Although this seems like a simple question, the answer is not quite so straightforward.
If you are named as an Executor in someone’s Will then you may need to apply for a Grant of Probate. This is a legal document which gives you the authority to share out the estate of the person who has died according to the instructions in their Will.
If any of the following are true then a Grant of Probate is required:
The estate contains any jointly owned property that is held as tenants in common. That is each owner holds a specific share in a property or other asset.
The estate contains shares in a company.
The amount held with a financial institution exceeds their limit. Each financial institution has it’s own rules on the amount at which they will require a Grant of Probate, so you will need to contact each of them to determine if you need to apply for Probate.
However, there are occasions when a Grant of Probate may not be required, such as:
The estate is just made up of cash (that is, bank notes and coins) and personal possessions such as a car, furniture, and jewellery.
All the property in the estate is owned as beneficial joint tenants. This property automatically becomes wholly owned by the other owner. Joint bank accounts are usually owned in this way.
The value of the estate is small. Each financial institution has it’s own rules on the amount at which they will require a Grant of Probate, so you will need to contact each of them to determine if you need to apply for Probate.
We offer a Probate Assistance package at a very competitive fixed fee. We will assist with the completion of the legal forms and calculation of Inheritance Tax due (if any), in a timely and efficient manner, and most importantly of all, often at a fraction of the cost of the alternatives.
For more information about our Probate Assistance package give us a call on 01773 443301, or click below to read more.