Probate
Probate is applying for the right to deal with a deceased person's affairs. Where there is a will, one or more executors may be named to deal with the person's affairs after their death. In some cases, for example where the heir is a child, the law states that more than one person must act as the administrator.
The executor applies to the probate registry section of the court for a 'grant of probate' - a legal document which confirms that the executor has the authority to deal with the deceased person's assets.
They can use it to show they have the right to access funds, sort out finances, and collect and share out the deceased person's assets as set out in the will.
Where there is no will, a close relative of the deceased can apply to the probate registry for a 'grant of letters of administration' (in Scotland a 'grant of confirmation') – again, a legal document which confirms the administrator's authority to deal with the deceased person's assets. If the grant is given, they are known as 'administrators' of the estate.
A grant is almost always needed when the deceased leaves stocks, shares or certain insurance policies, property or land held in their own name or as 'tenants in common'. In most cases the bank or relevant institutions such as insurance companies and building societies will need to see the grant of probate before transferring control of the assets.
A grant may not be needed where the person who died left less than £5,000 or they owned everything jointly with someone else and everything passes automatically to the surviving joint owner.
To establish whether the assets can be obtained without a grant, the executor or administrator would need to write to each institution informing them of the death and enclosing a photocopy of the death certificate (and will if there is one).
The executor won't be granted probate until some or all of any Inheritance Tax that is due on the estate has been paid. Your Shape Advisor will help you with matters of probate.
Made No Will?
Working out the Value of Your State Pensions
Peter Male can help you write a Will with our qualified Estate Planner. This could include a Power of Attorney, setting up a Trust or simply adding or amending an existing Will.
Danger Of No Will?
Making a will - why it's important
There are lots of good financial reasons for making a will:
- you can decide how your assets are shared out - if you don't make a will, the law says who gets what
- if you aren't married or in a civil partnership (whether or not it's a same sex relationship) your partner will not inherit automatically - you can make sure your partner is provided for
- if you're divorced or if your civil partnership has been dissolved you can decide whether to leave anything to an ex-partner who's living with someone else
- you can make sure you don't pay more Inheritance Tax than necessary
Financial Advice
Everyone's circumstance is different and off the shelf financial products may not cater for your personal needs; but with the right financial advice from a qualified and experienced financial advisor we can help you weigh up your options and execute your wishes.
Reviews & Checks
Life changes. For this reason, whether business or personal, a review of your financial present and future, can increase financial health and your peace of mind. Moreover, you need your money to work for you and that's our job. A quick chat on the phone is all that's needed.
Free Consultation
In the interest of the environment we like to determine your needs over the phone or email, and your free consultation can start from there. If we need to visit and need a few hours with you then we'll let you know if there are any fees. But we do offer the first hour for free.
Investments
All clients of Peter Male are seen as long-term clients and as such our relationships with all our investor clients are financially intimate. Moreover, liking each other is part of trusting each other so we nurture all clients at a pace that suits their pace and our approach.
Quick Links to Financial Solutions
Our Spanish Office
Meet at our Spanish offices or we can visit you at your Spanish or UK home! Peter Male Financial Planning has been operating from Benalmadena Pueblo, Malaga since 2002 and with agents in Spain and the UK we offer more flexibility.
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