Probate estates: Grant of representation often forgotten

A grant of representation is commonly forgotten during the will writing process, according to a legal expert.

Paul Sharpe, chairman of the Institute of Professional Will Writers, claims that grants of representation often get neglected as "people [don't] focus on the process or procedure of dealing with an estate".

"There is an assumption that things happen automatically," he continued. "The reality is that nothing happens automatically."

A grant of representation is needed when a person dies and leaves stocks or shares, insurance policies, or property and land held in their own name.

Banks and institutions will often demand to see the grant before transferring assets to the rightful party.

With many people choosing to invest their savings in stocks and property, as opposed to leaving money in savings accounts which are currently offering low interest rates, a grant of representation is vital to ensure that loved ones can access what has been left to them.

Published by Phil Hammond