GRANT OF REPRESENTATION (commonly referred to as Probate) AND ESTATE ADMINISTRATION
Losing a loved one is always difficult, and the experience is made much harder navigating through grief and paperwork.
Everyone copes in different ways and our Private Client team are here to help and support you.
We can be instructed on a stage-by-stage basis, to deal with the entire estate or simply to obtain the Grant.
Whatever you require, we are there to work with you and offer practical solutions.
WHAT IS GRANT OF PROBATE?
Grant of Probate is a commonly used term for a court sealed document that provides Executor’s with the legal authority to deal with someone’s estate.
If someone died intestate (without a Will) then the equivalent is Letters of Administrators and instead of Executors, the person’s appointed to deal with the estate are known as Administrators.
WHY DO I NEED A GRANT OF PROBATE IF I HAVE A WILL?
A Grant of Representation process proves the appointment of the Executor(s) or Administrator(s) by confirming that the Will submitted is valid and is the last Will and the information provided by the Executor(s) or Administrator(s) is true to the best of their knowledge and belief.
WHEN IS A GRANT OF REPRESENTATION REQUIRED?
Each bank and building society have their own policy as to how much they will release on production of a death certificate alone. Anything in excess will require a Grant of Probate or Letters of Administration.
Property owned in the deceased’s sole name or as Tenants in Common will also usually require a Grant of Probate or Letters of Administration.
TIMESCALES
At present, the probate registry is taking approx. 4 months to process applications from the date of submission. If a full IHT return needs to be prepared, then this needs to be sent to HMRC first then a wait time of 20 working days commence before probate can be applied for. It is quite normal for estates to take 12 months to be administered.
WHAT IS INVOLVED WITH ADMINISTERING AN ESTATE?
Depending upon the assets involved and the value of the estate, the timescales and inheritance tax process will differ.
Below is a very simple outline of the basic stages involved in administering estate. Please note, some estates are more complex and have various other aspects to deal with.
HOW CAN NEWSTEAD & WALKER HELP ME?
There are various option which can be tailored towards your needs but our most popular offerings are:
- Obtaining the Grant of Probate / Letters of Administration only – this is an instruction limited to preparing the type of application required and submitting the application to HMRC and / or the Probate Registry. This instruction relies on you gathering together the necessary information and using the Grant thereafter to collect in assets and finalise the estate.
- Estate Administration – this is a much more comprehensive service where we would usually deal with entire the estate on your behalf. This would involve contacting all financial institutions, obtaining the Grant of Probate / Letters of Administration, collecting in all assets and settling liabilities as well as liaising with Beneficiaries. Estate monies would be paid into our client account, and we would deal with the distributions in accordance with the Will / intestacy. Please note, this service does not include fees for any additional work e.g. Deeds of Variation or conveyancing work in connection with the estate which would be separate instructions.
WHAT TO DO NOW?
It is never too early to start planning for the future so contact our qualified and friendly Private Client team on 01943 461414 to make an appointment. The first step is usually the hardest!
Our Private Client department want to get to know you. They will listen to your circumstances and provide clear and uncomplicated advice tailored to your needs. Visits outside of the office can also be arranged for homes, hospitals, care homes or hospices.