When someone you love dies, aside from the emotional stress and the need to organise the funeral, you may also need to manage their Estate. If there was a Will in place when the person died, then the Executor(s) are able to deal with the estate. If there was no Will in place, then usually the person’s next of kin would deal with the estate. Dealing with a loved one’s Estate can be stressful and time consuming, so there is no need to start thinking about it until after the funeral.
What is an Estate?
An ‘Estate’ is the term used to refer to the collective value of the possessions and cash of someone who has passed away. The most common process used is in dealing with a person’s estate is called Probate. Probate is a legal process that allows the executors of the Will to deal with the Estate, and gives them the legal authority and paperwork needed to do so.
Not all Estates need to go through Probate. Probate is usually required when there is a property to be sold, shares to be dealt with, cash or investments over certain thresholds, along with a number of other scenarios.
What is a Grant of Probate?
A Grant of Probate is the legal document that is given by the Probate Registry when they receive the Probate application. There is a lot of information that needs to be included within the application including the death certificate, assets and liabilities of the deceased, date of death statements from all financial institutions, value of property from personal possessions such as jewellery or vehicles, and Inheritance Tax Forms if required.
If a person died without having a Will in place (Intestate), then a slightly different legal document is needed called a Grant of Letters of Administration. In this case the next of kin is the person who should make the application.
The Law Society provide a detailed overview of the Probate process and the costs that you can expect to incur.
At Rucklidge Law, we specialise in Probate and Estate Management services. We can help you to manage the whole estate or just the Grant of Probate Applications. Contact us If you would like to have an informal discussion on the best option to meet your needs.
01904 806031
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