Probate is Normal
Whether a Will is left or not, normally all estates over £5,000 have to pass through the Probate Courts. This is to officially recognise the validity of the Will, ensure the correct people are appointment to administer the estate and identify and collect any Inheritance Tax. The rules relating to the process is specified by the Administration of Estates Act 1925. It also helps to ensure the estate is dealt with properly and passes to the correct beneficiaries as determined by the Will, or by the rules of Intestacy if there is no Will.
For Estates under £5,000
If the assets in the sole name of the deceased are under this amount then Probate is not normally required. Joint assets such as bank accounts and property are not included as they will pass automatically to the survivor. All you need do in inform those concerned and provide them with a death certificate. If there is a Will, you must retain this together with a copy of the original death certificate in safe storage, because if you ever wish to sell your property you will probably need these documents.
For Estates over £5,000
If the assets in the sole name of the deceased are over this amount then Probate is normally required. Some Banks and Building Societies will release funds of up to £15,000 upon completion of a “Small Estates Indemnity Form”. However, most will insist on the next of kin or, if there is a Will. the Executors, obtaining a Grant of Probate before they will release the funds. Professional Probate Services has been dealing with Wills and Probate for many years in all parts of the Country and provides a complete probate service.
For an answer to your query please telephone 0800 587 3409 pressing 2 for probate or fill in our simple form.