Probate
What is “Grant of Probate?”
It is the duty of the Executor, appointed within the Will, to obtain the Grant of Probate and distribute the deceased’s assets in accordance with the terms of the Will.
Where someone dies leaving a Will and also sizeable assets (eg: a house or liquid assets in a bank account in excess of £15,000) then before these assets can be sold or released to the beneficiaries under the Will a document called the Grant of Probate must be obtained.
What if someone has died without leaving a will?
Where a person dies without a Will (i.e intestate) then the document in question is called a Grant of Letters of Administration.
When will Inheritance Tax be payable?
If the deceased’s estate exceeds the current Nil Rate Band then any inheritance tax liability must be paid first before the Grant of Probate or Grant of Letters of Administration will be issued.
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