Why Probate
When someone dies and the total value of their assets exceeds £5000 the estate must undergo the Probate process and pass through the Probate Court. This is true even if the person who has died has not left a valid Will.
Obtaining probate is designed to ensure the deceased estate is dealt with correctly. The probate process ensures that all debts and liability are paid in the correct order, that any inheritance tax is paid and that the correct beneficiaries end up getting what they are due from the estate.
Probate for Estates under £5,000
If the total value of all assets owned solely by the deceased are under £5000 then Probate is not normally required. Any jointly held items such as bank accounts and property owned jointly are not included
as they Will pass to the survivor.
Probate for Estates over £5,000
If the deceased assets in their sole name are worth more than £5000 Probate is normally required. As before jointly help assets are passed via survivorship.
Some financial institutes will release funds of up to about £15,000 upon completion of a “Small Estates Indemnity Form”.
In the majority of cases financial institutes require the next of kin or, if there is a Will. the Executors, to obtaining a Grant Of Probate before they will release the funds. Where there is no will a grant of administration will have to be sought prior to a Grant Of Probate.
Probate Fees can be large and often are open ended with a percentage fee based on the value of the estate and an hourly charge being levied. If you would prefer to know exactly what you will pay for obtaining probate up front please seek a fixed fee low cost probate quote by telephoning 0845 3700 240.
This Probate Quote is free and without obligation