Have you been asked to be the executor of someone else's estate, but do not know really what it entails? Then read on below for some helpful information.
1. What is probate?
Probate in the UK is legal confirmation given to one or more people whom are going to administer a deceased person's estate. The document issued by the UK Probate Service is called a 'grant of representation'; the grant acts as legal verification of the executor or administrator's authority to deal with the assets belonging to the deceased's estate.
There are 3 main types of grant of representation:
- Probate - this is issued to the executors of the estate, who are either directly or indirectly named in the will;
- Letters of Administration (with will annexed) - these are given out when the Will omits to name an executor. Alternatively, there are named executors who are unable to apply or do not wish to be involved in administrating the estate; and
- Letters of Administration - these are given out when no Will has been made by the deceased and instead s/he has died intestate.
2. Why do I have to apply for a grant of probate?
Many organisations will not allow executors or administrators of a UK estate to access the deceased's assets without legal evidence of their status and ability to do so. This evidence comes in the form of a grant of probate. Once the grant is secured then you should be able to proceed with the full administration of the estate.
Probate in the UK is usually required if the estate satisfies the following conditions: