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Letters of Administration vs Grant of Probate | Estate Planning Explained with Caroline Sandiford
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As a professional estate planner, I'm here to provide you with valuable insights. In today's video, we'll delve into an important topic: understanding the distinction between Letters of Administration and a Grant of Probate.
A Grant of Probate plays a crucial role when managing someone's assets after their passing. This legal document is obtained following the death of an individual with a valid Will. By submitting the Will, along with the death certificate and other required documents, the Grant of Probate is obtained.
This document authorises the release of assets to the rightful beneficiaries. It allows you to carry out various tasks, such as selling a property or distributing funds from the deceased person's bank accounts.
Now, what happens if there is no Will in place? In such cases, individuals who may have been potential executors, but were not formally appointed due to the absence of a Will, can apply for Letters of Administration. These letters serve a similar purpose as the Grant of Probate but are typically issued after the individual's death. It's worth noting that Letters of Administration are often granted to professional individuals rather than family members.
While the application process for Letters of Administration may be more complex and time-consuming, applying for a Grant of Probate is more efficient if you have nominated specific individuals to handle your estate matters.
By completing a Will, you can simplify the process and save significant time in the long run. This approach provides a more structured and organised approach to estate planning.
A Grant of Probate plays a crucial role when managing someone's assets after their passing. This legal document is obtained following the death of an individual with a valid Will. By submitting the Will, along with the death certificate and other required documents, the Grant of Probate is obtained.
This document authorises the release of assets to the rightful beneficiaries. It allows you to carry out various tasks, such as selling a property or distributing funds from the deceased person's bank accounts.
Now, what happens if there is no Will in place? In such cases, individuals who may have been potential executors, but were not formally appointed due to the absence of a Will, can apply for Letters of Administration. These letters serve a similar purpose as the Grant of Probate but are typically issued after the individual's death. It's worth noting that Letters of Administration are often granted to professional individuals rather than family members.
While the application process for Letters of Administration may be more complex and time-consuming, applying for a Grant of Probate is more efficient if you have nominated specific individuals to handle your estate matters.
By completing a Will, you can simplify the process and save significant time in the long run. This approach provides a more structured and organised approach to estate planning.
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