Everything you need to do to make the process go as smoothly as possible
Sorting out a late loved one’s finances is never going to be easy – but understanding how the probate system works can make it an awful lot less stressful and time-consuming.
If you have been named as executor in a friend or relative’s will, then you are responsible for dealing with their finances when they die.
However, before releasing their funds, banks and other firms will usually require proof that you have the legal authority to distribute the estate. This is called a grant of probate. About 5,000 are issued every week in England and Wales, according to official statistics.
If the deceased had no property and an estate worth less than £10,000, you may be able to avoid the stress of getting a grant. But the vast majority of executors do require one.
Yet there have been reports of widespread delays with the probate system, with some families having to wait months longer to gain control of their late loved one’s finances.
Here is what you need to do to make the process go as smoothly as possible.
READ ON BELOW…What is probate? How it works and how to execute a will