If you are preparing to wind up the estate of a loved one,
you may not need to apply for a Grant of Probate (or Letters of Administration)
during the course of winding up their affairs.
It is a common misconception that when dealing with an
administration of an estate, the Executors or Administrators will have to
obtain a ‘Grant’. The Grant is required in order for Executors to access the deceased’s
assets in order to quantify and ultimately distribute them; and the same
applies to property. However, there are certain circumstances where there is
simply no need to obtain this:
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| Article by Kagowa Kuruneri |
- Where property is owned jointly, as joint tenants,
- Where other assets are owned jointly,
- Where the estate is a simple estate and does not exceed the Inheritance Tax threshold,
- Where the total value of bank accounts does not exceed £5,000*,
- Where the estate is insolvent.
It is important to note that there may be some parts of the
estate that will require a Grant and parts that will not. The moment any asset
requires a Grant, it must be obtained with respect to the entire estate, even
if some assets have been released prior to attaining the Grant.
If you are unsure whether or not you need to obtain a Grant
of Probate or Letters of Administration, or if you more information about Wills
and Estates, contact us today via email or LinkedIn.
* Some banks and building societies have their own limits
where they will be prepared to release funds without need for a Grant.
www.gardenhousesolicitors.co.uk
Tel: 01992 422 128
Email: info@gardenhousesolicitors.co.uk
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.
