Do I really need a Grant of Probate?
If you are preparing to wind up the estate of a loved one, you may not need to apply for a Grant of Probate (or Letters of Administration) during the course of winding up their affairs.
It is a common misconception that when dealing with an administration of an estate, the Executors or Administrators will have to obtain a ‘Grant’. The Grant is required in order for Executors to access the deceased’s assets in order to quantify and ultimately distribute them; and the same applies to property. However, there are certain circumstances where there is simply no need to obtain this:
Where property is owned jointly, as joint tenants,
Where other assets are owned jointly,
Where the estate is a simple estate and does not exceed the Inheritance Tax threshold,
Where the total value of bank accounts does not exceed £5,000*,
Where the estate is insolvent.
It is important to note that there may be some parts of the estate that will require a Grant and parts that will not. The moment any asset requires a Grant, it must be obtained with respect to the entire estate, even if some assets have been released prior to attaining the Grant.
If you are unsure whether or not you need to obtain a Grant of Probate or Letters of Administration, or if you more information about Wills and Estates, contact us today via email or LinkedIn.
* Some banks and building societies have their own limits where they will be prepared to release funds without need for a Grant.
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