How much money before probate is required is a question people often wonder about…
And with good reason – the entire process of probate can seem confusing at first glance.
Of course, so much of it depends on circumstances, which means no two wills are ever the same.
It might be that it’s a particularly complex will with lots of assets, it might be straightforward but there’s a lot of beneficiaries, or it might even be that the deceased didn’t leave a valid will…
That’s before we even talk about the ins and outs of probate.
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What Are The Rules On Probate?
To answer your burning question… an estate with a value of £10,000 or more will most likely require probate, while anything under this figure can probably proceed without a grant of probate.
A lot of cases will depend on how a bank or financial institution views the situation – probate may be required on sums above £5,000, but the threshold can be anywhere between £5,000 and £50,000.
There are some circumstances where probate won’t be required despite the value of the estate being higher than £10,000, such as if the estate is held jointly with another individual, perhaps a spouse or partner, and they are still alive.
The usual barometer is that anything north of £10,000 is likely to require a grant of probate, though.
There are several stages to probate, and the process begins when the loved ones of the deceased officially register the death.
Once this is done (and it must be done within five days of their death), you’ll be issued with a death certificate.
It’s that official certificate that will be used as proof of death with various institutions such as banks, pension providers, and investment brokers so that the funds can be released to the estate.
It’ll also be used with government and local authorities to settle any outstanding tax, council tax, and payments before any more are accrued.
The probate application process flows as follows:
- You must obtain a valuation on the estate by accessing all bank accounts, pensions, investments, assets, and getting an expert to value any properties
- You are then required to complete inheritance tax (IHT) forms
- After this, probate applications will be filed
- Probate fees will be paid
- And finally, IHT will be paid
Obtaining a valuation on their estate involves establishing ALL assets and liabilities in the deceased’s name – this includes any bank accounts, pensions, investments, and anything else that may have value.
The current nil-rate band for IHT is £325,000 and it’s currently taxed at 40% of anything above the £325,000 threshold.
If you think inheritance tax might be an issue, then you should be looking to obtain a written valuation from an estate agent or surveyor.
Probate Solicitors Near Me
The good news is that Probate Solicitors Near Me are here to guide you through the entire probate process…
Because although it can seem complex, having an expert probate solicitor handling the legal obligations can reduce A LOT of the strain on you and your loved ones at a difficult time.
All of our solicitors are hand-selected to be the best at what they do, so you can be assured of a high quality, personal service.
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