Do I Need Probate? Why is a grant necessary?
Typically probate is required when assets exceed £5,000 in value. The reason for this is that banks or building societies need to know who to pay the monies to. The legal document recognised by all financial institutions is a grant of probate or grant of representation.
We frequently receive lots of questions asking why the will isn’t the will sufficient to release funds ? the reason for this is that the will needs to be admitted to probate before probate can be issued.
Examples of when probate is required :-
- To release monies in a bank account
- To release the payment of a life insurance policy or a death in service benefit
- To sell a property owned by the deceased
- Sale of shares owned by a deceased
Is a grant always needed?
Probate is not required in every case as sometimes banks do release funds often under £15,000 on production of a death certificate and a copy of the will.
- Cases when probate is not required will be when assets are held jointly such a property or bank When probate will not be needed :-
- Jointly owned assets automatically pass to the survivor eg. Joint bank account
- Joint owned property known as a joint Tenancy
- If the assets are under £5,000 in value.
NB: Disclaimer & Policies
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