Probate And Estate Administration. These are commonly misunderstood terms.
You might be aware of 'probate' but you may not have heard of the term 'estate administration'. Although both are related to dealing with the deceased's estate, they have different definitions and people often get the two confused.
Probate may be required when someone passes away. The umbrella term, 'Grant of Representation', refers to the 'Grant of Probate' or 'Letters of Administration' (if there is no Will) in England & Wales. This is called 'Confirmation' in Scotland. Probate is not always required. For example, assets that were held jointly will automatically pass to the surviving spouse.
Estate administration is the process of handling a person's legal and tax affairs after they've died. This means dealing with their assets, debts, and taxes before distributing inheritance to the beneficiaries. As each estate is unique, its difficult to predict exactly how long the process will take. We advise that it should be expected to take several months.
To sum up the difference between probate and estate administration: probate is just one part of the wider process, providing you with the legal right to move forward with estate administration. Athough probate is not always required,estate administration must always be carried out, no matter the estate's value.
Obtaining probate and carrying out estate administration can often be complex and time-consuming, adding stress at a time that is already difficult for those who are grieving. Many choose to appoint a professional to act on their behalf.
Need help with probate or estate administration? Get in touch today.
1 June 2022
The views expressed in this blog do not in any way constitute advice and are specific to the date noted. As time passes the facts can change and readers should consult their adviser for up to date advice on any matters covered within the blog. Invest Southwest offers an initial review, which is free of charge, however long it takes. From this we will be able to confirm how we can help and give you an opportunity to decide if you would like us to. Thereafter, we will provide you with detailed recommendations and exact costs. Please note that we promise not to levy any kind of fee unless we can demonstrate a benefit to you.
