| What
is Probate and why does it take so long?
Probate
is the legal process of administering the estate of a person who
has died. It is also the type of Grant obtained from the Probate
Registry when the person who has died has left a will appointing
executors who are prepared to 'Prove' the Will.
Alternatively,
Probate is the Art of shifting an awful lot of paper around…
- trying to
keep the files tidy, knowing where to find things, keeping up
to date accounts, collecting the assets, paying the bills – including
whatever taxes have to be paid and sorting out conflicting family
or other expectations;
- filling
in a welter of forms correctly, taking advantage of whatever tax
reliefs are available, complying with a host of regulations;
- chasing for
replies when they don't arrive, tying up loose ends and, in the
end, making sure the right people (or charities) get whatever
they are entitled to;
- ensuring
that the Personal Representatives have no continuing obligations,
responsibilities or other unwelcome surprises after the administration
is complete.
- It also involves
keeping in close touch with the Personal Representatives, as well
as the Beneficiaries.
…
or using modern technology.
Because of
all the paper and the needs to be systematic and to control information,
Probate lends itself to computerising, which also speeds up the
administration process dramatically. FitzPatricks have
developed our own computerised Estates Administration system and
are constantly improving it.
FitzPatricks
conduct administrations in a sympathetic but businesslike manner.
What
are Executors and Administrators?
Personal
Representatives are the people charged with the responsibility
of administering the estate. There are two kinds. Executors
are the Personal Representatives appointed by the Will. Administrators
are the Personal Representatives where there is no will, or
where the Executors appointed by the Will are unable or unwilling
to act or, as sometimes happens at the request of the beneficiaries,
the executors renounce the appointment made by the will and leave
the beneficiaries to act in their place, though as Administrators.
Administrators are appointed by the Court.
- Where
there are Executors, they will usually need a Grant of
Probate, which will be obtained from the Probate Registry.
- Administrators
will need a Grant of Letters of Administration, which is also
obtained from the Probate Registry.
- The Probate
Registry is a division of the High Court.
Do
all estates need Grants of Probate or Letters of Administration?
- Many estates
do not require either Grant and the services of a solicitor or
bank are not needed, though FitzPatricks will always be pleased
to help.
- The reason
for not needing a Grant will either be that the estate is very
small, or because all the property is owned jointly by the deceased,
usually with a surviving spouse.
- In small
estates, it is often sufficient to give an indemnity to the bank
or building society which holds the assets.
- Where there
is co-ownership, it is usually sufficient simply to lodge a death
certificate wherever this is necessary and the survivor will then
have access to the funds. This does not always apply to a jointly
owned house but, where it does, by lodging a death certificate
the house will be transferred into the survivor's sole name.
- The survivor
must have regard to terms, if there are any, in the nature of
trusts or other obligations which relate to joint property, in
particular bank and savings accounts.
It
is always wise to ring your solicitor to find out what is needed,
just in case a Grant is required, as there may also be other considerations:
- If the death
was sudden, there may be an inquest and advice may be needed.
- If, despite
all the assets being in joint names, the estate was substantial,
there may be reasons for taking steps to avoid paying undue Inheritance
Tax (popularly called Death Duties) on the death of a Surviving
Spouse or other principal beneficiary.
- If there
are any terms affecting, say, a bank or savings account, these
most likely will be that the funds are held for nominated family
purposes and will be known to another member of the family;
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