What Is Probate ?
After someone has died the deceased person’s assets need to be collected and the estate administered.
To do this an Executor needs to apply to the Probate Registry to obtain a document known as a Grant of Probate. If no will exists the document issued by the probate registry called a Grant of Letters of Administration. Both these documents will state :-
- the gross and net value of the estate.
- the names of the persons administrating the estate. In the case of a Grant of Probate it will state the Executors’ names while in the case of a Grant of Representation, the persons administering the estate are called the Administrators.
When Will You Need Probate
You dont need probate in every case, there is no set limit and uch depends upon the assets and liabilities of an estate. The cases when you will defeinately need probate are :-
- if the deceased left a house
- if the deceased left shares over £5,000
- when the estate has to pay Inheritance Tax
- if a bank or building society has asked you for it
- when you are making a claim on behalf of the deceased estate
- when the deceased didnt leave a will
When you don’t need probate
Typically you dont need probate in the following circumstances :-
- if the deceased held assets jointly with someone else like a bnak account
- the assets are very modest in value eg. under £5,000 – most banks will release funds subject to an indemnity form being completed
If you would like some help with probate – call us now on 0844 740 1637