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Part 2: Understanding probate and estate administration

Part 2: Understanding probate and estate administration

The first blog in this series identified the difference between probate and estate administration. It shared that probate actually just refers to the ‘Grant of Probate’ which is obtained before an executor or administrator starts to gather in the assets associated with an estate. And estate administration is much more than that, it is the process of dealing with a person’s legal and tax affairs after they have died and covers everything from bank accounts, belongings and property to debts, pensions and Inheritance Tax.

Research reveals the intergenerational wealth transfer opportunity for financial advisers

Research reveals the intergenerational wealth transfer opportunity for financial advisers

Our recent research paper, ‘Wealth Transfer in the UK: the continuing story of the inheritance’, provides new insights into an area of growing importance to the UK economy – intergenerational wealth transfers. It follows on from our first Inheritance Economy research paper, ‘Passing on the Pounds’, which identified that £5.5 trillion will pass between generations within the next 30 years. This amount of inheritance is unprecedented and raises both opportunities and threats for the financial services industry.

Part 1: Understanding probate and estate administration

Part 1: Understanding probate and estate administration

Both probate and estate administration are associated with handling an individual’s estate after they’ve died but they are defined differently and often misunderstood. When it comes to probate, it’s a widely used term but there’s a lot of confusion about what it means and what is included in the probate process. On the other hand, estate administration is much less commonly known and referred to, even though the term more accurately describes the process of dealing with a deceased person’s estate.