When is probate needed?
If the deceased leaves assets worth £5,000 or more in their sole name, it is almost always necessary to go through probate.
Different processes are involved, depending on whether or not there is a Will:
- A Grant of Probate is required for those with a Will.
- Letters of Administration (sometimes referred to as a Grant of Representation) are required for those without a Will.
Assets worth £5,000 or more
If the deceased leaves total assets worth £5,000 or more in their sole name, it is almost always necessary to go through probate.
These assets may include:
- Stocks and shares
- Certain insurance policies
- Land held in their own name or as ‘tenants in common’
If the deceased’s estate is worth less than £5,000 there is usually no need to go through probate. And if they owned everything jointly with someone else as a joint tenant, then everything passes automatically to the surviving joint owner.
Estates worth less than £5,000
If the estate is worth less than £5,000 you still may need to go through probate if:
- The bank or building society still insists on seeing a Grant of Probate.
- Insurance policies are involved which need to be paid to the estate rather than direct to a beneficiary.
- The person has given away any substantial assets in the last seven years - in which case, Inheritance Tax may be due.
Find out more
To find out more please call us now on:
0800 195 2924