Tuesday 24 August 2010

What is Probate?

If a person passes away owning assets in excess of £5,000 or if an institution is likely to pay the estate of a deceased person a sum in excess of £5,000 then a Grant of Probate will most likely need to be applied for on the estate. Although some banks will accept a small estates indemnity form instead of a Grant of Probate if the estate of the deceased person is under £15,000. If not Probate or a Letter of Administration will have to be applied for. In other words who ever is dealing with your affairs must apply for a Grant of Probate.

The greatest confusion with probate is that the probate application must be undertaken whether you make a will or not.

If you make a will your executors will apply for what is known as a Grant of Probate if you did not make a will the person who is dealing with your affairs will become your estate administrator and will apply for a Letter of Administration also known as Letters of Administration . The probate forms are the same whether you are applying for Grant of Probate or applying for Letters of Administration.

Head to IWC Ltd to read more about the Probate Process.