A Grant of Probate may seem unnecessary for you to act as the executor of an estate. However, there are certain instances when it is not only useful, but necessary.
What is a Grant of Probate?
A Grant of Probate is a legal document which confirms that the executor of a will has the authority to deal with the property, belongings, and finances of the deceased. It is not something that provides the executor with security or protection. Instead, it gives proof to companies and financial institutions that they are dealing with the right person.
Because you can update your Will at any time, the executor of a former Will may not by the executor of the most up-to-date Will. People can also be cut out of Wills for one reason or another. This means that there is always a danger that a company could release funds, belongings, or property to the wrong person. It is common with families to fall out over Wills. It is not out of the realm of possibility that those taken out of the Will might try to take property or funds by stating that they are simply family and executing the Will.
Why Is That a Problem for Those Companies and Institutions?
If a company or institution does give out belongings, property, or funds to the wrong person and the real executor comes along, then those companies and institutions will find themselves owing large sums of money.
When it involves smaller sums of money, some banks are lax over enforcing the need for a Grant of Probate. However, that isn’t to say that some financial institutions won’t insist on seeing one. Not every company wants to be at risk of legal action for giving out money to the wrong person.
What if I Don’t Want to Get a Grant of Probate?
If a company or institution wants you to present one, they are within their legal rights to request one. They are also entitled to refuse to provide you with any information in regards to the belongings, property, and funds, until they are presented with the Grant of Probate. Further, they can refuse to release those items to you
Are They Expensive?
Grants of Probate don’t have to be expensive and can be granted within a few weeks. Take your time to research the best way for you to obtain a Grant of Probate for your situation. Trying to rush any part of the executor process isn’t wise, even if you need the money or property that you are set to inherit. Make sure you take your time and understand every aspect of the process. Also ensure you are settling the full estate rather than only a portion of it.
Need help with your own arrangements? Contact us today to see how we can help you make the best out of putting your affairs in order.
