How do you know when you don’t need probate? How much money does there have to be in the estate before probate is required?
So much of the system is centred around the administration of an estate that involves a grant of probate that when it’s not required, it might not seem straightforward.
Dealing with the emotional toll of the death of a loved one is incredibly difficult, and when the pressure of handling their affairs is piled on top of that, it can be hard for families to cope.
So, if you’re not sure whether you need probate or not, or what to do when no grant of probate is required, then let us help you.
To be connected to a specialist solicitor near to where you live, please either call us now on 0845 1391399 or complete a Free Online Enquiry.
How Much Money Before Probate Is Required?
The rules on probate currently state that any estate with a total value of £10,000 or more requires a grant of probate.
So, that means that ANY estate that has a total value of under £10,000 will NOT require a grant of probate. If this applies to you, you probably don’t need probate.
Now, you should be aware that assets to include in the estimated value of the estate include:
- Bank accounts
- Property
- Savings
- Pensions
- Investments
- Jewellery
- Vehicles
- Memorabilia
This isn’t a complete list, but it gives you an idea of just what you’ll need to establish the value of before working out whether you’ll need probate or not.
You’ll also need to contact HMRC regarding any outstanding tax, lenders regarding any loans, local authorities about council tax, and the Department for Work and Pensions.
Getting a valuation on the deceased’s estate will involve establishing all of their assets and liabilities, as well as locating all accounts in their name.
If you think the value of the estate may be more than £10,000, then you should seek legal advice as soon as possible to ensure everything is completed to the requisite legal standard.
BUT it’s not the value of the estate that determines whether probate is required…
Because if an estate is jointly owned with another person who is alive, then probate won’t be required.
For example, if a property is owned by two partners and one dies, and they leave their half of the property to them, this will be factored into the situation.
If you believe probate may be required, then inheritance might also become a factor.
The nil-rate band for inheritance is £325,000. Inheritance tax is currently taxed at 40% of anything above the £325,000 threshold.
Get In Touch With Probate Solicitors Near Me Today
The good news is that Probate Solicitors Near Me are here to guide you through the entire probate process.
We know that when it comes to probate, you want and need to be able to see the probate solicitor that you are working with.
Probate solicitors near me ensure this happens.
Not only that, but as all of our solicitors are hand-selected to be the best at what they do, you can be assured of a high quality, personal service, near to where you live.
All you need to do is provide us with a few contact details and the type of help with probate that you are looking for and we connect you with a probate solicitor near you.
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