Will I need Probate ?
Estates under £5,000
If the total value of assets held in the deceased’s sole name (excluding assets held jointly such as a house) does NOT exceed £5,000.00 then it is likely a Grant of Probate or Letters of Administration will not be required.
If the assets of the deceased are under £5,000.00, banks or building society providers will generally simply ask for a certified copy of the Will together with the Death Certificate before they release any monies.
Estates over £5,000 : when you will need probate
If the answer to any of the following questions is YES you will need a Grant of Probate:
- Did the deceased have an interest in a trust during their lifetime?
- Does an institution which holds assets in the sole name of the deceased (for example an insurance company) require a Grant of Probate before they will release the funds?
- Was there a house or land owned by the deceased either in his/her own name alone or owned jointly with someone else as tenants in common?
- Did the deceased have account/s with banks or building societies containing more than £5,000? (However, nowadays it is worth checking with Banks or Building Societies as some will release assets of more than this amount without the need for a Grant of Probate and if so this will save time and money)
- Did the deceased own stocks or shares?
Always take advice prior to obtaining a grant as there may well be Inheritance Tax issues that need to be considered.
Our Solicitor’s helpline number is 0870-0677 254 and can deal with any queries that you may have.