Wondering if you need a Grant of Probate?
If you are the executor or administrator to a deceased’s estate, you have the legal responsibility to ensure that the assets are dealt with promptly and accurately before they are distributed between the beneficiaries.
Your duties include:
- Checking if there is a Will
- Filing Inland Revenue forms
- Paying Inheritance and other relevant taxes
- Collecting the assets
- Paying all liabilities
- Distributing the assets to the beneficiaries
In order to do so, you will need to apply for a Grant of Probate, or confirmation which gives you the legal right to administer the estate.
In some cases you may not need to obtain a Grant of Probate to sell or transfer the holdings.
Providing each shareholding is worth less than £10,000, and the value of the estate in the UK falls below the Inheritance Tax threshold, which currently stands at £325,000, you do not have to apply for a Grant of Probate. In these situations, you can sell or transfer the holdings using the small estates procedure.
Even if you do not need a Grant of Probate, you are still legally responsible for the administration of the estate, and therefore need to ensure that all requirements have been met.
Don’t panic, we are here to help. Simply contact our team of Probate experts who will provide you with professional advice and assist you with the whole small estates procedure.