What is Probate all about? – 10 Key Points
- Wills, Trusts & Probate
- 22nd Mar 2019
1. The Probate or Administration Process deals with sorting out someone’s affairs after they have died. 2. This includes getting information about the assets, preparing tax account forms, applying to the Probate Registry and collecting in the assets to distribute in accordance with a Will or Intestacy. 3. A Grant of Probate and Letters of […]
By aleksMLP Law
1. The Probate or Administration Process deals with sorting out someone’s affairs after they have died.
2. This includes getting information about the assets, preparing tax account forms, applying to the Probate Registry and collecting in the assets to distribute in accordance with a Will or Intestacy.
3. A Grant of Probate and Letters of Administration are similar documents.
4. If there is a Will, then Executors will apply for a Grant of Probate.
5. If there isn’t a Will, then Administrators will apply for Letters of Administration
6. Who will act as the Administrators is determined by law and it is usually the nearest living next of kin.
7. The Grant of Probate and Letters of Administration are both legal documents that are issued by the Probate Registry to give the Executors or the Administrators the legal authority to sell or transfer assets
8. You’ll need a Grant of Probate or Letters of Administration if the estate includes any land, property, shares, investments or bank accounts held in the sole name of the person who has died.
9. Executors and Administrators should think about Capital Gains Tax and Income Tax arising in the Estate – even if there aren’t many assets to deal with, then you still need to account for this to HMRC.
10. A Grant of Probate and Letters of Administration will also trigger a specific time limit to make certain claims against the Estate – useful if there are disappointed beneficiaries.
For more information, please contact our Wills, Trusts and Probate Associate Laura Willis on 0161 926 1538
About the expert
Stephen is the Owner of MLP Law and leads our Commercial, IP and Dispute Resolution teams which provide advice on all aspects of the law relating to mergers, acquisitions, financing, re-structuring, complex commercial contracts, standard trading terms, share options, shareholder and partnership agreements, commercial dispute resolution, joint venture and partnering arrangements, IT and Technology law, Intellectual Property, EU and competition law, Brexit and GDPR.
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