subject: What is probate? [print this page] Probate is a word that we often hear in our daily lives, but many people - particularly younger generations - may not have the slightest idea what it actually means.
A basic understanding of probate is extremely important, though, as it is something that we are all likely to have to deal with at some point in our lives.
When a person passes away, their estate - which essentially means their belongings, their legal property and their money - needs to be dealt with. Their money then has to be collected, their debts settled and the remainder shared between those who are entitled to it.
The person who takes charge of this process is granted the legal authority to do so, otherwise known as 'probate.' A Grant of Representation is issued by The Probate Service, which acts as proof that the person has legal permission to administer the deceased's estate.
There are three types of Grant of Representation that can be granted to an individual, depending on the individual situation. The first such grant is a Probate Grant, which is issued when the deceased has left a valid will naming a specific person to act as executor.
'Letters of Administration' make up the other two types of grants, and vary depending on the existence of a valid will. Both aim to appoint a known representative for the deceased's estate, with the first allowing this person to carry out the orders expressed in the will, and the latter applied when the deceased's wishes are not so clearly expressed.
As with any process that carries legal significance, it is always wise to seek the advice of a professional. Nonetheless, this short summary hopefully gives a basic idea of what probate entails, allowing you to feel more confident next time you hear it discussed.
