When exactly is a Grant of Probate required? This month, Richard Barlow explains a common misconception…
If I make a will, does that mean my executors won’t need to apply for probate when I die?
We hear this question a lot and it is fair to say it is a common misconception that a will rules out the probate application process.
Whilst probate might not always be needed to deal with a deceased estate, the existence of a will is not the deciding factor.
A Grant of Probate is a document produced by the Probate Registry (a division of the courts) that confirms the named executors are legally authorised to administer the deceased’s estate, in accordance with the terms of their will and to close, sell or transfer any assets.
If you make a will, it is the value of your estate and the requirements of the organisations holding the assets that determine whether probate is required. Unfortunately, there is no consistency in this respect. For example, one high street bank states that if you have balances of less than £50,000, it does not need sight of a Grant of Probate to close any accounts and release the money. A different bank sets the limit at £25,000 and another at £15,000 and so on.
If you own property, especially in your sole name, probate will almost always be necessary to sell or transfer it.
If I die without a will, who will have to apply for the Grant of Probate?
If you do not make a will, the same principles in terms of value still apply to your estate, but instead of your administrators applying for probate, it often falls to your next of kin.
In most instances now, the application (known as Letters of Administration) is submitted online, through the relevant government portal. However, certain supporting documentation still needs to be completed, signed and posted (with the will, if there is one) to the Probate Registry.
If your estate is worth more than a certain value and/or there is inheritance tax to pay, a return will also need to be submitted directly to HMRC. This can be quite a lot to deal with, especially for someone as close to you as your next of kin, who is most likely grieving.
Our specialist team is here to help executors and administrators deal with a deceased estate. We can let you know if a probate application is required and if so, we can assist with the process.
To find out more about administering a deceased estate, why not book a free 30-minute consultation with one of our probate specialists? Telephone (0114) 218 4000, email: info@tayloremmet.co.uk or complete this form. (needs hyperlinking)
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