Grant of Probate – What assets can be released before a grant? A Grant of Probate is clearly very important for the administration of a given person’s estate. However, as Laura Richardson recognises, there are certain assets which can be released . . .

When somebody dies in the UK, their Estate is dealt with by either an Executor (if the deceased had made a Will) or by an Administrator (if the deceased did not make a Will). Part of dealing with an Estate includes selling or distributing the deceased’s assets. However, it is usually the case that the Executor or Administrator must apply for the legal right to deal with the deceased’s Estate. If the deceased made a Will then it is an Executor that will need to apply for a Grant of Probate. If the deceased did not make a Will then an Administrator will need to apply for a Letters of Administration. However, there are some assets that can be distributed straight away. Andrew Douglas Wills & Legal Services have compiled the following list of such assets:

  • Jointly held assets. This can include land, property, cash or shares. The asset will automatically pass to the surviving joint owner. In the case of property, only property held as ‘Beneficial Joint Tenants’ will pass in this way. Property held as ‘Tenants in Common’ passes as per the deceased’s Will. Contact a qualified Solicitor such as Andrew Douglas Wills & Legal Services, for further advice regarding any aspect of your property ownership and how this would be affected by your death.
  • Low-value assets. For example, cash held by the deceased in a bank account may be released if less than a certain amount. Unfortunately, this amount varies from bank to bank so it will be necessary to contact the bank to determine whether the funds can be released. Some banks may also release the money to pay for funeral expenses.
  • Policies or Trusts that name a specific beneficiary. Many life insurance policies allow the holder to name a beneficiary to receive the pay-out directly following their death. This can be especially useful to the beneficiary in order to pay for urgent expenses following the death of their loved one before any funds are able be released from the deceased’s Estate. For example, if a husband dies and was the main household earner, naming his wife as the beneficiary for his life insurance policy will allow his wife to continue to make payments towards necessities such as mortgage payments or utility bills until such time as the Estate can be distributed.

It is vitally important that the Executor or Administrator of the Estate handles the Estate according to strict legal procedures in order to avoid miscalculating Inheritance Tax bills or even having legal action taking against them. Therefore for further advice regarding any of the above information, contact Andrew Douglas Wills & Legal Services. Whether in Colchester or the surrounding areas of Essex, we offer specialist advice regarding your Will, your Estate, and all associated legal matters including the legal responsibilities of acting as an Executor or Administrator. For an informal discussion or to arrange your free initial consultation, contact Andrew Douglas Wills & Legal Services today.

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