Probate explained by Trust Inheritance
What is probate?
Probate refers to the process of applying for the right to deal with a deceased person’s estate. If a person has left a Will, then they will usually have appointed a Will executor. This executor then has to apply for a ‘grant of probate’ from the probate registry. This is a legal document which confirms that the executor has the authority to deal with the affairs of the deceased.
If the gross value (before debts) of an estate amounts to less than £5000 in England, Wales and Ireland, or less than £25,000 in Scotland then it is known as a ‘small estate’ and can be distributed without the need to apply for court authority.
If a Will hasn’t been written, and an executor hasn’t been appointed, then a close relative can apply to deal with their affairs. This application is known as a ‘grant of letters administration.’ If successful in this application, a person can assume responsibility for dealing with the assets of the deceased. In the case of the deceased having children, then more than one administrator will be appointed to this role.
The advantage of making a Will and appointing an executor of your estate is clear. In doing so, you can ensure that your estate is distributed as you see fit and that your affairs are handled by the person of your choice.
The implications of not making a Will are not only financial however; they also affect those with children. If you are a parent, then one of the main reasons you should make a Will is to appoint guardians for your children.
If you die, and have not appointed guardians for your children, then the court of protection will decide who looks after them. This can result in long delays and distress for the surviving family members and ultimately the children not ending up with the person you would have chosen to look after them. By making a Will you get to choose who you want to appoint as guardians of your children.
What is an estate?
A person’s estate refers to all of their possessions and personal effects, including home, savings, car and other belongings at the time of death. These are less any outstanding loans, mortgages and household bills which have been incurred. A person’s estate also includes pensions and life insurance policies, in the event that these do not already have a named beneficiary.
Most people choose to keep their Will as simple as possible and leave all of their estate known as ‘the residue of my estate’ to their chosen family and friends, whom it will be divided up amongst. Other people may have more specific requirements, and may decide to leave certain items and sums of money to different people.
Many people have items which are of sentimental value to them, and often they would like to leave these to friends or loved ones. Making a Will ensures that provisions are in place for these items to be distributed to their intended beneficiaries.
Trust Inheritance specialise in Will writing services for individuals across the U.K. To find out more about their services visit: http://www.trustinheritance.com