What is Probate?
Probate is the legal procedure for applying for the right to deal with a deceased person’s affairs. It’s sometimes called ‘administering the estate’. The Probate Registry must grant Probate and, until this is done, none of the deceased’s property should be sold, given away or disposed of.
Why does a will help in this instance
The executors are already determined thus short routing the procedure at a difficult time.
When is Probate necessary?
When a person dies and leaves at least one of the following:
- £5,000
- Stocks or shares
- Certain insurance policies
- Property or land held in their own name or as ‘tenants in common’
In most cases above, the bank or relevant institution will need to see the grant before transferring control of the assets. However if the estate is small some organisations, such as insurance companies and building societies, may release the money to you at their discretion.)
In cases where inheritance tax (IHT) is payable, the Capital Taxes Office (a branch of HM Revenue & Customs) is geared up to help the layman, but great care is needed to ensure that a mistake or omission does not have financial consequences that fall on the shoulders of the personal representative.
Our Service
At Niche Wills we understand the importance of expert advice in this area, and as it is not our specialism, we will on request refer to a third party: Kings Court trust to assist you in this regard. Some Will Writers will automatically include this option in their Wills, we will not, as it can be expensive and needs careful consideration on an individual basis.
