When someone dies leaving assets of £5,000 or more, it is generally necessary to obtain a Grant of Representation from the Probate Registry in order to deal with their estate.
If someone leaves a Will, then you need to obtain a Grant of Probate. If they die without a Will (‘intestate’) then you will need to apply for a Grant of Letters of Administration.
In order to do this you will need to identify all of the assets and find items such as deeds, passbooks, bank books, share certificates and insurance policies. It is also necessary to establish the value of the deceased’s assets and details of liabilities as at the date of death. An oath will then need to be sworn and submitted with evidence of the financial situation. Exactly what level of detail is required will depend on the size of the estate.
Once the Grant of Representation is received, it will need to be registered wherever the deceased had any assets. This will then enable bank and building society accounts to be closed, any debts such as utility bills to be paid, and cheques to be sent out to anyone who was left a legacy in the Will. If the estate is complex and is likely to take a substantial amount of time to sort out, then interim financial distributions are often made.
The final stage in the process is producing detailed accounts itemising all the money received and payments made. Once these have been signed off the balance of the estate can be distributed.
How long will it take? It can vary from a few months to several years depending on the complexity of the estate, and on the other parties involved. Our aim is always to complete the administration as quickly as possible.
Please contact Christina Duck in Cambridge, Simon Crooks in Bury St Edmunds or Robert Chalmers in Norwich for individual advice.