You have been appointed executor in a Will and the person has died. Hopefully, you were aware that you had been appointed and are prepared, but, still, for a ‘lay person’ who might not have administered someone’s estate before, you may have some questions.
The first question to address is what does the person’s estate consist of? You need to know this as you need to know what you are ‘administering’. Also, the type and extent of assets will determine whether you need to apply for ‘Grant of Probate’.
A Grant of Probate (‘the Grant’) in effect lets people know that you are the executor, and you are responsible for dealing with the estate. Certain organisations may ask to see the Grant so they can satisfy themselves that you are the appropriate person to correspond with and, ultimately, take instructions from to deal with the assets and send monies to. However, in some cases, you do not need a Grant.
In this article, Bridge McFarland’s private client solicitors consider when you do or do not need to apply for a Grant of Probate as the executor of a Will.
When is a Grant of Probate not required?
1 Assets passing by way of ‘survivorship’.
Certain assets may not pass in accordance with the person’s Will and instead pass by way of ‘survivorship’ to the co-owner. These are typically joint assets such as a joint bank account or a jointly owned property. These types of assets do not require a Grant and pass automatically to the surviving owner.
2 Assets under a certain value.
Some organisations do not need you to present a Grant in order to deal with the asset. For example, if the deceased held a bank account which had a balance that fell below a certain amount, the bank may release the monies to the executor without the Grant. They may well ask to see a copy of the Will instead. Banks will have their own requirements and so to ascertain whether you need a Grant, the bank will need to be contacted.
When is a Grant of Probate required?
In most other cases, you are likely to need a Grant. For example:
3 Investment portfolios.
Usually if someone holds an investment, the investment company will ask to see the Grant, especially if the value is above a certain level.
4 Property owned as ‘tenants in common’.
Tenants in common refers to how parties jointly own a property. If the property is owned as tenants in common, then each owner owns a distinct share of the property (usually 50/50 but it can be any shares). If the property is owned as tenants in common, then the deceased’s share passes in accordance with their Will. Quite often a Grant is needed to transfer or sell the property. In some cases, it may be possible to dispense with the need for a Grant and we, at Bridge McFarland, can advise you in relation to this.
5 Personal Injury or Clinical Negligence Claims.
If you are bringing a personal injury or medical negligence claim on the deceased’s estate’s behalf, you are likely to need a Grant to make the claim as it proves that you are the correct person to be bringing the claim.
6 Overseas assets.
If the asset is held overseas, you are likely to be required to provide proof that you have legal authority to deal with the asset. That will usually involve sending the Grant. Further in some cases, you may be required to ‘reseal’ the Grant in that country or take out a Grant in that country.
7 Assets over a certain value.
For example, if the deceased held a bank account with a balance over a certain amount, then the bank will require production of the Grant of Probate before they release the monies to the executor.
8 Start the ‘clock’ for claims.
In some cases, even where you do not need a Grant to deal with the assets, you may still wish to take one out as it will start the clock in terms of a person making a claim against the estate. If someone intends to make a claim, they should do this within 6 months of the date of the Grant of Probate otherwise, they will find it difficult to bring the claim. If you are an executor and you know there are possible family members or a partner who has been left out of the Will, who you think may bring a claim for provision from the estate, it is a good idea to take out a Grant, so you can be confident that after the time period has elapsed you can distribute the estate. Please note, there are other factors to consider when dealing with a potentially ‘contentious’ probate which we can advise you on.
Obtaining a Grant of Probate
Even if you do not require a Grant of Probate and believe that administering the estate will be straightforward, it is sensible to instruct an experienced private client lawyer to advise you.
At Bridge McFarland, our experienced and knowledgeable solicitors will do all they can to support you in obtaining a Grant of Probate and executing the associated legal tasks.
To speak to a member of our team today, please call 0800 987 8800, email enquiries@bmcf.co.uk or fill in this contact form.
