Probate is the term used to deal with the legal process of dealing with a person's estate after their death. We can take the burden off family members in dealing with the necessary legal procedures involved in administering a person's estate in the UK.
If the deceased left a Will, there will be Executors who are responsible for dealing with the estate. If there is no Will, the people responsible for dealing with the estate are called Administrators. Executors and Administrators are often referred to as Personal Representatives. They have the task of collecting in the deceased's assets, They are also required to settle any debts of the estate, including funeral expenses and administration expenses, out of the deceased's funds. Personal Representatives are also responsible for sorting out any tax issues, including Inheritance Tax, Income Tax and Capital Gains Tax.
In order to deal with assets in the estate, Personal Representatives will often need to apply for a Grant of Representation. This is a legal document which authorises the Personal Representatives to collect in the assets. If there is a Will, the Grant is called a Grant of Probate. If there is no Will, the Grant is called a Grant of Letters of Administration. Most financial institutions will require sight of the Grant before they will release the monies, although this may not be the case if there are small amounts of money involved. If the deceased owned a property or shares, a Grant will certainly be required. We can help you with this process by taking care of all the paperwork involved.
If you would like Holdens to deal with the whole administration of the estate for you, we can assist with all these matters including: