How is the deceased person’s estate dealt with?
A Grant of Letters of Administration
It is likely that a family member or someone close to the deceased will want to manage the deceased’s estate. To do this you need to apply to the probate registry for a Grant of Letters of Administration. This is where we can help you make that application or you can apply directly yourself. When you receive the Grant you become the ‘Administrator’ or the estate. The Grant is essentially proof of this to people you will have to talk to about the finances, property and effects of the deceased. It will give you the right to access and distribute assets and funds. There are some issues related to HMRC tax rules which must be looked at in priority. For example a Grant will often only be given if some or all of the inheritance tax has been paid so it is key to establishing the estate value and inheritance tax liability (if any) from the outset either yourself or with an experienced solicitor.
When is a Grant not required?
If the estate is less than £5000 and doesn’t contain assets (land, property or shares) or an estate is held in joint names and passes automatically to the surviving joint owner, a grant may not be needed but again it is wise to seek advice to determine this.