What is probate?
Probate (or confirmation in Scotland) is a term commonly used when talking about the process through which a person obtains the court’s permission to deal with a deceased person’s estate. A person’s estate can include his/her money, investments, business, personal effects and property.
Probate will usually be required if, after payment of the funeral, the value of the estate in the sole name of the deceased is more than £5,000 although some banks and other financial organisations have increased their threshold but this is discretionary. The legal threshold remains at £5,000.
When probate has been granted the person who is named on the document is then able to collect the assets of the estate, pay any debts and distribute the remaining estate to the beneficiaries. In practice, different terms are used for probate depending on whether or not the deceased person left a will.
The grant of representation refers to the type of probate that must firstly be obtained in order to carry out the administration of the estate. The kind of grant that will be needed depends on the circumstances, which is outlined as follows:
- If you are named executor in the will – grant of probate;
- If you are the administrator with no will – grant of letters of administration.
For anything further, one of our specialists would be delighted to meet you either in our office or in your own home to talk through your requirements and answer any questions. Please contact us at any time.