A grant of probate is a formal legal document that enables the executors of an estate to carry out administrative tasks such as deal with banks, shareholdings and property of the deceased. In order to apply for a grant of probate, you need to submit an application to the Probate Registry.
The Probate Registry is the court that deals with all matters relating to probate and it is responsible for issuing grants of probate and letters of administration. All applications for probate are sent to the Probate Registry.
You can apply for probate yourself online, but it can be a complicated process with a number of documents required. As such, it is often easier to have a solicitor handle the process. Applications depend on a number of factors specific to the deceased and whether they left a Will. You must be 18 years of age or over to apply.
Probate is usually required if the person who died had assets in his or her sole name worth over £5000, for example an ISA or shareholdings. Any property that was owned jointly can pass automatically to the survivor.
Probate is only required if your spouse or civil partner owned assets in their sole name valued at over £5000. Anything owned jointly will not require probate.
Lanka Bandara, Head of Private Client at Comptons Solicitors explains why a Lasting Power of Attorney (LPA) may need updating in the UK under certain circumstances.
Writing Wills and Estate Planning may seem to some, something to get round to in the future. But rather alarmingly, a recent IRN Wills and Probate Research Report, titled UK Wills & Probate Market 2020: Consumer Research Report*, has found that fewer than 4 in 10 adults in the UK have made a Will, despite owning a property.
A Lasting Power of Attorney (also known as an LPA) is a legal document that can be used to appoint someone else to make decisions about your own assets, health and welfare.