Jargon Buster - Definition of Probate
Please select your letter of choice below to see the list of terms:
is the process whereby the estate (property, money and possessions) of a deceased person is settled. Probate is given by authority of the court to person(s) to administer and settle the deceased's estate. The person(s) who administer the estate are referred to as the executor(s) and must obtain formal documentation in order to deal with the estate.
In most cases, probate is obtained via a solicitor who acts on behalf of the executors however it is possible to do it without a solicitor.
The executor will usually swear an affidavit (executor's oath) to identify matters such as the estate value. This is presented to the Probate Registry along with the probate fee and the deceased's will.
Due to work involved, probate fee and solicitor fees, handling probate can take be a timely and costly practice.
When writing a life insurance policy, it is possible to bypass probate by writing the policy into trust.
Please note that all definitions are intended for general guidance only. For official and current definitions you should always double check your policy wording.
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