Grant of Probate
Probate is the name commonly used to describe the process of obtaining a Grant of Probate.
The Grant is issued after the executors swear under oath to the registrar that their assessment and declaration of the value of the Estate of the deceased is true.
The Grant of probate is required if ...
- the estate is likely to exceed the Inheritance Tax Threshold
- a property has to be sold
- an institution like a bank or insurance company requires sight of one
There are financial penalties for executors who misrepresent the value of an Estate.
It is good practice to seek advice if you are an executor. We often help families avoid the pitfalls of probate by assisting in the administration.
Estate Administration
Executors administer the Estate after death. They act as temporary trustees until distribution has been effected.
There are liabilities for Executors who fail to administrate an Estate properly.
Also Executors can be sued by beneficiaries who feel they have not received their rightful inheritance.
Executors need to account for income received during the administration period and HMRC may require to see an account of the administration, as may the beneficiaries who demand it.
We are able to assist Executors with the administration of an Estate, making the process as simple as possible and have the experience to overcome all difficulties as may arise.
We visit the Executors at home as they hold the papers which we would need to examine as part of our process of discovery of the estate prior to proceeding with the administration.
