Dealing with the loss of a loved one is challenging enough without additional legal complexities. One of the most commonly asked questions is about when probate is required and how to deal with the often-difficult circumstances surrounding it.
This short guide will help you understand the probate process, the situations that necessitate it, and when you may be able to proceed without it.
What is Probate?
Probate is the legal process of administering a deceased person’s estate, ensuring their assets (property, money, and possessions) are distributed according to their will or, if there isn’t one, the rules of intestacy.
It involves obtaining a grant of probate (if there’s a will) or letters of administration (if there isn’t), which gives you the legal authority to handle the deceased’s affairs.
Before the next of kin or executor of the will can claim, transfer, sell or distribute any assets they may have to apply for a grant of probate.
When is Probate Required?
Property Ownership
Probate is usually necessary if the deceased owned:
- Property in their sole name
- Property as ‘tenants in common’ with someone else
- A share of a property through a trust
However, if a property was owned as ‘joint tenants’, it automatically passes to the surviving co-owner under the right of survivorship. Once a death certificate is produced, the asset can be transferred into their sole name without requiring probate.
Financial Assets
You’ll need probate when dealing with:
- Bank or building society accounts exceeding certain thresholds (these vary by institution)
- Stocks and shares
- Premium Bonds worth more than £5,000
- Certain insurance policies not written in trust
High-Value Estates
Probate is often required when the total estate value exceeds £5,000, although this threshold can vary depending on the institutions involved. Some banks and building societies have higher thresholds, whilst others may have lower ones.
When Might Probate Not Be Required?
Understanding when probate isn’t needed can save time and unnecessary expense. Probate might not be necessary if:
- The estate is worth less than £5,000
- All assets were jointly owned and thus passed automatically to the surviving owner under the right of survivorship
- The deceased only had savings or premium bonds worth less than £5,000
- The estate only comprises personal possessions, such as household items, and no property
Special Circumstances of Probate
Joint Accounts and Assets
Joint bank accounts typically pass automatically to the surviving account holder without requiring probate. However, it’s recommended that you still inform the bank of the death, as they will need to update their records.
Small Estates
For small estates, many institutions have simplified procedures. They might accept a small estate declaration or statement of truth instead of requiring full probate.
Life Insurance Policies
Life insurance policies written in trust usually don’t form part of the estate and can be paid directly to beneficiaries without probate. However, policies not written in trust may require probate.
Common Misconceptions About Probate
It’s important to address some common misunderstandings:
- Having a will doesn’t mean you can avoid probate
- The size of the estate, not the existence of a will, determines whether probate is needed
- Joint assets don’t always bypass probate, especially if owned as tenants in common
- Small estates might still require probate if they include certain types of assets
What if You’re Unsure Whether Probate is Necessary?
If you’re uncertain whether probate is required, consider the total estate value, how they were owned (jointly or solely), whether any assets were held in trust, and the requirements of individual financial institutions.
If you believe probate might be required, it’s advisable to:
- Gather all relevant documentation about the deceased’s assets
- Contact each financial institution to understand their specific requirements
- Make a comprehensive list of all assets and their approximate values
- Seek professional legal advice if you’re unsure about any aspect
Professional Probate Solicitors
Our compassionate probate solicitors can:
- Assess whether probate is required in your specific situation
- Guide you through the entire probate process
- Handle complex estates and inheritance tax matters
- Complete applications for grants of probate
- Advise what to do when in receipt of a letter of administration
- Ensure all liabilities are handled efficiently and correctly
- Provide insightful support and clarity to bereaved friends and family during a challenging time
Don’t navigate the probate process alone. The team at George Ide LLP offers expert guidance and support to help you understand whether probate is required and assist you through the process. Contact us today for guidance about our probate service fees and any other information.
Disclaimer: This guide provides general information about probate requirements and should not be considered legal advice. Every estate is unique, and specific circumstances may affect whether probate is required. We recommend seeking professional legal advice for your particular situation.
Contact Our Friendly Legal Experts Today
For general enquiries or to discuss more specific needs in personal or commercial law please get in touch with a friendly member of our team today.
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Author: Paul Lewis
Last updated: 1737969685
