Introduction to
Probate and Estate Management
Probate and estate administration are the terms associated with the process of handling an individual’s estate after they have died. It is apparent to us at Oaktree Will Services that the two terms are commonly misused by many, despite them being defined differently.
When it comes to probate, the more frequently used term of the two, there is a lot of confusion about what it means and what is included in the probate process. On the other hand, estate administration is the term that more accurately describes the entire process of dealing with a deceased person’s estate.
Probate
Probate, referring to the ‘Grant of Probate’ in England and Wales, or ‘Confirmation’ in Scotland, is required by law when the deceased owns property (including any houses, buildings, or land) or if a financial institution (such as a bank) requires a Grant of Probate to release funds. It is important to remember that financial institutions and organisations set their own probate thresholds. Therefore, obtaining a Grant of Probate may not be necessary to access funds.
If probate is required, a Grant of Probate must be obtained before an Executor (if there is a Will) or an Administrator (if there is no Will) can start to gather in the assets associated with an estate.
Estate Administration
Estate administration is the process of dealing with a person’s legal, financial, and tax affairs after they have died. It involves far more than obtaining a Grant of Probate, which is just one potential element of the wider process. Estate administration can be extremely complex and is required after every death, whether there is a Will or not.
In order to complete the estate administration process, there are a number of tasks that need to be carried out, including:
- Obtaining a Grant of Probate
- Closing bank accounts and paying any debts
- Ensuring the family tree information is correct
- Dealing with shares and investments
- Selling property and assets
- Dealing with Inheritance Tax forms (if applicable)
- Completing Income Tax work
- Dealing with specialist legal work
- Contacting beneficiaries
- Producing accurate estate accounts
These are just some of the tasks that may be involved. However, every estate is different. While some people decide to administer a loved one’s estate themselves, this can take a significant amount of time and effort, leaving them personally liable for any mistakes made during the process. On the other hand, those who do not want the financial and legal responsibility may choose to instruct a professional to help them complete the entire process.
Whether an estate is simple or complex, dealing with the death of someone close is rarely straightforward. At Oaktree Will Services, we understand that the practical and financial matters that follow a death can feel overwhelming, particularly at a time when your thoughts are elsewhere.
That is why we can provide support with probate and estate administration through trusted specialist providers, helping you access professional guidance when you need it most.
Most of us are not used to dealing with the legal, financial and administrative requirements involved in settling an estate. We can help you understand what needs to be done and, where appropriate, introduce you to experienced professionals who can take care of some or all of the process on your behalf.
Whether you simply need assistance with the probate application process or would prefer to have the entire estate administration process managed for you, there are solutions available to suit your circumstances.
There are a number of benefits to using professional estate administration services, including:
- Clear and transparent pricing – fixed-fee options can provide greater certainty over the cost of administering an estate.
- Helping beneficiaries receive their inheritance – where possible, interim payments may be made to beneficiaries rather than requiring them to wait until the very end of the administration process.
- Reducing the legal and administrative burden – full estate administration can involve significant responsibility for executors. Using professional support can help reduce the burden and provide reassurance that the necessary work is being dealt with appropriately.
- A personal service – you can have a dedicated professional managing the administration of the estate, keeping you informed throughout the process and providing someone you can contact when you have questions.
At Oaktree Will Services, our aim is not simply to help you prepare for the future through your Will and Lasting Powers of Attorney, but also to ensure that your family knows where to turn when the time comes.
If you need help understanding what happens after someone dies, we can talk you through the options available and help you decide what level of support is right for you and your family.
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