wills and probate etc
20 February 2010, 10:02 AM
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wills and probate etc
we know nothing about this, grandfather is on his last legs bless him, he has left a will, my wife is the power of atouney (spelling lol) and her dad is the executor, basicly someone told us the estate will go into probate and his estate will be tied up for months and months??
why is this? there is a solicitor but aparantly hes useless old and lazy lol
just an enquirey as they are a little concerned, naturally his wife will benefit but, he does have other numerous accounts and savings scattered about in his own name.
one concern is she only has access to a joint account at the mo which has only a few grand in it so if he dies tomorrow and his estate gos into this probate thing she will have no money to live on apart from pension
why is this? there is a solicitor but aparantly hes useless old and lazy lol
just an enquirey as they are a little concerned, naturally his wife will benefit but, he does have other numerous accounts and savings scattered about in his own name.
one concern is she only has access to a joint account at the mo which has only a few grand in it so if he dies tomorrow and his estate gos into this probate thing she will have no money to live on apart from pension
20 February 2010, 10:05 AM
#2
The estate will be divvied up as per the will........which a good probabte lawyer will sort out pretty quickly.
If your grangfateher dies without a will (intestate) then that's when the problems start.
Shaun
If your grangfateher dies without a will (intestate) then that's when the problems start.
Shaun
20 February 2010, 11:12 AM
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You don't automatically become a Power of Attorney just because you are involved in a will. Being a legitimate POA is quite a responsible thing and you can access his accounts and private affairs when he is still alive. Any half competent solicitor will explain all. You make it sound as if you are already counting the money with eager anticipation
dl
20 February 2010, 11:13 AM
#6
See this for more info:
What is probate? : Directgov - Government, citizens and rights
We've just gone though this with my Gran and as everything was in place (as you seems to have) then it was a quick and easy process.
nick
What is probate? : Directgov - Government, citizens and rights
We've just gone though this with my Gran and as everything was in place (as you seems to have) then it was a quick and easy process.
nick
20 February 2010, 11:53 AM
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shes power of attorney at the grandparents request, she had to see solicitor with them to arrange it all a couple years ago, regarding the money she isnt named on the will she wont be getting anything, it will be going to his wife etc
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20 February 2010, 03:27 PM
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Power of Attorney means that if grandfather is unable to sort his own finances out due to ill health you wife can act on his behalf, ie deal with banks etc.
Within the will there are two roles, executor who administers the Estate after death, distributes it to the named beneficiaries.
If there is a Trust created within the will, then you have Trustess who deal with the trust funds.
Is her Dad the only Executor, how does the solicitor fit in.
PMed you
Within the will there are two roles, executor who administers the Estate after death, distributes it to the named beneficiaries.
If there is a Trust created within the will, then you have Trustess who deal with the trust funds.
Is her Dad the only Executor, how does the solicitor fit in.
PMed you
20 February 2010, 05:10 PM
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i dont actually know to be honest, i suppose it wont be contested so it wont go to probate it will go all to spouse as per the will
he passed away today and will never be forgoten
he passed away today and will never be forgoten
20 February 2010, 09:27 PM
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The direct GOV website is excellent, and effectively provides you with a checklist of things you need to do.
Taken directly from the website:
When a grant is needed
A grant is almost always needed when the person who dies leaves one or more of the following:
When a grant may not be needed
A grant of representation may not be needed where:
My dad died last year and I had to go through the whole process. You usually use a solicitor to obtain the grant of probate for you.
Life is certainly easier where accounts are held in joint names.
Taken directly from the website:
Is a grant of probate/representation always needed?
When a grant is needed
A grant is almost always needed when the person who dies leaves one or more of the following:
- £5,000
- stocks or shares
- certain insurance policies
- property or land held in their own name or as 'tenants in common'
When a grant may not be needed
A grant of representation may not be needed where:
- the person who died left less than £5,000
- they owned everything jointly with someone else and everything passes automatically to the surviving joint owner
Life is certainly easier where accounts are held in joint names.
20 February 2010, 10:00 PM
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