Grant of probate Flashcards
When is a grant of probate used
- D left a will
- will appoints at least 1 executor
When is Grant of letters of administration
(With will) used?
1) Deceased left a valid will
2) BUT the will appoints no executors who are willing /able to act.
How will administrators be appointed under Grant of letters of administration
(With will)
How many? fi there is a life/ minor interest
- Administrators are appointed under NCPR Rule 20 that lists, in order of priority, those entitled to apply for the grant.
- Minimum 2 administrators are appointed if there is a life or minor interest
How will administrators be appointed under Grant of letters of administration
(With will)
How many? fi there is a life/ minor interest
- Administrators are appointed under NCPR Rule 20 that lists, in order of priority, those entitled to apply for the grant.
- Minimum 2 administrators are appointed if there is a life or minor interest
When is Grant of letters of administration used?
D died intestate
How are administrators appointed if a grant of letter of administration is used?
-Administrators are appointed under NCPR 22 which lists, in order of priority, those entitled to apply for the grant.
What assets do not require a grant of representation
- Cash
- personal possessions
- Assets distributed under Administration of Estates (Small Payments) Act 1965
Assets distributed under Administration of Estates (Small Payments) Act 1965
- Financial limit of £5,000 (otherwise grant is needed to establish whole sum – payment cannot be made for part)
- Category of assets:
• National Savings (inc. Bank accounts, Savings Certificates and Premium Bonds)
• Friendly Society and Industrial and Provident Society deposit accounts.
• Arrears of salary and wages
• Pensions where deceased was a member of the police, fire authority, air force, or army.
• Building society accounts
What assets do not require a grant of representation?
- Cash
- personal possessions
- Assets distributed under Administration of Estates (Small Payments) Act 1965
What falls under the Assets distributed under Administration of Estates (Small Payments) Act 1965
- Financial limit of £5,000
Category of assets:
* National Savings (inc. Bank accounts, Savings Certificates and Premium Bonds)
* Friendly Society and Industrial and Provident Society deposit accounts.
* Arrears of salary and wages
* Pensions were deceased was a member of the police, fire authority, air force, or army.
* Building society accounts
What is the benefit of having assets being able to be passed without a grant of representation?
some assets in estate that can be administered without grant – money available to pay IHT or Bs
What is required for assets falling our of the succession estate?
- The death certificate, and
- any other documentation the asset holder requires
Can a copy of the will be used for the grant?
NO- original must be used
Is it possible to get the grant of representation without a list of assets and liabilities? What does this list contain?
its not possible to obtain the grant or calculate the IHT without this information
PRs need to compile an accurate list of the deceased’s assets and liabilities to:
- Identify and value the estate assets
- Identify the deceased’s creditors
- Work out what steps are required to manage the distribution of the assets
- Calculate the IHT due (this is done with reference to the date of death values)
- Establish whether the estate is solvent
- Estimate what each beneficiary is entitled to
What assets do not require a grant of representation?
- Cash
- personal possessions
- Assets distributed under Administration of Estates (Small Payments) Act 1965
