Probate FAQ

 

      Q:         What happens to someone's assets when they pass away?

 

      A:         This largely depends on whether or not they have a valid Will, as without a Will their Estate will be dealt with arbitrarily in accordance with the rules of Intestacy.

 

 

      Q:         What is a Grant of Probate?

 

      A:         A Grant of Probate is the formal document confirming the appointment of the Executors and that the Will has been validly accepted by the Probate Registry. The Grant is normally required to deal with assets belonging to the Estate.

 

 

      Q:         What if there was no Will?

 

       A:         A Grant of Letters of Administration is required instead of a Grant of Probate and appoints Administrators to deal with the Estate instead of Executors.

 

 

      Q:         What is Inheritance Tax?

 

       A:         If your asset value exceeds £300,000 (in the current tax year), the amount above this may attract Inheritance Tax at 40% unless passing to exempt beneficiaries i.e a spouse/civil partner or Charity.