When someone dies it is necessary to deal with their money, property and possessions (known as “the estate”) by collecting in all the assets in the estate, paying any debts and distributing what is left to those people entitled to it.
Probate is a document issued by the court which gives the court’s authority to administer a deceased person’s estate. It is normally issued to the executors named in the Will, but if there is no Will it will be issued to a close relative.
This court document is usually required by the asset holders, such as the banks, as proof to show the correct people have authority to administer a deceased person’s estate. They will not release the assets to the executors until they have seen the grant of Probate.
I’m really surprised by how many times I get asked “what is Probate”, even by people who work in the financial world. To help explain what probate is and why you need it, I have prepared a booklet – “Top 10 Tips to Understand Probate” which explains Probate, and tells you the practical things you need to do after a death.
A common misunderstanding is that you have to use the firm of solicitors which is holding the Will to apply for Probate. This simply isn’t true, and recently bereaved people should at least make sure they get a second quote (hopefully from Purely Probate), or unfortunately risk paying more than they should!
To get your free copy of Top 10 Tips to understand Probate please complete the form below.