Dealing with the estate of a deceased person can be a complex process.
One of the most common legal requirements is the need for a Grant of Probate. This document gives the executor of a Will the authority to manage and distribute the deceased person’s estate in accordance with their wishes. However, not every estate requires a Grant of Probate. Understanding when a formal application is necessary can save time, money and unwanted stress – especially at a time when it is least wanted.
What is a Grant of Probate?
A Grant of Probate is an official document issued by the Probate Registry (the Court). It authorises the executor named in the deceased person’s Will to deal with their estate. This can include accessing bank accounts, selling property, paying debts and ultimately distributing assets to beneficiaries.
If the person died without leaving a Will, a different document called Letters of Administration will be required. This is granted to an administrator, usually the next of kin, who then has the authority to manage the estate once the application is complete.
When is a Grant of Probate Required?
A Grant of Probate is typically required in the following situations:
- Property or Land: If the deceased owned property or land, a Grant of Probate is generally necessary to sell or transfer it.
- Significant Financial Assets: Financial institutions often require a Grant of Probate before releasing large amounts held in bank accounts, investments or shares.
- Solely Held Assets: If financial assets are solely in the deceased’s name and exceed thresholds set by financial institutions, a Grant of Probate is usually needed.
- Institutional Requirements: Different banks have varying thresholds for requiring probate, often ranging from £5,000 to £50,000. This can often cause confusion due to the lack of consistency between the financial institutions.
When is a Grant of Probate Not Required?
Probate may not be necessary in the following situations:
- Jointly Owned Assets: Assets held in joint names, such as with a spouse, typically pass automatically to the surviving owner.
- Low-Value Estates: Smaller estates without property may not require probate, as banks might release funds without it.
- Nominated Beneficiaries: Assets like life insurance or pensions may be paid directly to named beneficiaries without probate.
How to Apply for a Grant of Probate
If probate is required, the executor(s) must apply to the Probate Registry. We can help with that application and a list of our fees can be found here. We are experts in all manner of Probate applications, from the complex to the routine.
Please get in touch below if you need more help.