What is probate and when is it required?
Leaving a legacy A Grant of Probate is an order from the High Court of Justice which provides the legal authority to the Executors or Administrators to distribute the estate of a deceased person.
Generally, Probate (Letters of Administration) is required when the deceased held more than £5,000, held property solely or as tenants in common, owned stocks and shares and held certain insurance policies.
A Grant of Probate will also be required where the deceased benefited from a trust during their lifetime.
A Grant of Probate is not always required for example, if the deceased’s assets were held jointly with someone else. In these circumstances the assets will pass over to the other party under the term ‘survivorship’.
The probate process can be an onerous one especially for close friends or family members who are appointed as the Executors. Their duties include the preservation of assets in the estate, payment of all of the estates liabilities, maintenance and often sale of the property and finally distribution of the estate according to the terms of the Will or the Intestacy Rules.
You may wish to seek legal advice or assistance