Executors Law Bristol
Meade King can undertake the administration of the estate of the deceased on any estate in England and Wales. Meade King's Personal Estate Planning Team has extensive knowledge of probate issues and is always available to answer any queries you may have at any stage of the administration process.
A Grant of Probate or a Grant of Letters of Administration is an Order of the Court giving one or more people the legal authority to administer the deceased's estate and to distribute that estate to the deceased's beneficiaries.
If the deceased left a Will then you will have to obtain a Grant of Probate. If the deceased died without making a Will then the deceased died intestate as the law determines who inherits the deceased's estate.
Probate is generally required in the following situations:
Where the deceased owned assets worth more than £5,000 with financial institutions ○ some banks and financial institutions use a higher threshold than £5,000 before they require sight of the Grant of Probate to release the funds, so it is worth checking with these organisations what their requirements are.
Where the deceased held a house or land either in the sole name of the deceased or as tenants in common.
Where the deceased held assets in a financial institution who require sight of the Grant of Probate before releasing funds.
Where the deceased was a beneficiary from a Trust during his/her lifetime.
If the deceased left a Will then the executors appointed in that Will have the right to apply for a Grant of Probate to the deceased's estate. If the deceased died intestate then the next of kin is entitled to take out a Grant of Letters of Administration to the deceased's estate. On the death of the deceased all of the deceased's assets are frozen. The only liabilities which can be settled from the deceased's estate, prior to the Grant of Representation being obtained, are the funeral expenses and inheritance tax payable on the deceased's estate.
The deceased's personal representatives need to:
Collate details of the value of the deceased's assets and liabilities.
Prepare the inheritance tax forms required to obtain the Grant of Probate and the application for the Grant.
Deal with any inheritance tax, capital gains tax and income tax issues relating to the deceased's estate.
Place statutory notices advertising for creditors, if required.
Deal with the closures of the transfer of the deceased's assets, including the sales/transfer of any property and shares.
Complete estate accounts detailing the amount due to the beneficiaries and provide a complete breakdown of the financial transactions undertaken in dealing with the administration of the deceased's estate.
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If you would like any further information then please do not hesitate to contact:
In the event that Vanessa or Samantha are not available then please ask to speak to a member of the Personal Estate Planning Team.
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