When someone we love dies, we face one of the most emotionally difficult times of our lives and the responsibility of dealing with what they owned (their estate) is a lot to cope with during that time.
The death needs to be registered, usually carried out by the next of Kin or personal representative. The funeral will then need to be arranged and family and friends will need to be informed.
Details of the deceased assets will also need to be collated in order to determine whether Probate will be needed. Read More
In certain circumstances where the deceased did not leave any assets or all assets were held in joint names with another, it may be that probate will not be required.
A Grant of Representation is almost always needed if the person who died had one or more of the following:-
Money in a bank or building society which is above that bank or building society’s limit for simple release. The limit is different for each bank and building society.
Property or land held in their sole name
Stocks and Shares
Certain insurance policies and bonds
This is the formal document issued by the Probate Registry (part of the High Court) to confirm who is to deal with the estate, so that they can close any accounts, sell property and distribute monies.
There are two types of Grant of Representation:-
If you are an Executor you must ensure that the terms of the Will are followed. You must keep detailed accounts of all financial transactions and produce these to the beneficiaries, look after the inheritance of any minor beneficiaries, keep any property insured against loss, ensure any liabilities are paid from the estate before you distribute. This includes calculating and paying Inheritance Tax.
We can assist you with the administration of an estate by:
Finding out the value of the assets and liabilities at the date of death, checking any possible Inheritance Tax Liability, preparing the necessary Inland Revenue forms, as well as paying any Inheritance Tax, preparing the Oath and submitting the application, registering the Grant with banks, building societies and other investment companies, closing accounts, realising investments and generally getting all the money in and finally preparing final estate accounts and making final distribution.
Baches Solicitors offer sympathetic, practical and professional support and advice to help you. The steps you need to take will depend on what the deceased owned when they died and whether a formal Grant of Representation is required.
For further help, advice and assistance, please contact our Private Client Team