Insights Perspectives

Your guide to Estate Administration

08.11.2024

3 minute read

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Losing a loved one is an emotional time and estate administration can feel daunting for those unfamiliar with it.

This article provides answers to common questions to ease the burden of dealing with estate administration in England and Wales.

What is probate?

A Grant of Probate (also known as the Grant) is a legal document allowing an individual to access bank accounts, sell assets and settle debts of someone who has died. If there’s a will, it confirms the authority of the executors.

Without a will, it’s called Letters of Administration. The term probate is often used, even when no Grant is required.

Do I need to go through probate?

This very much depends on the assets and how the estate is distributed, either through a will or by law if there is no will. It’s best to ask every financial institution that your loved one had accounts with, if a Grant is needed.

Often, when money passes from solicitors to an executor or beneficiary, a Grant will be required to prove authority over the funds.

How does probate work?

The probate process typically has two stages. First, you need to declare all assets and liabilities to HMRC and pay any tax owed.

After HMRC confirms this, you can then apply for the Grant at the Probate Office, providing the original will if there is one. Once you obtain the Grant, you can liquidate and distribute the estate.

Can probate be avoided?

Probate cannot be avoided, but sometimes it isn’t needed. Common reasons for it not being needed include:

  1. Declaring and paying the correct amount of taxes.
  2. Safeguarding (making sure assets are insured if appropriate) and potentially selling assets.
  3. Paying creditors before distributing to beneficiaries.
  4. Transferring assets once liabilities have been settled and providing beneficiaries with accounts of the estate.
  5. Paying any income tax, capital gains tax or other taxes that may be due during estate administration.

Do I need a probate attorney?

The person entitled to apply for the Grant of Probate or Letters of Administration is set out by the will or by the default legal rules if there is not a will. You may be obliged to use a solicitor if they are named in the will.

Even if they are not named in the will, you may wish to consult with a probate solicitor to ensure you are paying the right amount of tax and you have satisfied your duty as executor to the estate.

How can Morr & Co help?

If you have any questions or would like any further information on the content of this article, please do not hesitate to contact our Private Client team by emailing info@morrlaw.com or calling us on 01737 854 500 and one of our team will be happy to assist.

Disclaimer
Although correct at the time of publication, the contents of this newsletter/blog are intended for general information purposes only and shall not be deemed to be, or constitute, legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. Please contact us for the latest legal position.

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