Do I need probate:
Do I need probate for small holdings with insurance companies, banks etc? A grant may not be needed where:
- the person who died left less than £5,000.
- They owned everything jointly with someone else and everything passes to the surviving joint owner.
- The value of the estate is well below the Inheritance Tax limit and the banks etc which hold funds are willing to release them without insisting on seeing a grant of probate. Sometimes they will release assets on production of the Last Will, a death certificate and proof of your identity as next of kin or beneficiary. But they are under no obligation to do so, no matter how small the amount they help for the deceased.
Do I need Probate?
To establish whether the assets can be obtained without a grant, the executor or administrator would need to write to each institution informing them of the death and enclosing a photocopy of the death certificate (and Will if there is one). Each will have different requirements before they will release funds.
The general rule of thumb is that probate tends to be required when a bank account holds more than £5,000. However, banks and others set their own rules as to what they will release without a grant of probate and what proof of entitlement they require.
As soon as one class of asset requires probate, all assets have to be included, even if they are released prior to probate being granted.
Such as a house, flat, bungalow. Static caravans are normally considered as “chattels.” They are treated as general household goods. Property owned in the sole name of the deceased or under tenancy in common will require probate. Property owned as tenants in common (shares) will always require probate.
National Savings will release up to £15,000 without a grant of probate.*
Stocks and Shares will always require probate.
A grant of probate is usually needed where investments are held.
*Subject to satisfactory proof of entitlement.