When Is Probate Required?

Squiggle Support Team

Last Update 2 months ago


INTRODUCTION


When somebody dies in England and Wales, it is sometimes necessary to apply for probate.


If you're not already familiar with the probate process or haven't yet looked at some of our other answers in this FAQ, here's a quick recap:


  • Probate is the term used to describe the legal and financial processes involved in dealing with a deceased person's assets (money, property, and other possessions).
  • A grant of probate is a legal document granting the executor of a Will permission to manage and distribute the assets left by the deceased.
  • Probate cannot be granted until any Inheritance Tax (IHT) has been paid.
  • It's the process that proves that a Will (if there's one in place) is valid.
  • It confirms the individuals with legal authority to administer the deceased individual's estate.
  • Probate involves applying to the probate registry for a Letter of Registration.


A requirement for probate varies depending on circumstances and asset holders' requirements.


In addition, the guidelines outlining when probate is required are a bit blurry. For example, some financial institutions may actually release funds or assets without requiring a grant of probate, and it all really depends on the scenario.


This article provides some quick guidelines on when probate is necessary and explores situations where probate may not be required or dependent on the circumstances.




WHEN PROBATE IS USUALLY REQUIRED


  • Probate is usually required in England or Wales when the deceased individual owned assets in their sole name and has money held in bank accounts.
  • If any financial institution such as a bank has requested a grant of probate or grant of letter of administration, then probate is required.
  • If you've received no such request from a financial institution, it is still generally advisable to find out which financial institutions the deceased individual used as a first rule-of-thumb to decide whether probate might still be required.
  • If there is a house in the deceased individual's name, then probate is required to give the executors of the will the authority to sign the contract and sell the property to the new buyers.
  • If there’s an investment bond within the assets again they may insist on probate being obtained before the bond can be sold or transferred.




WHEN PROBATE IS NOT REQUIRED


  • If the deceased individual held a bank account holding only a small amount of funds, then probate may not be required, even though there is a Will in place.
  • If the assets include joint bank accounts with the spouse – and then one individual account the bank/building society may insist on probate before they will close the account.




WHEN IT DEPENDS


  • When a home is jointly owned as beneficial joint tenants and one owner dies, the surviving partner automatically inherits the deceased partner's share without needing probate or letters of administration. However, if other assets are not jointly owned, probate or administration may still be required for those.
  • HOWEVER, if the partners are tenants in common, the surviving partner does not automatically inherit the partner's share. Probate or letters of administration will be required so the personal representative can pass it to whoever will inherit the share of the property as outlined in the Will or the rules of intestacy.


If you're still not sure about whether you should apply for probate and you wish to gain a better understanding of the process, we invite you to take a look at some of our other questions at the bottom of this section. Alternatively, please get in contact via the details below.




Need to know more?

Book a callback and we'd be happy to arrange a no-cost, no-obligation discussion with you to lay out the different options available to you.


Alternatively, call us on 01233 659 796.


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