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We are tax-optimization firm specialising in international tax planning, asset protection, and foreign citizenship/residency services. Our clients are High Net Worth Individuals and business owners who desire to become sovereign individuals with complete freedom over their finances.
We offer no direct tax or legal advice; choosing instead to orchestrate and allocate your situation to various specialist legal and accounting firms worldwide.
CGZ Consulting FZCO Ltd is not a law or accountancy or immigration firm and does not offer legal, accountancy, tax or immigration advice.
CGZ Consulting FZCO Ltd is not a law or accountancy or immigration firm and does not offer legal, accountancy, tax or immigration advice. Information on our website is for general informational purposes only and should not be taken as a legal, accountancy, tax or immigration advice.
What is probate?
Probate definition: in England and Wales probate is the word normally used to describe the legal and financial processes involved in dealing with the property, money and possessions (called the assets) of a person who has died.
Probate is the process of proving that a will is valid (if there is one) and confirming who has authority to administer the estate of the person who has died.
Before the next of kin or executor named in the will can claim, transfer, sell or distribute any of the deceased’s assets they might have to apply for a grant of probate.
What is a grant of probate?
A grant of probate is a legal document that’s sometimes needed to access bank accounts, sell assets and settle debts after someone has died.
This document is only called a grant of probate if the person left a will. If they didn’t leave a will, a grant of letters of administration is used instead. Both documents work in much the same way, giving a named person legal authority to deal with the estate of the person who died.
When probate has been granted, the next of kin or the executor can start to deal with the deceased person’s assets. If there was a will, this sets out how the assets should be distributed. If the person died without a will the law determines who should receive everything.
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F.A.Q.
Probate definition: in England and Wales probate is the word normally used to describe the legal and financial processes involved in dealing with the property, money and possessions (called the assets) of a person who has died.
Probate is the process of proving that a will is valid (if there is one) and confirming who has authority to administer the estate of the person who has died.
Before the next of kin or executor named in the will can claim, transfer, sell or distribute any of the deceased’s assets they might have to apply for a grant of probate.
A personal representative is simply another name for someone who is an executor or, if there is no will, the person who has legal authority to administer the estate.
The need for probate doesn’t depend on whether there’s a will, it depends on the financial situation of the person who died. The process is very similar regardless of whether there’s a will or not, but some of the terminology is different.
If there is a will and probate is needed then the executor needs apply for a grant of probate. If there is no will, then the administrator will need to apply for a grant of letters of administration.
No, you do not have to act as an executor. You have a couple of options. Your first option is to give up all rights to act as executor (as long as you haven’t done any work on the estate administration). Your other option, if there are other executors named in the will, is to choose to have ‘power reserved’. This allows the other executors to act but you can apply to join in the probate process later on if you want to or need to.
You can also choose to instruct a probate solicitor to complete the probate work for you.
If you do act as executor, it’s important that you understand the duties and responsibilities of an executor. If you make any mistakes, you could be held liable for these.
It depends on the size of the estate and the value of individual assets. If the estate is small, with no property and less than £5,000 in the bank, probate isn’t likely to be needed. This is because some assets and small amounts of money can be dealt with without probate.
Banks and other financial institutions set their own limits for probate, so it’s worth checking with them whether they need a grant of representation. If probate isn’t needed, the bank might still ask for a Statutory Declaration to be completed before they release the money, as this confirms that they’re releasing the money to the right person.
A grant of probate is a legal document that’s sometimes needed to access bank accounts, sell assets and settle debts after someone has died.
This document is only called a grant of probate if the person left a will. If they didn’t leave a will, a grant of letters of administration is used instead. Both documents work in much the same way, giving a named person legal authority to deal with the estate of the person who died.
When probate has been granted, the next of kin or the executor can start to deal with the deceased person’s assets. If there was a will, this sets out how the assets should be distributed. If the person died without a will the law determines who should receive everything.
If the person who died owned joint assets, such as a joint bank account or a property as joint tenants, this will pass to the surviving co-owner under the right of survivorship. The co-owner will need to produce the death certificate to formally transfer the asset into their sole name, but usually won’t need probate to do this.
Usually probate will be needed to deal with a property that is owned with someone else as tenants in common.
This is because when property is owned as tenants in common, each co-owner owns a distinct share of the property. This will pass to the beneficiaries named in their will, or according to the rules of intestacy if there isn’t a will. Probate will be needed to do this.
If a house is held in the deceased person’s sole name then a probate will be needed to sell it. If the house is held as joint tenants and the surviving co-owner wants to sell the house, they can do so with a copy of the deceased’s death certificate.
To sell a house that is owned as tenants in common, probate will be needed.
Premium Bonds are governed by National Savings and Investments (NS&I). If the Premium Bonds holding is more than £5,000, probate will be required.
After a Premium Bond holder dies, NS&I can keep the holding in the prize draw for up to 12 months. A claim form will need to be completed that asks NS&I to either keep the bonds in the prize draw or encash them.
If the person who died left a valid will, this will name one or more executors, and it is their responsibility to apply for probate. If there isn’t a will, then inheritance rules called the rules of intestacy will determine whose responsibility it is to get probate.
