If you are a very close relative or friend of someone, you may find yourself having to play an important role in carrying out their wishes after they have died.
Caroline Maunder, private client solicitor at WBW Solicitors in Exeter, outlines the steps involved in obtaining the legal right to deal with the deceased person’s estate and explains why it is a good idea to seek professional legal to help alleviate the stress of the process.
After the death has been registered, if the deceased person has left a will and you have been named as an executor you will usually need to apply for a grant of probate. If there is no will you can apply for a grant of letters of administration if you are their next of kin, spouse, or civil partner.
Both types of grant give you the power to deal with the deceased person’s estate and the application process for both is very similar.
You will not always have to apply for a grant of representation if, for example, the person who died only had savings or premium bonds; or, if they had jointly owned property, land, money or shares, these will automatically pass to the co-owning spouse or civil partner.
However, you will need to apply for a grant of representation to administer the estate of the deceased person if they left: more than £5,000; stocks and shares; a house or land; or some types of insurance policies. Note that some financial institutions may demand a grant even if you are trying to access less than £5,000.
Before you apply for a grant of representation, you will need to calculate an assessment of the total value of the estate and report this to HM Revenue & Customs; at this point you will need to pay any inheritance tax that is due. This involves totting up the value of all the deceased person’s assets including: money in bank accounts; property and land; investments and pensions; home contents and personal possessions; life insurance payable on death; and trust assets.
You will need to inform any organisation that the deceased person had dealings with of the death, including government bodies and financial and utility firms. Any outstanding debts on the estate also need to be paid before the rest of the estate can be distributed according to the will (or the laws of intestacy if there is no will). You cannot distribute the estate until all claims against it have been received.
A grant of probate will generally be issued within 16 weeks. The length of time the probate process takes will depend on the complexity of the estate: it could be a matter of months for a relatively simple estate, but possibly years where there is property to sell and shares, investments and businesses to deal with.
How a solicitor can help
Administering the estate of a loved one can be time-consuming and stressful and it is highly advisable to seek legal advice from an experienced wills and trusts solicitor to help guide you through the process, while ensuring that you do not incur penalties for submitting incorrect information.
They can let you know if you actually need to apply for probate, help you value the estate and deal with HMRC, apply for the grant of representation for you, make sure that anything owing to the estate is collected and then ensure the estate is distributed according to the wishes of the deceased person or the laws of intestacy.
For more information on probate, or any other private client issue, please contact Caroline Maunder on 01392 260109 or email carolinemaunder@wbw.co.uk.
WBW Solicitors has offices in Axminster, Bovey Tracey, Brixham, Chard, Exeter, Exmouth, Honiton, Launceston, Newton Abbot, Paignton, Seaton, Sidmouth, and Torquay.
This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.
