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:

• Cash
• Stocks and shares
• Certain insurance policies
• Property
• 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.