Probate and Estate management
Managing an estate after the loss of a loved one can be overwhelming, with many questions about the probate process and what it involves. This page provides a clear explanation of the key aspects of probate and how we can offer expert guidance to help you navigate through it.
What is probate?
Probate, referring to the ‘Grant of Probate’ in England and Wales, or ‘Confirmation’ in Scotland, is required by law when the deceased owns property (including any houses, buildings, or land) or if a financial institution (such as a bank) requires a Grant of Probate to release funds. It is important to remember that financial institutions and organisations set their own probate thresholds. Therefore, obtaining a Grant of Probate may not be necessary to access funds. Additionally, probate is not usually required if the estate is less than £5,000 in value or if assets were held jointly, as they will pass to a surviving spouse or partner. If probate is required, a Grant of Probate must be obtained before an Executor (if there is a Will) or an Administrator (if there is no Will) can start to gather in the assets associated with an estate.
What is estate management?
Estate administration is the process of dealing with a person’s legal, financial, and tax affairs after they have died. It involves far more than obtaining a Grant of Probate, which is just one potential element of the wider process. Estate administration can be extremely complex and is required after every death, whether there is a Will or not. In order to complete the estate administration process, there are a number of tasks that need to be carried out, including:
Obtaining a Grant of Probate; closing bank accounts and paying any debts; ensuring the family tree information is correct; dealing with shares and investments; selling property and assets; and contacting beneficiaries.
These are just some of the tasks that may be involved. However, every estate is different. While some people decide to administer a loved one’s estate themselves, this can take a significant amount of time and effort, leaving them personally liable for any mistakes made during the process. On the other hand, those who do not want the financial and legal responsibility may choose to instruct a professional to help them complete the entire process.
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