How much should the estate be worth before I need probate?
What is probate?
Probate is the name given to the legal and financial processing of a deceased person’s assets. There are two names for the granting of the probate process. A grant of probate is only called so if a person has left a will. If they didn’t leave a will, a grant of letters of administration will be used.
Do I need probate?
There are 4 main reasons why probate is needed:
Where there is no will
Where there are problems with a will
Where there are no beneficiaries
Where it’s needed to carry out the will’s wishes
You’ll need to find out how much the deceased person’s estate is worth before determining whether you need probate. Probate is not needed for a small estate. If there’s no property in the will and less than £5,000 in the bank, probate isn’t necessary.
What if there is joint assets?
Probate is not usually needed for joint assets. When a co-owner of joint assets passes away, the assets will automatically go to the surviving co-owner. There is still a process to go through, like providing a death certificate, but probate won’t be needed.
However, if two people owned a property as tenants in common, the deceased person’s share of the property will not automatically go to the survivor, but will pass to the person who is legally named to inherit it on the will.
Who applies for probate?
Probate officially refers to getting permission to carry out the wishes in someone’s will, and settling their estate. The executor of the will is the person in charge of probate, and getting the grant to manage the process.
If probate is needed, it’s often recommended to have a solicitor carry out the application process for you. While you can do it yourself, it can be difficult. It’s time-consuming, the work is complex, and you could be held financially liable if any mistakes are made.
Appointing a professional probate solicitor could be essential if the estate of the deceased is a complicated one.
What does probate involve?
The process involves settling a person’s estate, meaning distributing assets to beneficiaries. This includes notifying banks and building societies, and certain government departments (e.g. the council) of the person’s death.
Settling debts and accounts is also part of the process, as well as paying off any inheritance tax that may be owed, before you’re able to distribute the assets as per the will’s instructions.
It can be a long and gruelling process, as well as very specific, which is why many people choose to seek legal advice and hire a professional.
If you still have questions about what probate means, and you’re unsure if you need it, contact us for more information. Our probate lawyers are here to help.