Probate is referred to many times in situations. Most people are aware that probate is an element of procedure that is carried out when someone dies. This is correct; however, it is more complicated than this. Usually, the deceased’s loved ones benefit from legal advice to provide direction and certainty following their loss.
What is Probate?
Probate refers to a procedure which produces a Grant, a legal paperwork, providing authorisation to the personal representatives of an estate. If the deceased had a will the Grant received is the Grant of Probate. There are various other grants that may be obtained, depending on the circumstances of the deceased’s estate.
To obtain the Grant, the personal representatives are responsible to value the estate, apply to the Courts for the Grant. Once the grant is received the personal representatives can collect in and distribute the assets.
To apply for the Grant there may be complicating factors such as inheritance tax, family dynamics, foreign assets, or beneficiaries abroad and many more.
Why is it important?
Obtaining the grant is important as it is the document that gives power to the personal representatives to share out the deceased’s belongings. If the correct grant is not obtained the estate may be distributed incorrectly and the personal representatives are responsible for this.
Without the grant property and assets often remain in the incorrect persons name or assets are shared out not as the deceased would have intended or even illegally.
