Knowing When Probate Is Required
When someone near to us dies its understandable that emotions may run high for some time. And as a result it's likely that some important actions may not be carried out immediately. Unfortunately this is exactly the time when many legal, tax and administrative matters actually need to be addressed.
Some of these immediate priorities may range from registering the death of the loved one, to arranging insurance for their property & assets.
Determining whether there is a valid Will or not is also a critical part of the administration of the estate as the presence of a valid Will allows the estate to be distributed to the named beneficiaries.
Where there is a valid Will in place these responsibilities will fall to the Executor (or Personal Representative), often a spouse or relative of the deceased. As a result, in addition to this emotional stress, the Executor may have to deal with the stress of the legal, tax and administrative requirements involved. Under these circumstances it may be sensible to seek help and advice and arrange for the work to be undertaken by a professional.
If there is no valid Will, then the Rules of Intestacy state who is able to manage the affairs of the deceased. The Rules of Intestacy also determine who will benefit from the estate.
When administering the estate the Personal Representative will have a number of activities to undertake, some of which are detailed below:
' Applying to the Courts for Grant of Probate or Letters of Administration (if required)
' Completion of Tax forms for HM Revenue & Customs
' Verification & valuation of assets
' Pay any debts & liabilities due to the estate
' Identify any / all beneficiaries of the estate
' Transfer all money, assets & gifts to those entitled to them
As a result of these activities this process of Probate and Estate Administration can take a number of months to complete, though normally it will take between 6-9 months.
Due to the complexities of the Probate and Estate Administration process that will need to be carried out and the likelihood of emotional stress at this time, a sensible approach would be to seek advice and arrange for Probate and Administration to be handled by a professional.
About the Author:
Phil Adams-Wright is an experienced legal writer covering subjects such as Probate, Intestacy and Legal Advice