A grant of probate is a legal document that may be needed after someone passes away in order to access bank accounts, sell assets, and settle debts. This document is only called a grant of probate if a will was left behind. If they are not included in a will, a grant of letters of administration acts in their place. Both agreements give a selected person the legal right to administer the estate of the deceased in precisely the same way.
Once probate has been granted, the executor or next of kin can start overseeing the deceased person's assets. If a will was present, UK probate process details how the assets would be distributed. If a person dies without leaving a will, the state determines who is entitled to everything. Refer to Probate without a Will for more details. An application for a grant of probate requires payment of a fee.
And when is a probate required?
When someone passes away in England or Wales and leaves behind significant assets or real estate held in their sole name, probate is usually necessary. If a bank or other financial institution asks a grant of letters of administration also known as a grant of representation, probate will almost certainly be necessary.
In the event of a will, is probate necessary?
Whether or not a will exists, probate may be necessary based on the deceased person's financial situation. The uk probate process is basically the same whether a will is present or not, but some language is used differently. This will depend on the size of the estate and the value of each individual asset. If the estate is small, has no real estate, and less in bank accounts, probate is probably not necessary. This is because some assets and small amounts of money can be managed without going through probate.
Banks and other financial institutions have their own probate procedures, so it's vital to find out if they need a grant of representation. For a list of the most well-known high street banks together with their corresponding probate thresholds, see bank limits for probate. The bank may nonetheless ask for the completion of a Statutory Declaration even in situations when probate is not necessary to guarantee that the right person is receiving the funds.
Any jointly owned assets, including real estate or joint bank accounts, will pass to the surviving co-owner under the terms of the right of survivorship. Usually, the co-owner just needs to submit the death certificate to correctly transfer the asset into their single name.
No comments yet