Is Probate Always Needed

We are often asked about when it is necessary to apply for probate, particularly where the estate is small with assets of less than £20,000.

If you are an executor, you will be responsible for collecting in all monies, paying any debts and distributing any legacies to family, friends or charities.

Before you can do this, in most cases you would need to apply to the Probate Registry for a 'grant'.

Evidence of the grant of probate may be required by some financial institutions before they will release any money, so you will need to check with each bank or building society about their policies for the relevant accounts.

If the deceased person owned stocks or shares and has any insurance policies, then you will also need the grant in order to release these monies. For any estate that includes any property or land, then probate is essential before any of it can be sold or transferred.

As a rule of thumb, estates over £15,000 usually require probate. However, where there are a variety of investments, even a small estate can be relatively complex to administer.

Since the recession, there has been significant growth in the number of disputes regarding inheritance and it is important to ensure that such complex financial affairs are handled by an experienced professional.

We would recommend that you seek advice from a solicitor who is experienced in handling probate. Ware & Kay have a team of experienced solicitors who can advise and assist you through this process.

Published: September 2011

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For further advice on probate issues, making your will or tax planning, please contact a member of our probate and wills team.