When is probate required in the UK? Do all wills go to probate?

In the UK, probate is typically needed if the worth of the estate of the deceased person exceeds £10,000. However, this requirement might change based on different circumstances and can be understood in full by consulting with a will and probate law firm. To know the answer in detail, please read the blog till the end.

 

What is probate?

Probate is the legal process that is followed to deal with the estate after its owner has died. After going through this process, you will receive a government-approved document that gives you the authority to collect assets and distribute funds to beneficiaries. So, once you get it, you can take this document to banks, the land registry, and other organizations to move the process of asset collection and fund distribution forward.

 

While there is a threshold amount to determine whether you need a probate or not, some cases don’t require probate at all. In England and Wales, the threshold for probate can range anywhere between £5,000 and £50,000. Each bank and financial institution has its own rules on how much money it can release before asking to present a grant of probate.

 

When do I need probate in the UK?

In the UK, banks prefer seeing probate after around 50 percent of deaths. They might ask for it whether or not you have the will. To find out if you need probate, you can follow the below steps:

 

a)     Determine the value of the estate

In cases, where estate worth is less than £10,000, there is no need to apply for probate. It’s because banks are more willing to release smaller funds and assets without requiring probate. However, as the amount gets bigger, the chances of requiring a probate increase significantly. You can also check out with your bank about their probate threshold.

 

b)     Find out if assets are jointly owned

If all the assets in the estate, including property, bank accounts, and savings, are owned jointly, all of them pass to the surviving co-owner automatically. So, you won’t need to apply for probate in this case. To release the assets, all you will need is a death certificate of the deceased co-owner.

 

Do all wills require probate?

No, not all wills require probate. In fact, probate might be required regardless of whether you have the will or not. It depends on the worth value of the estate and if the estate’s assets are jointly owned. Most banks in the UK release funds and assets with a value less than £10,000 without requiring a grant of probate. So, the need for probate varies from one specific case to another.

 

How can I apply for probate in the UK?

If you need to apply for probate in the UK or have any questions regarding wills and probates, the next best step you can take is to book an appointment with Boyletts Law - a reputable will and probate law firm in the UK. It will answer all your queries, help you understand the probate requirement and the process, and take care of everything on your behalf.

 

So, don’t stress yourself too much when you are already in grief. Just let the professional lawyers do the work for you.