People might not have heard of the word ‘probate’ until they have encountered a death. A Grant of Probate is issued to Executors named in the Will of the person who has died, and it is issued by the Court, confirming a person’s last Will and testament and allowing those Executors to deal with the deceased’s assets so that they can be distributed in accordance with the terms of the Will.
When someone has died but they have not left a Will, their next of kin or the people who are administering the Estate will obtain a ‘Grant of Letters of Administration’. This Grant is also issued by the Court and enables the administrators to deal with the assets left in the Estate and divide them in accordance with special rules, called the ‘rules of intestacy’.
The term ‘Grant of Representation’ covers both Probate and Letters of Administration.
Making a Will is important, as it allows you to lay out your wishes and explain who you want to give your assets to. It should also give your family peace of mind. Just because there is a Will does not mean that a Grant of Probate is not needed. Generally, a Grant of Probate is needed when somebody dies, as it is the document, as mentioned above, that enables the assets to be realised so that they can be divided in accordance with the terms of the Will. For instance, if somebody dies owning a house, the house cannot be sold until the Grant of Probate has been issued.
The one thing to bear in mind, however, is that if assets are held in joint names, it is not always necessary to obtain a Grant of Probate as the assets might pass automatically to the surviving co-owner.
Sometimes the need to obtain a Grant of Probate depends on the value of assets. The general rule is that if the total value of an individual’s Estate is below £15,000 then a Grant of Representation is not needed as it is usually possible to encash those accounts without the need to obtain a Grant.
Obtaining a Grant, whether it is for Probate or Letters of Administration, can be complicated. This is where seeking specialist legal advice from a professional, such as a Solicitors for the Elderly representative is imperative.
If you would like any advice on the matters raised here please do not hesitate to contact Martyn Prowel Gartsides Solicitors on (029) 20470909 and ask for Natalie Harvey.