Dealing with the bureaucratic aftermath of a person’s death can often be a difficult, upsetting and time-consuming process.
Applying for the legal right to deal with someone’s property, money and possessions (their ‘estate’) when they die is called ‘applying for probate’ if they left a Will.
When a person dies his or her assets are frozen until a Court document known as a Grant of Representation is issued.
When the deceased person has made a Will the Grant of Representation is known as a Grant of Probate and it is issued to the persons named as Executors in the Will.
When the deceased person has not made a Will there is an intestacy and the Grant of Representation is known as a Grant of Letters of Administration. This is issued to the persons or persons entitled to apply for it under the Intestacy Rules. The persons entitled to apply for a Grant of Letters of Administration are known as Administrators.
The Grant itself is obtained by submitting to the Probate Registry a Statement of Truth along with the relevant tax forms and the original Will if there is one. If the gross estate is more than £325,000, the estate will usually be liable for Inheritance Tax at a rate of 40%.
From a practice stance, executors will usually try and wind up an estate with a year from the date of death, however in practice this may vary depending on the complexity of the estate or sale of assets.
At Holden & Co LLP we offer highly competitive rates in the administration of probate or intestate estates and aim to help you in ensuring the estate is administered efficiently and in accordance with the relevant laws