The Importance of Having a Will
When it comes to creating a will or organising a probate, a lot of us are unaware of what is involved. The importance of having a will is high but many people do not like the concept of speaking about losing their loved ones so this subject is often overlooked.
Importance of Having a Will
The topic of a will can be a difficult subject to broach but it is an important one that needs to be done. Creating a will is a way of ensuring you decide what happens to your possessions, properties, money and shares in businesses after passing away. Once you have created a will outlining all of this, it is also important to keep your will up to date if anything changes that affects your will.
The creation of a will should be done professionally to ensure that total clarity is set in stone for the future of your estate. A will can only be created whilst the person is in full mental capacity to do so, so this is important to be done in early stages of an illness or prior to this if possible.
Without a will, the Rules of Intestacy will be the ones who decide who receives the estate from the passing loved one. The estate will ultimately go to a spouse or biological child but not to step children or friends.
What is a Probate
A probate is a legal authority to administer the estate of a deceased person. One or more people are given this legal authority to ensure the estate may be distributed to the beneficiaries correctly.
How to know if a Probate is Required
A probate is required if:
The deceased name is the sole name on a property
The deceased holds assets with the value of £5000 or more with financial institutions
If a financial institution requires a Grant of Probate to release any funds that are in the sole name of the decreased
If the deceased benefited from a trust
Grant of Representation
The grant of representation is legally binding, enabling the person named liable for administering the estate of the deceased individual. There are two main types of Grant of Representation:
The Grant of Probate, when there is no Will
Letters of Administration, when there is no Will
How to Apply for the Grant of Probate
You have every right to apply for the Grant of Probate if you are the personal representative of you parent’s estate. You are the personal representative of your parents estates if you are:
The executor named in the Will
The next of kin if there is no Will