What Is Probate?
Probate is the process of “proving” a person’s will, but the term is widely used to describe the full legal and financial process that takes place when someone dies leaving money, property or possessions.
If a will exists, the executor named in it will usually need to apply for a Grant of Probate. This is a legal document issued by the Court that gives the executor authority to deal with the deceased’s affairs. This includes bank accounts, property, investments and personal assets.
If there is no Will, a close relative may need to apply for Letters of Administration instead. These are issued when someone dies intestate (without a will) and allow an appointed administrator to manage the estate under the rules of intestacy, which set out who inherits based on the deceased’s closest relatives.
The administrator is responsible for the same tasks as an executor.