When we talk about probate, as in “wills and probate”, we are talking about the process of dealing with and distributing the estate of someone in the event of their passing. In England and Wales, one must appoint two executors. These are the people who deal with the distribution of your estate when you die.
It is important that you inform anyone who you would like to act as an executor in your will because they are within their rights to refuse the responsibility. The executor of your will applies for “grant of probate” from the probate registry.
Grant of Probate is a legal document confirming that the executor has been officially given the authority to deal with the dead person's assets. This document can be used by the executor as proof that they have the necessary authority to deal with the deceased person’s estate. If no will is left, or if the executors are, for any reason, invalid, a close relative can apply for probate.
In England and Wales, a grant of probate is needed when someone passes away leaving one or more of the following: GBP5000, stocks, shares, property or land held in their own name or as tenants in common. Even so, wills ensure that there are no nasty surprises for the benefactors.
If the deceased’s estate is small (typically under GBP5000) some organisations, such as insurance companies and many building societies, may not need to see grant of probate to release the funds. Equally if you own everything jointly with someone, your possessions automatically pass to the surviving joint owner.
The executor or administrator of the will should write to each relevant institution giving them notice of the death and passing on a photocopy of the will, when possible, and death certificate. Only when these conditions have been appropriately met will funds be released.
Making a will is the only way to ensure that your possessions are passed on exactly as you wish in the event of your death. There are a number of ways to make a will, with online wills being an increasingly popular option.
Another popular option is employing a qualified wills and probate solicitor to draw up the document. For as little as GBP30 you can buy peace of mind and know that your estate is divided as you wish upon your death.
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