20 September 2019
A valid Will names Executors to act as the deceased's personal representatives. They are responsible for administering the Estate. This includes closing accounts, collecting in assets, paying liabilities such as tax and distributing the inheritance.
If the deceased didn't make a valid Will, the law on Intestacy sets out who should take on the role of Personal Representative.
The Personal Representatives are the only people who can deal with the deceased’s assets. This is regardless of whether you were their Attorney or Deputy during the lifetime.
The assets will be sold or transferred to Beneficiaries. Low value assets are usually dealt with informally. For example, banks holding less than £5,000 will typically pay the funds to a Personal Representative if they sign an indemnity form.
When dealing with higher value assets, such as an ISA holding £30,000 or more; the banks will need formal evidence that you are the correct person to receive the funds.
You can provide the bank with a copy of the Will which names you as Executor, but how do they know that the deceased didn’t make a later Will appointing someone else instead?
The banks will ask for the Grant of Probate. If there is no Will they will ask to see the Grant of Letters of Administration. Either document can be referred to as the Grant of Representation.
You apply for the Grant of Representation by making an application to the Probate Registry. You have to complete an Inheritance Tax form and sign a Statement of Truth stating that the facts you have given are correct.
Once you receive the Grant of Representation you will be able to access the high value assets and distribute or transfer them. You often need a Grant when selling a deceased person’s house.
The application process and tax calculations can sometimes be a little daunting. In some cases Personal Representatives are simply too busy to make the application themselves.
If you would like assistance in applying for a Grant of Representation you can contact our friendly and approachable Wills, Trust and Probate lawyers based at our Bournemouth and Christchurch offices:
Please note, this is not legal advice. It is intended to provide information of general interest about current legal issues.
