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Grants of Probate

When someone dies what will happen to the assets?

The answer is: Nothing!

Only the deceased had the legal power to deal with their financial affairs, bank accounts and property.  Someone has to be appointed to deal with their assets and until they are appointed the assets are locked up.

The process of appointing someone to do this is called Probate and the document that gives them the authority to deal with the assets is called a Grant of Probate.

Question: Who will be issued with a Grant of Probate?

·          If there is a will it will be the persons named in the will as Executors.

·          If there is no will then it will be the next of kin (as defined by an Act of Parliament) as Administrators

Question: What can you do with a Grant of Probate?

The Executors or Administrators can:-

·          Gather in your assets, close bank accounts and claim Insurance money.

·          Sell Property or Shares

·          Run your business or appoint someone to do so   or sell your business interests

·          Pay any Debts

·          Settle your tax affairs with the Inland Revenue

·         Distribute the money in accordance with the wishes expressed in the will or in the absence of a will in accordance with the laws of the land.

This process is called the Administration of an Estate

As Solicitors we have a lot of experience in helping people to deal with the affairs of someone who has died.  If you would like more information then please contact.

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