Last week, we started on the subject of Probate Grant and Letter of Administration, and we stated that Grants are typically issued within 7 days of the death of the deceased where there is a Will, and within 14 days where there is none. We concluded that to obtain a Grant of Probate or Letter of Administration requires knowledge and skill.
This week, we shall be considering the categories of Grants, among others. It is important to highlight that exploring these details are aimed at helping you take informed decisions that will help minimise crises and ensure seamless transfer of your wealth across generations.
Generally speaking, there are three types of Grants viz:
- Grant of Probate with a Will: In this instance, the Executors have been appointed in the Will. The key preoccupation of the Court is to grant Probate to the Executors named in the Will who will be saddled with the task of carrying out the wishes of the Testator (writer of the Will).
- Grant of Probate without Appointed Executors: In this regard, there is a Will (the deceased died testate), but the Will does not name any person(s) as Executor(s), or the Executors have long died or renounced probate. In some cases, the Executors may be incapable of applying for Probate due to incapacity or because they are now offshore. In such instances, the courts issue the Grant of Probate to persons that may be interested in the Estate in order to implement the wishes of the Testator. The Court thus, exercises discretionary power in the discharge of its mandate.
- Grant of Administration without a Will: In this respect, the deceased person passed on without making a Will (died intestate) and so did not have the privilege of appointing Executors to take up the administration of the Estate. The focus of the Court here is concerned with the Grant of Administration to persons whom the Court feels would best run the Estate taking into cognisance the priorities x-rayed by law and the nature of the interest of the applicants in the Estate.
A Grant may either be general or limited. In general Grants, the personal representative has the authority to act in respect of the entire Estate. This extends to all the properties in the Estate without limits.
On the other hand, limited Grants may be issued with the following conditions:
- Limited to time; for instance, until an infant attains maturity
- Limited to a portion of the Estate and not the entire Estate
- Limited in purpose; for instance, a Grant for the use and benefit of a person with disability
It is pertinent to note the difference between a Grant and a letter of Administration. It is also important to understand the kinds of Grants one may be issued in the wake of a loved ones’ passing. Likewise, one must be knowledgeable about the differences between appointing an Executor and obtaining a Grant.
For individuals who have lost loved ones, FBN Trustees can assist with obtaining legal rights to execute your Estate. For those looking to set up an Estate Plan in order to seamlessly transfer wealth to your loved ones, FBN Trustees can advise you on the most appropriate Estate Planning vehicle that will suit your objectives. We will also support you with the set up.
Contact us today to request a consultation with an FBN Trustees expert. Call, text or send a WhatsApp message to +234 (0) 805 4000 299, or email to firstname.lastname@example.org to request a consultation with one of our experts. Connect with us on Twitter – @fbnquest, on Facebook or LinkedIn at fbnquest.
Also tune in to the Legacy Series radio show on Classic 97.3 FM Lagos by 7pm on Mondays or Cool 96.9FM Abuja by 8.30am on Tuesdays for more insights on Trusts, Wills, Executorship and Estate Administration.
Visit www.fbnquest.com/legacyseries for more information.
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