What happens when someone dies?
After the mourning and funeral there remains the most important task of deciding what to do with the deceased persons possessions, investments and property collectively known as estate.
Someone has to gather together the deceased's:
personal belongings, money, investments, pensions, property.
And perform following tasks:
inform banks, utility companies, credit card companies, DVLA, pay bills, pay tax, pay mortgage, pay credit cards.....
It is a huge task.
Before anyone can distribute the deceased persons estate, they need to get formal authority from the courts.
If the deceased has not left a Will then someone needs to step forward and apply to the Courts for Grant of Letters of Administration.
They then, after paying any inheritance tax, distribute the estate according to the Law of Intestacy. This is the 'Will' that the law has for people that didn't make their own Will.
This is bad, as the people that could benefit may not be who the deceased would have wanted to benefit.
If the deceased had a Will then the 'executors' named in the Will, apply to the Probate Courts for a Grant of Probate.
After any inheritance tax is paid the Grant is issued, the executors then distribute the deceased persons estate according to instructions within the Will.
This is good, as the people that will benefit are exactly who the deceased wanted to benefit.
After the mourning and funeral there remains the most important task of deciding what to do with the deceased persons possessions, investments and property collectively known as estate.
Someone has to gather together the deceased's:
personal belongings, money, investments, pensions, property.
And perform following tasks:
inform banks, utility companies, credit card companies, DVLA, pay bills, pay tax, pay mortgage, pay credit cards.....
It is a huge task.
Before anyone can distribute the deceased persons estate, they need to get formal authority from the courts.
If the deceased has not left a Will then someone needs to step forward and apply to the Courts for Grant of Letters of Administration.
They then, after paying any inheritance tax, distribute the estate according to the Law of Intestacy. This is the 'Will' that the law has for people that didn't make their own Will.
This is bad, as the people that could benefit may not be who the deceased would have wanted to benefit.
If the deceased had a Will then the 'executors' named in the Will, apply to the Probate Courts for a Grant of Probate.
After any inheritance tax is paid the Grant is issued, the executors then distribute the deceased persons estate according to instructions within the Will.
This is good, as the people that will benefit are exactly who the deceased wanted to benefit.
