Grant of Representation
When is a grant of representation needed?
Usually, a grant of representation will be needed when the person who has died left:
- More than £5000
- Stocks or shares
- A house or land
- Certain insurance policies
A grant of representation may not be needed sometimes, for example it is not needed when the person who died:
- Has left less than £5000 in total
- Owned everything jointly with someone else
In other cases, some financial orgnaisations, such as banks, may agree to pay funds to a PR without a grant of representation if the estate is very small. It’s always worth asking!
Obtaining the Grant
WE will apply for the grant of probate on your behalf, through the post. You will not need to attend at the court.
When full details of the estate are known:
The PRs must swear on oath in front of an independent solicitor, which WE will arrange for you. There’s a small fee for this- usually £5-£10.
The oath and the Will are then sent to the Probate Registry for probate to be granted. There’s a court fee of £155 for this, and 50p extra for each office copy of the grant of probate.
An inheritance tax form is completed, and this will either be short-form or long-from, depending on the size of the estate. This is then signed by the PRs. This form gives the HM Revenue & Customs information such as; valuations of all assets and debts of the estate and a calculation of any inheritance tax liability.
It is very important that the PRs carry out full investigations into the deceased person’s estate and that all assets are declared in the inheritance tax return. Failure to make complete disclosure can lead to precise financial penalties being imposed on the PRs.