When someone dies, the decisions to be made can be confusing – dealing with the loss of a relative or a friend can be a difficult time and most people are unsure what action to take.
At Williamsons we are here to help and we offer two main services:
What is a Grant of Probate?
If you are the person legally entitled to administer the estate (as an executor or a personal representative), you may have been told that you need to obtain a Grant of Probate before you can begin to deal with the financial affairs of the deceased.
A Grant of Probate is a legal document that confirms an executor has the authority to deal with the deceased person’s assets. A Grant is not always needed, but it is necessary to deal with assets such as property, shares and large amounts of money.
To obtain a Grant of Probate, you will need to complete an Inland Revenue Account detailing the assets and liabilities of the estate and you will need to swear an oath. It usually takes four to six weeks to receive the Grant of Probate back.
What’s involved in administering an estate?
As the executor or personal representative, you will need to close all bank accounts, sell or transfer investments and property and pay outstanding bills. As part of this, you may need to obtain a Grant of Probate and deal with paying inheritance tax.
You will need to keep any leftover assets safe and distribute the estate in accordance with the Will or laws of intestacy. Administering an estate usually takes between 12 and 18 months.
Obtaining a Grant of Probate and administering an estate can be complex and time consuming.
At Williamsons, we will guide you through the decisions that need to be made, taking the stress out of the process.W