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Grant of Probate

Strictly speaking the term “probate” refers to just one particular item in the process of sorting out the financial affairs of someone who has died. However, in everyday language it is often used to refer to the entire “estate administration” - that is, the whole process of sorting out all the associated legal and financial matters.

Probate

Preparing a Will is one thing, putting it in to action is quite another. This is the role of the Executor, and you may be asked to take on this role for one of your own family members or for a friend. It is a significant role, with legal and financial responsibilities lasting many years and with fines and financial liabilities if you act inappropriately. But don’t let that put off - we can provide everything from free advice through to even taking on the full responsibility if you wish.

Often an Executor has to obtain a Grant of Probate. Put simply, Probate is the process of proving the validity of the Will and obtaining a Grant of Representation (official confirmation) showing the authority of the Executor(s) to carry out the Will. For a simple Will with a very simple estate Probate might not be needed, but for the rest it can involve some complex forms covering legal and financial issues including making submissions to the Tax authorities. Sometimes just one small asset (such a handful of shares) can force you into obtaining probate.

Executors and the IHT Rules for Couples

Being an executor requires you to keep good records of what you have done. Maybe you consider everything to be simple, because it is all going between spouses. However, the new Inheritance Tax rules for married couples mean that when the 2nd members of a couple dies the executors may have to go back and look at the records from the 1st estate. This is all part of the responsibility of being an executor, and is part of the reason why many people like to pass the role to specialists in this area.

So, before you do anything as an Executor contact us for a free assessment of your situation.