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What Is The Probate Process And What Advice Do I Need?

March 22, 2012 | Comments: 0 | Views: 103

Probate can be an obscure term applying to a number of situations in the world of wills, but in all cases the idea of the meaning stays exactly the same. In a nutshell though, it's a term that is used when someone is applying to have the legal right to be able to deal with a dead persons affairs. It's also often called "administering the estate".

There are 2 types of probate which arise when somebody has died without leaving a Will, and when a person dies but does leave a will. In both cases, the act of applying for probate is different. When a person does leave a will, the process is a lot simpler, they simply have to apply to the Probate Registry they will then be given authority to administer the estate using a "letters of administration grant". With a person having died without leaving a Will, the application still goes to the Probate Registry, if the application succeeds, you will find grant of probate will instead be issued.

In either circumstance, the person holding the legal right to administer the estate will have sole responsibility when it comes to dealing with the affairs of the deceased, which can include money left in bank accounts, property and other details. This can be a job nominated to more than one individual, should the amount of work be too much for an individual to cope with themselves, or if the assets are due to a child.

There are certain situations when probate is always needed, but at the same time there are a number of different situations where probate is not needed. The act of probate will be necessary when working with any shares or stocks that a person has and also when there happens to be insurance policies which need to be dealt with. It will also be needed if the person who has died owned land or property that may be certified in their own name or as "tenants in common". When dealing with the above aspects, many companies will not release funds until they have seen the probate documentation. Sometimes though, this happens usually when amounts are small, the firm will sanction release of funds using their discretion.

Probate will not be needed in situations when the person who has died owned under £5,000 in bank accounts or, more usually, when all of their assets are collectively owned by someone else and therefore they will then automatically become the property of the co-owner. Which means spouses of the person who has dies usually will not be required to put in an application for probate on property previously shared.

Deciding whether or not you need to apply for probate is a simple process. Put simply, just post a copy of the deceased's certificate of death to the organization holding the funds you require to be released. They will then respond to you telling you if you will need probate.

To learn more about the Probate Process and for sound impartial Probate advice visit and discover how much we can help

Source: EzineArticles
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