DO YOU NEED PROBATE
We can advise you if probate is required for any estate by contacting our office and speaking directly to one of our administrators free of charge.
When someone passes away, part of the process for obtaining probate is applying to the relevant institutions in order to release any estate monies held in bank accounts, ISAs, shares, pensions, bonds, life insurances etc. These institutions will then confirm if they are prepared to release the asset without requiring a Grant of Representation (either a Grant of Probate or a Grant of Letters of Administration).
Each institution has a threshold above which they will normally require a grant. However, some institutions may request a grant to release any asset regardless of value. If the total asset value held by one institution is less than approximately £10,000 at the date of death, the institution may release the asset without a grant.
If the total asset value in the deceased’s sole name (in a bank etc) is typically in excess of £10,000, the holding institution will normally require a grant to be obtained before releasing the asset.
The Land Registry may require a grant to sell or transfer a property according to how it is owned:
- Sole name - a grant is required
- Beneficial Joint Tenants - a grant is not required
- Tenants in Common - a grant is required
If a grant is required for any asset, it is generally used to release all assets.