Grant of Probate : What is it ?
Probate isn’t the most common term, and to a layperson can be very confusing. In essence probate is the term given to the legal process that is followed after someone has died. It is undertaken by an Executor when the Deceased left a will, or by an Administrator when the Deceased died leaving no will. It ends with the Probate Court, known as the Probate Registry, issuing a legal document called a Grant of probate or alternatively ( when there is no will ) a Grant of Letters of Administration. It is this document that is then sent to the various organisations such as banks, and share registrars to release funds held by a Deceased.
Do I need probate ?
Every case is different,and much depends upon the size and nature of the Deceased persons assets, however as a general guide probate will be required in the following circumstances :-
- To release funds over £15,000 in a Bank
- To sell or transfer shares owned by a Deceased
- To sell a property owned by a Deceased
- Release of funds under a death benefit or life insurance policy
How easy is it to obtain probate and how long does it take ?
Probate involves an application to a Court and as such involves a number of documents being lodged and drafted such as an Oath and Inheritance Tax return.We would complete the entirety of the application paperwork including the Inheritance Tax returns ensuring the grant is issued quickly enabling the monies to be released. Typically we can obtain probate within 3-5 weeks, in very straightforward cases.
Costs for Probate : How much does it cost ?
We operate a fixed fee policy, this means that at the beginning of the case we can confirm exactly what the costs will be at the end of the case. Our fixed fee varies depending on the size of the estate, the assets and liabilities to be collected together with the number of beneficiaries, however as a guide a very simple estate which might only require a Grant of probate to close an account, our fees would be £400 plus vat. In every case the Probate registry charge a fee, which inclusive of copies of the Grant would be £50.
What does information does the Grant have on it ?
The Grant of Probate carries the seal of the Probate Registry, and includes the Deceased’s Full name and address, date of death, together with the net value of the estate. The will is also sealed to the Grant by the Probate Registry.
Once the grant of probate is issued it becomes a public document.
I would like your help applying for probate : what information do you need and who do I contact ?
At the start of the case, we would send a simple questionnaire for you to complete which has details of all the information we need to know eg. assets to be collected etc, in addition we would need the death certificate and a copy of the will ( the original is required later ). You can contact us by clicking here or by calling us on 0845 269 3571