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Probate and Estate Administration
Probate and Estate Administration
Probate is the legal and financial processes involved in dealing with the property, money and possessions (called the assets) of a person who has died. This is called 'administering the estate'.
If the person who has died leaves a Will:-
If the person who has died leaves a Will, it will usually name one or more people to act as the executors of the Will - that is, to administer their estate. If you are named as an executor of a Will you may need to apply for a grant of probate.
A grant of probate is an official document which the executors may need to administer the estate. It is issued by a section of the court known as the probate registry.
If there is no Will:-
If there is no Will (known as dying intestate) the process is more complicated. An application for a grant of letters of administration (an official document, issued by the court, which allows administrators to administer the estate) will need to be made.
The person to whom letters of administration is granted is known as the administrator. The administrator is the person who has the legal right to deal with the affairs of the person who has died, and is determined by a set order of priority.
The administrator will usually be a close relative of the person who has died, if there is one. There may be more than one person who has an equal right to do this. We can advise you on the set order of priority.
Duties of Executors:-
• Register the death.
• Arrange for the payment of the funeral.
• Value the deceased estate, determine what property, assets and liabilities there are.
• Apply for grant of probate.
• Open an executors bank account.
• Inform all relevant company’s & organisations then send grants if necessary.
• Complete all Inland Revenue forms by establishing Income Tax, Capital Gains Tax and Inheritance Tax liabilities.
• Keep account of any disposals that are made and obtain receipts from
• Arrange for the distribution of legacies and gifts to your beneficiaries
• Compile detailed accounts to give to the main beneficiaries
• In the case of minor children being beneficiaries, then your Executor may act as Trustee for ongoing trusts, to hold their monies until they reach 18.
Your choice of Executors can determine how quickly and efficiently the administration of the estate is progressed. We can assist Executors in order for the estate to be administered effectively at a low cost. If you would just like help to obtain the Grant of Probate our prices start from £599 depending on the complexities of the estate.
Call our Specialist Wills & Probate Team on 0800 433 27 28
We offer a free at-home visit from one of our experienced Probate Consultants. They'll come and visit you at home (or another location of your choice) to run through the administration process and to provide you with free initial advice and guidance and a written quote for us to complete Probate for you.
Many of our customers find the home visit a really useful part of our service, particularly at an already difficult and emotional time. We can manage the whole Probate process for you from start to finish, which will hugely reduce the burden on you. This includes cashing or transferring financial investments and accounts, arranging for the sale of property, completing the legal and tax documents (excluding VAT) and ensuring the Estate is distributed correctly.
You can be held financially liable for any mistakes you make as Executor, so think carefully about the commitment required before you start Probate yourself.