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Summary SQE2 - Wills (Probate)

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Grant of representation - Reqs - Procedure Administration of estates - PRs' duties - PRs' powers - PRs' protection - Distribution of estate Claims vs Estate - Claims - Claimants - Grounds - Orders

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1) Grant of Representation

What is required for a grant of representation?

Grant of representation allows PR to collect T’s assets and sell on the market. However,
completion of the purchase or exchange of contracts is not possible until grant is obtained.
Either High Court may make an order or T appoints PR. Ultimately, maximum of 4 executors
or administrators must be appointed.

However, under Administration of Estates (Small Payments Act 1965), grant of
representation is not required for cash found, chattels like furniture/jewellery/clothing/cars,
small sums due to estate worth less than £5,000, money held with National Savings and
Investments, monies payable on the death of a member of a trade union, industrial or
provident society or a friendly society, civil servants’ salaries/wages/superannuation benefits,
and service, police and firemen’s pensions. Instead, a death certificate can be presented to
release the funds to the personal representatives. A copy of the death certificate will be sent
to the financial institutions along with a letter requesting the information.

Also, grant of representation is limited where PR is minor, lacks capacity, requires special
grant, he is the last/only PR with grant deceived, previous grant was revoked. If there is no
executor, Letters of administration require the will to be annexed (Form PA1P) and letter of
administration if there is no valid will (Form PA1A). Under Non-Contentious Probate Rules,
Rule 20 deals with who takes out the grant if a valid will exists, and Rule 22 deals with who
takes out a grant if no valid will exists.

What is the procedure for obtaining grant of representation?

First, the grant must be obtained by taking instructions, collecting details from T and his
family, PRs, Beneficiaries, regarding assets/liabilities/gifts, any gifts made within 7 years of
T’s death, original wills and codicils, title deeds, insurances, prepare paperwork, and advise
any non-beneficiaries. T’s death must be registered at financial institutions to establish the
value of assets and liabilities at his death plus accrued interest. Estate agent must provide
open market valuation for IHT return.

Second, paperwork must be lodged. This will include wills, codicils, Form IHT205 (excepted
estate) filed at Probate Registry, Form IHT400 (non-excepted estate) filed at HMRC within
12 months of T’s death (this will include value of the estate), additional evidence, supporting
documents. The inheritance tax return and schedules will have to be submitted first to HM
Revenue and Customs.

Once Form IHT412 has been returned by HM Revenue and Customs, the following
documents can be submitted to Probate Registry who will in turn issue the grant of probate:
Form PA1P, Original will and any codicil, Two photocopies of the original will and any
codicil, IHT421, Cheque of £155.00 for the court fee and 50p per sealed copy of the grant.
When the Grant of Probate is issued by the Probate Registry, it can be sent to the bank, along
with the bank’s specific form for the closure of the account. If a purchaser for the property
has been found, then the sale of the property can proceed.

The likely timescales for obtaining the Grant of Probate is between 8 to 12 weeks. The
timescales for payment of the legacies is likely to be 16-18 weeks. The legacies are unable to

, be made until the bank account has been closed and the payment made to the client account.
The full administration of the estate is likely to take up to 12 months.

The personal representatives will need to write to the bank to ask them to release a cheque
payable to the funeral director and to HM Revenue and Customs. Most banks have specific
forms for these purposes.

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Subido en
12 de junio de 2022
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5
Escrito en
2021/2022
Tipo
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