Before we look at when a Grant of Probate is not required, let’s look at an explanation
What is Grant of Probate?
Grant of Probate is a court order which gives an individual or individuals the legal authority to administer someone’s estate when they’ve passed away.
A Grant of Probate also permits the named individual(s) to distribute the assets in the estate according to the wishes of the deceased as outlined in their will (assuming they have a valid one in place).
When you are a named executor for someone’s estate, you may not always have to apply for Grant of Probate as there are a number of circumstances where it isn’t always necessary, including those given below by The Co-operative Legal Services.
- When the estate is of low value
A Grant of Probate is not generally required if the deceased held assets typically worth less than £5,000 with financial institutions, although some banks and other financial institutions may have a higher threshold before they require evidence of the Grant of Probate before releasing the funds. It’s worth finding out exactly what they require before applying for a Grant of Probate as it might not be necessary.
It is important to note though that this £5,000 limit does not include land, property and most shares. So if the deceased held any of these assets in their sole name, a Grant of Probate will generally be required to deal with these assets.
- When all assets are jointly owned
If someone passes away and all their assets such as property, bank accounts etc are held in joint names with their spouse, partner or family member, The Co-operative Legal Services advise a Grant of Probate won’t be required.
This is because all jointly held assets are automatically passed to the surviving joint owner on death. This is known as passing by survivorship.
Author Bio:
The Co-operative Legal Services can provide you with tailored legal advice on whether or not a Grant of Probate is required in your situation and if so, assist with the probate process.
Contact:
Dave Smith
PR Manager Corporate
0161 827 5614
Manchester
United Kingdom
dave.smith@co-operative.coop
