When it comes to dealing with a death, many of us have already heard of the term “Probate”, but not everyone understands what it means, nor whether it is even needed.
What is a Grant of Probate?
It makes sense to explain first of all what a Grant of Probate is.
A Grant of Probate is a legal document obtained from the court, which gives the Executors the legal right to proceed with estate administration.
The grant allows the executor to deal with the assets in a deceased’s estate, for example to close their bank accounts, to sell their property and pay the debts and expenses incurred in administering the estate.
The grant also proves the validity of the will.
Do you need Probate?
In England and Wales, probate is generally required when a person who died owned property, assets held in trusts, significant assets in their sole name. The probate ensures proper administration and distribution.
When a person dies intestate (without a valid will), probate is necessary to determine how their estate will be distributed according to the Intestacy Rules.
In certain circumstances, such as when there are disputes among beneficiaries, a challenge to the will, or concerns about the executors’ actions or inactions, probate may be necessary to resolve these issues through the probate court.
When isn’t Probate required?
A Grant of Probate may not be required if the assets are jointly owned, as they will automatically pass to the surviving owner. If the estate is low in value, most financial institutions will release funds below £5,000 without a Grant of Probate.
Where property is held as joint tenants (not tenancy in common), it passes automatically to the survivor on the death of one of the tenants. Therefore, no grant is required but a copy of the death certificate should be sent to the Land Registry and they will transfer the property into the sole name of the surviving joint owner.
Life policies written in trust for the benefit of others are payable directly to the named beneficiary, so no grant is required but a copy of the death certificate is required.
Many pension schemes operate so that a lump sum on death in service does not form part of the deceased’s estate, because it is payable at the discretion of the trustees of the scheme. The deceased member may have nominated a person to receive this sum. Only a copy of the death certificate is required to discharge such payments.
Executors (but not administrators) can sell personal chattels before the grant is obtained.
Next steps
Find out more about probate and estate administration
For more details about our range of probate services, please get in touch through the form or download our Probate services brochure.
Meet our probate specialists in Abingdon
We are highly experienced and licensed probate practitioners, licensed by the Institute of Chartered Accountants in England and Wales (ICAEW), a licensing body for probate.
As full members of STEP (Society of Trust and Estate Practitioners) our services include probate activities, will writing, estate planning, applications for grants of probate, the administration of estates and the administration of trusts. We can advise on and minimise tax liability on Inheritance Tax and taxes related to trusts and estates.
We have the experience to ensure that the management of the estate will be handled professionally and sensitively. To find out how we can help you, please fill in the form below to contact one of our probate advisors in Abingdon.
Our probate specialists are based in Abingdon, Oxfordshire, and we have 4 offices across Berkshire, Oxfordshire and Wiltshire, and look after probate, estate, trust and tax clients from all across the UK.
