Probate & estate administration
Probate is the generic term that is given to dealing with the affairs of a person once they have died. The term ‘probate’ actually originates from the Grant of Probate, a latin term meaning ‘to prove’ the last will and testament at the Probate Registry by virtue of an application for a Grant of Probate. Should someone not leave a Will, they will have died what is known as ‘intestate’ and the Grant would be called a Grant of Letters of Administration. Most people have heard of the term Grant of Probate and this is the term that used more frequently. The Grant essentially being a certificate that confers authority to those entrusted to finalise the estate of the deceased allowing them to deal with the assets held by the person who has died.
In simple terms the phrase ‘estate’ encompasses the composition of one’s assets and debts when they die. Whilst the word ‘estate’ sounds rather grand in that someone must be incredibly wealthy to have an ‘estate’, it is purely the term of reference to identify what needs finalising (or administered) when they die.
It is important to recognise that some estates will not require a Grant because the assets within the estate are within the thresholds of financial instructions (such as a bank) meaning that they will release the funds held to the person entrusted without having sight of the Grant. Whether or not a Grant is required, everyone who dies has affairs that need to be finalised. Our offering is here to support those who are entrusted with this important role and to identify the appropriate way forward to assist in that capacity.