Probate
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.
The Executor
Responsibility for estate administration is the role of the Executor(s) nominated in the Will. With no Will then beneficiaries (who inherit under the intestacy rules ) can apply to be the ‘personal representative’ of the deceased - taking the same role as an Executor.
Either way it is a significant role, with legal and financial responsibilities lasting many years and with fines and financial liabilities if you act recklessly or inappropriately. However, Executors can pass the role to a suitable professional (a solicitor or a trust corporation) to handle everything for them.
Grant of Probate
Often an Executor has to obtain a Grant of Probate. Put simply, this is the process of proving the validity of the Will (or the intestacy). It provides a Grant of Representation (official confirmation) showing the authority of the Executor(s) to handle the estate and implement the Will. Typically a Probate form is straightforward to complete. However, before a Grant can be issued you have to complete the Inheritance Tax forms, to report all the estate’s assets and debts to the tax authorities and this can be where the complications lie.
Fortunately for the very simplest estates it can be possible to avoid having to apply for probate. However, sometimes just one small asset (such as a handful of shares) can force you into obtaining probate for the whole estate so you need to be very sure before proceeding on this basis.
If you have any questions or any worries about acting as Executor, dealing with the Will, obtaining probate, being a Trustee etc then free initial telephone advice is available. Help can be obtained through 0845 226 8581 or via email at probate@willnetwork.co.uk A home visit service is also available anywhere in England and Wales, to take on full responsibility for probate if you require.
Executors and IHT Rules for Couples
(transferable Nil Rate Band)