Most people only need to consider the concept of probate when they have lost a loved one. As a result, they do not know when probate is required or understand what it entails, and dealing with the assets of the person who has died can be confusing and overwhelming at an already stressful and emotionally charged time. Whilst a Grant of Probate is often required before an Estate can be distributed, this is not always the case. So, what is probate and when is probate required?

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What Is Probate?

Probate is the legal term given to the process by which a deceased person’s Estate is distributed in accordance with their wishes as described in their Will. Those tasked with administering the Estate are known as ‘executors’. It is an executor’s job to settle any debts and liabilities left behind by the deceased and distribute the remaining assets among the beneficiaries named by the deceased.

When Is Probate Required?

The Will itself bestows the power to deal with the Estate on the executors. However, save in very limited circumstances, they must seek the Court’s permission to undertake their duties. The Court grants permission by issuing a Grant of Probate. Failing to obtain a Grant of Probate when required can lead to complications and delays in the administration of the Estate.

Probate is always required in the following situations:

• When the Estate contains property that the executors need to deal with. If, for example, you need to sell your loved one’s house, you will need to obtain a Grant of Probate before you can do so.
• You need to ask the Court for an Order. The Court will not make any Orders without a Grant of Probate.
• You need access to funds held in a bank or building society. Most financial institutions expect to see a Grant of Probate before they will agree to release funds exceeding a certain amount, which they are at liberty to set themselves.

Probate May Not Be Required In The Following Situations:

• The money held in bank or building society accounts is especially small.
• The deceased person owned their property jointly, such as with a spouse, since ownership automatically passes to the surviving owner.
• The deceased person’s bank accounts are jointly owned with someone else, such as their spouse.
• The assets are solely cash (unless held in bank or building society accounts) and personal belongings like furniture and cars.

When Is Probate Required To Access Funds In A Bank Or Building Society?

There is no hard and fast rule governing when a bank or building society will insist on seeing a Grant of Probate before releasing funds. Generally speaking, most will allow executors to access funds under £5,000 without a Grant of Probate, but limits can vary significantly. You should contact the bank or building society in question to establish what their policy is.

How Can We Help?

If you have been tasked with administering the Estate of your loved one, our expert probate solicitors are on hand to help. Estate administration necessitates a significant amount of preparatory work before you can apply for the Grant of Probate, including working out the inheritance tax liability and valuing the assets. Furthermore, submitting a complete and accurate probate application is essential to avoid delays.

Executors are subject to numerous far-reaching legal obligations, some of which can be particularly arduous. Crucially, if an executor makes any mistakes when carrying out their duties, they can be held personally liable to repay any losses the Estate incurs as a result. Accordingly, many executors seek legal support to ensure they act in accordance with their loved one’s wishes and fulfil their legal duties.

We can provide as much or as little assistance as you require, be it supporting you through the entire probate process or helping you with a discrete issue, such as applying for the Grant of Probate or preparing the inheritance tax account. We provide first-class legal advice with a personal touch and will always be on hand to answer any queries or deal with any concerns you have. We frequently receive testimonials from valued clients noting our ‘professional and efficient administration’ of complex Estates, and our solicitors’ ‘reassuring’ and ‘approachable’ manner.

Exceptional client care is at the heart of everything we do, and we strive to provide the very best legal support and guidance at highly competitive rates. we are committed to transparency in how we charge, and we will explain our charges at the outset of your matter and will keep you updated on fees with regular quotes, updates and breakdowns.

Reach out to Birch & Co’s specialist and supportive team today. Call us on 0191 284 5030 or complete a Free Online Enquiry now to get a bespoke fixed price estimate.

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