Probate is a legal process that involves the correct distribution of a deceased person’s estate (property, money, and possessions) and when a client applies for probate it is to get the legal right to deal with the said estate. Probate solicitors in Portsmouth are hired to assist their clients with the legalities of dealing with the estate of a deceased person. They help these clients obtain the grants they need to do so and will help make the process easier as well as make sure no penalties are incurred due to submitting the wrong information as it may be a confusing process at times.
What types of grants are there?
In order to have the legal right to deal with a deceased person’s estate, one needs to make an application for a grant. There are two types of grants that may be requested:
Grant of probate
This is used when the deceased has left a final will and testament that needs to be adhered to when handling their estate. According to their written final wishes, when a will is created, the person who it belongs to will state who the executor of the will should be and that is the person who needs to apply for the grant. However, if the executor is not able to or is unwilling to perform this task then they need to appoint someone else to do it or fill out a form stating that they refuse to act on the deceased’s behalf and thus a probate registry will be placed alongside the will for someone else to step in.
Grant of letters of administration
If the deceased did not write a final will and testament, then this type of application needs to be made in order to grant one power of administration which gives them the right to decide what to do with the deceased’s property and assets. Spouses, civil partners, and/or next of kin may apply for this grant in this case.
From the beginning of this burdensome and difficult task of dealing with an estate, the attorney will first decide whether or not a grant is required. There are times that it may not be necessary but if it is, the application process for both these grants is the same and a probate solicitor will be able to assist in the whole process to make sure it runs smoothly. These solicitors will also be able to assist with helping to determine the value of an estate, submit the relevant inheritance tax forms, arrange to collect the assets of the estate and ensure that it is divided up accurately and within the bounds of the law.
When to apply for probate
Solicitors will be able to advise on this but a general rule is that if the deceased only had savings or premium bonds or had jointly owned land, property, or shares with another then one does not need to apply for a grant. However, if their estate exceeds £5000, had private land, property, stocks, or shares, and certain insurance policies then it will be required to apply for a probate bond.
