|
Probate
is the process of collecting together someone's money and property
after they have died (their estate) and dividing it between those
entitled to it (the beneficiaries)
This is usually a very difficult time for the family. Our Probate
department tries to deal with these matters in a sympathetic but
businesslike manner to assist those involved through this difficult
time and will advise on the processes involved.
The people who deal with the administration of an estate are the
Personal Representatives. If the person who has died has left a Will
then the people who are to be the Personal Representatives will usually
have been named in the Will. In that case they can also be called
'Executors'. In any other case they can be called 'Administrators'.
There are rules setting out who can be an Administrator, usually a
close relative.
Probate
will usually involve the following stages:
|
 |
Finding
out the value of the estate i.e. how much is left in Bank and Building
Society accounts, the value of the home, any shares etc. |
|
 |
Working out and
paying inheritance tax (which depends on the value of the estate). |
|
 |
Applying for a
Court document called a 'Grant of Probate' (if there is a Will) or a
'Grant of Letters of Administration' (if there is no Will) which gives
permission to the Personal Representatives to close the Bank and
Building Society accounts and sell the home, shares etc. |
|
 |
Actually closing
the Bank and Building Society accounts, selling the home and shares,
etc. (if this is what the beneficiaries have agreed). |
|
 |
If there is a
business asset involved, dealing with that asset. |
|
 |
Preparing an
account showing the value of the estate, how this has been made up, and
to whom it is going to be distributed. |
|
 |
Distributing the
estate to the beneficiaries. |
|
How long all of this takes depends not so
much on the value of the estate but how complicated it is, i.e. how
many accounts, properties, etc. there are, whether any are abroad, and
so on. Straightforward estates can be finalised in a few months but a
period of 6 to 12 months is not unusual, but nor is 18 months or longer
if there are particular complications.
The legal costs involved will depend on both the value of the estate
and how complicated it is, but our Probate department will give
guidance on this.
For more information you
can contact either:
|