If your loved one has recently died, you might have been told that probate is needed. So, what is probate, and do you need it?
What is probate?
Probate is the legal process you must go through to get the authority to wind up a deceased person’s affairs.
In order to obtain probate, you have to make an application to the Probate Registry for a Grant of Probate. Once you’ve got this, you will be allowed to sell any property the deceased owned, access their bank accounts, pay their debts, and distribute their belongings (known collectively as the ‘estate’).
Is probate always needed?
However, probate is not required every time someone dies in the UK. Therefore if loved one has recently passed away, it does not automatically mean that you must set about getting probate.
Generally, probate will not be needed if either of the following applies:
1. The estate is small
If the deceased person’s estate is considered small, probate will not be required. It is difficult to say exactly what a small estate is. Previously if the total worth of an estate amounted to less than £5,000, probate would not be needed. These days the threshold is usually higher, and if the total value of an estate is £15,000 or under, it is unlikely that probate will be required.
However, each bank and financial institution has their own threshold for probate. This means that some will release a deceased person’s funds without a Grant of Probate if there is £50,000 in their account. Some set a lower threshold, while others will consider the total value of the estate instead. This means that you will need to check the rules of each bank and financial institute the deceased person held assets with.
2. A joint owner is set to inherit everything
Alternatively, probate will not be needed if a surviving joint owner is set to inherit everything. Typically this will be a spouse or civil partner. Take, for example, a husband and wife who own everything in joint names. Should the husband die first, the wife will be set to inherit everything because she is the surviving joint owner. This is known as the rule of survivorship. In situations such as this, a Grant of Probate is not needed.
Do I need probate?
Although there are times when you do not need probate, it can be something of a grey area, and this can make it confusing for those who do not practice law.
If you are in any doubt as to whether or not you need probate, a probate solicitor can quickly clarify the matter for you. A probate solicitor will simply need to know what assets were owned by the deceased, and whether these assets were owned jointly with anyone else.
Find probate solicitors near me
The death of a loved one will of course be an extremely emotional time. Having to work out whether or not probate is needed will only add to the stress of the situation. We understand how difficult this can be, which is why we are here to connect you with probate solicitors near you. We offer this service completely free of charge.
To speak to a probate solicitor, simply fill in the free online enquiry form, or contact us to find out more.