What You Should Know About Applying for Probate
After the death of a loved one, family members typically need to deal with a variety of personal matters. This often includes the distribution of assets, such as real estate, insurance policies, and personal belongings. Depending on the situation, you may need a Grant of Probate or Grant of Letters of Administration to ensure that the estate is properly dealt with.
Grant of Probate or Letters of Administration
A will is a legal document that details how a person wants their estate to be distributed after their death. They may choose to leave belongings to family members, close relations, or donate items or funds to charity. This document also allows individuals to choose the executor of their estate.
If the deceased left behind a will, the executor can apply for a legal document called a Grant of Probate. This grant confirms the validity of the will and the right of the executor to handle the assets of the deceased.
If the deceased did not leave behind a will, the next of kin or a close relative may apply for a legal document referred to as a Grant of Letters of Administration. Like the Grant of Probate, this document grants the right of an individual to handle the assets of the deceased.
Grants are Often Needed to Transfer Assets
Grants are typically required if the deceased left behind significant assets. This includes any stocks, insurance policies, or real estate properties. A grant is also required when the deceased leaves behind 10,000 dollars or more. The institution responsible for holding these assets may not transfer control to an executor or administrator until the grant is presented.
There are also situations where a grant may not be required. For example, if the deceased left behind less than 10,000 dollars or if the assets were jointly owned, the assets may pass to the joint owner or next of kin.
You also need to keep in mind that an inheritance tax may be required. If the total value of the estate is more than 325,000 dollars, the executor will need to complete the appropriate inheritance tax form before applying for probate.
Contact an Experienced Solicitor
For additional information on applying for a probate in Carlisle, contact an experienced solicitor. While you can apply for a grant yourself, a solicitor can help you understand the process of distributing the assets of the deceased.
Your solicitor will likely need several important documents before requesting an appointment with the Probate Office. This may include a copy of the death certificate, the original will, photo ID, and an inheritance tax form.
Applying for probate is often necessary after the death of a loved one to ensure that their assets are properly distributed. Whether your family member left a will or not, a solicitor can help you through this process.