A Grant of Probate is a type of legal permission which allows a person’s Will to be actioned and their Estate divided up after they die. The person or people seeking this permission (known as Executors) are appointed in the deceased’s Will.
It is their responsibility to make sure that a Grant of Probate is in place before they share out any of the deceased’s money, belongings, or property.
A Grant of Probate confirms the will is genuine and provides the Executor with legal authority to act. This permission is usually necessary before being granted access to a deceased person’s bank accounts or before their property or other assets can be passed on to their heirs in line with any Wills they have in place.
A Grant of Probate is not required under some circumstances, for example, if the deceased’s Estate (the total of all their possessions, property, investments, etc.) is worth less than £10,000 or all their assets are owned jointly with someone else.
It is always sensible to speak to a professional to confirm this because not applying for Probate when necessary is against the law. Sometimes this is a simple task, but it can be challenging or especially time-consuming if the Estate is complicated or there are many beneficiaries to consider and keep up to date.
There is a fee involved in applying for a Grant of Probate, and it may also be necessary to file for inheritance tax.
To apply for a Grant of Probate, the Executor must complete certain forms and send these to the proper authorities. In England, Wales, and Northern Ireland, these need to be sent to HM Courts Tribunals Service, while in Scotland, these need to be sent to the Sheriff’s Office.
Capital Life’s Probate service and Pre-Paid Probate Plans can take the stress and confusion out of the Probate process while helping to spread the cost ahead of time. Contact them today to find out how they can help and to undertake a free inheritance planning review.