DO I NEED PROBATE?
If the net value of a deceaseds estate is over £5,000, excluding jointly owned assets or policies written into trust, then it will usually be necessary to apply for and obtain a Grant of Probate. If you need help in applying for a Grant of Probate then call us for a free no obligation chat.
WHEN WILL A GRANT OF PROBATE NOT BE NEEDED?
If the value of a deceased persons estate is less than £5,000, excluding jointly owned assets or policies written into trust, then a Grant of Probate may not be necessary. The estate can then be collected in and distributed as a “Small Estate” without the need to apply for a Grant of Probate (Will) or a Grant of Letters of Administration (No Will) from the courts.
JOINTLY HELD ASSETS
Jointly held assets such as joint Bank or Building Society accounts or even jointly held land and property, will normally automatically pass to the surviving joint owner on death so these assets will be excluded from the deceased’s estate and obtaining a Grant of Probate from the Probate Court will not normally be necessary.
ORGANISATIONS OWN POLICIES AND PROCEDURES
Various organisations such as Banks and Building Societies, National Savings and Insurance Companies will often have their own policies and procedures when dealing with small estates and obtaining Grant of Probate. Small sums of money of up to and in excess of £5,000 can often be paid and distributed from various institutions and Grant of Probate may not need to be produced. However each organisation has their own rules and procedures and can if they want, insist on a Grant of Probate being obtained from the Probate Court.
CASH JEWELLERY AND PERSONAL BELONGINGS
Cash, jewellery and personal effects of modest value can also be distributed without the need for a Grant of Probate so long as all the beneficiaries agree.
ASSETS PENSIONS AN INSURANCE POLICIES WRITTEN IN TRUST
In addition, sometimes assets such as pensions, insurance policies can be Nominated or Written in Trust to a named beneficiary in which case that asset might be excluded from the estate and payable direct to the named beneficiary. The beneficiary can usually claim the money directly from the organisation without the need to produce a Grant of Probate from the Probate Courts.
WHY USE US?
See the great reasons why you should choose us:
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