a Grant of Representation will be required. However where more significant assets are left, or in more complex situations, a Grant is likely to be needed to administer the estate effectively. Such situations include:
- Where the deceased has left significant funds in a bank account or building society (usually over £15,000)
- Where the deceased owned an ISA or stocks and shares
- Where the deceased owned property that needs to be sold
- Where the deceased had an interest in a Trust
- Where funds need to be released under death benefit
- The person owned a business or farm land
- The person owned assets abroad
Probate is a daunting task which can often involve exhaustive enquiries into debts, assets, pensions, lifetime gifts or planning for care home fees. While in difficult economic times online DIY probate services can seem a tempting option, a lack of care or knowledge can often lead to unnecessary problems and mistakes.
Linder Myers can assist by acting for relatives, removing much of the work they would have otherwise had to undertake themselves. We will follow the Court procedures and ensure that the terms of the Will are followed.
With our considerable experience in this area, you can be sure that we will handle this area sensitively and efficiently to ensure that all elements of the estate are tied up quickly.