Probate - what does it mean?
Although the individual terms mean different things they are commonly used generically. Thus references to “the Grant” or to “Probate” can often mean and include a Grant of Probate, a Grant of Letters of Administration, any Grant of Representation, an intestacy and the whole process of obtaining any Grant of Representation.
What does Probate involve?
The job is to find out what the assets and liabilities of the deceased person actually are i.e. what they own or have an interest in and what they owe. The total of all of the assets is called “the Gross Estate” and when the liabilities are deducted you are left with “the Net Estate.”
When you know both you can apply to the court for a Grant of Representation which will enable you to gather in all of the assets and pay off the liabilities. The Net Estate is then distributed either in accordance with the instructions in the Will or in accordance with the Rules of Intestacy if there was no Will details of which can be found by clicking on the word Rules..
Does Probate mean that an Administrator or an Executor pays Tax?
No. The Administrator or the Executor is responsible for paying the tax but it is paid out of the assets of the Estate. The Personal Representative does not have to pay the Tax from his own pocket.
Inheritance Tax is payable on the Net Estate if it is above the tax threshold which is presently £325,000.00.
You will find out all the exemptions and rules by clicking on the image where you will find what as a Probate holder you need to know.
What is a Personal Representative?
When the Grant of Representation is issued by the Court the person or persons who made the application are named as the Personal Representatives. For a Grant of Probate the Executor is the Personal Representative and on an intestacy the Court issues a Grant of Letters of Administration and the named Administrator is the Personal Representative.
So how do you get a Grant of Probate or Letters of Administration?
You make an application to the Probate Court which means you have to fill in some forms.
Where do you get them?
What do you have to do before you can fill them in properly?
Well these questions and others are answered on this site. All you have to do is click on the image below or the link above and see what we offer and how we can help you to obtain a Grant of Probate or Letters of Administration simply, easily and cheaply. Probate or Intestacy does not have to be scary. We take you through the process with help at every step. So why not have a look.