What Is Probate? Everything you need to know.

Grant of Probate, also just known as Probate, is a legal document required in the UK that gives an Executor of a Will the authority to manage someone’s estate following their death. This allows the executor to handle finances and assets to ensure the estate is correctly handled. This can include:

• Selling assets such as houses & other property.
• Distributing assets to beneficiaries
• Distributing funds to beneficiaries

Applying for a Grant of Probate can be a lengthy and difficult process, especially as you deal with the fallout of a loved one’s death. With recent periods of extreme weather bringing increased attention to heat-related deaths and the importance of planning ahead, more families are finding themselves navigating probate sooner than expected.

Working with a specialist probate solicitor can help ease the administrative burden during an already difficult time, providing expert guidance to ensure your loved one’s estate is managed correctly and efficiently. However, whether you choose to seek professional support or handle the process yourself is entirely up to you.

Does everyone need probate?

The need for a Grant of Probate varies case by case. Probate is just one of the documents an Executor can pursue to obtain authority to deal with finances and estate distribution, and in some cases may not be necessary.

Every bank will have a set limit at which it will distribute funds to the Executor of the Will without a Grant of Probate document. Typically, this ranges between £5000 – £50,000. As the limit varies, it’s worth researching. Unfortunately, many banks do not outright state their probate threshold so you will need to enquire about this with them directly.

Typically, however, most major banks such as Barclays, Lloyds, Halifax, Santander, Nationwide, the Co-operative, TSB, Bank of Scotland, and the Post Office have a limit between £25,000 – £50,000. Digital banks such as Monzo, Starling, Revolut often have a lower limit – reportedly under £25,000.

However, estate size is not the only factor that contributes to probate requirement. If assets are jointly owned then they will automatically pass to the surviving owner, meaning Probate is not required for the distribution of assets.

Regardless, banks and financial institutions will require a form of documentation to authorise a person to handle someone’s finances following their death. This may be via probate but may also be through small estate indemnities policies where assets are below certain thresholds.

In addition, there may be reasons why obtaining a Grant of Probate is important, this is because obtaining Probate then shows you as the executor have proved the Last Will & testament and have been given authority by the Probate Registry to deal with all affairs in the deceased’s name. This can be important particularly where disputes may arise in the estate or the Will is not entirely clear or concise.

It’s important you research which is the right approach. However, if you are unsure, you can speak to a solicitor who can advise you on best option.

What is the process for getting Probate?

It is possible to obtain a Grant of Probate through the Gov.uk site, or through the post. This requires filling in various online forms and understanding the estate value and any other factors which impact the estate or may require it to be reported for IHT purposes.

What are ‘excepted’ estates?

If an estate meets certain requirements, it may also be ‘excepted’ – which changes the paperwork that needs to be submitted:

• Low-value estate: Gross value is below the standard Inheritance Tax threshold (£325,000) or up to £650,000 if using a transferred allowance from a deceased spouse.
• Exempt estate: Total value is under £3 million and everything is left to a surviving UK-domiciled spouse, civil partner, or a qualifying charity.
• Foreign-domiciled estate: The person who died lived permanently outside the UK and their UK-based assets are worth £150,000 or less

There are also numerous other reasons an estate may still be required to be reported to HMRC for tax purposes, this can include but is not limited to:

• Significant gifting during the deceased’s lifetime
• The presence of particular forms of trusts the deceased was entitled to

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So, whilst it initially seems simple, there are many technicalities and rules that may potentially affect how your Probate application proceeds.

Why work with a Solicitor for Probate?

Using a solicitor to handle the Probate process can ensure all aspects are handled professionally and efficient, without you having to worry. A solicitor may also prove beneficial if there are multiple assets to distribute, or any disputes between potential beneficiaries.

At Daniel Woodman & Co, our Bristol-based probate experts provide a full Probate service which includes:

• Obtaining Probate documentation
• Liaising with HM Revenue & Customs (HMRC)
• Managing taxes – including referral to an accountant if required
• Dealing with property, debts, assets, and distributions
• Preparing estate accounts
• Communicating with banks, beneficiaries and financial institutions

We recommend finding a solicitor that specialises in Probate near to you, however we are always taking enquiries and work with clients across the South-West.

What if I don’t need Probate?

If you don’t require Probate, assets and affairs will still need to be handled by an Executor of a Will. Banks and other institutions may refuse to work with you until you can prove you have legal authority to handle these affairs – which means ensuring you have access to the death certificate, and potentially a completed ‘Small Estate’ form.

In the circumstance that Probate isn’t required, a solicitor can still support you to ensure the estate is distributed effectively and reduce complexity of the process.

What if there is no Will?

When someone passes without a Will and therefore no named Executor exists, or there is a Will but an Executor is not appointed or is unable to fulfil the role, then the estate may have to be dealt with under another legal process referred to as the ‘intestacy rules’.

When this happens, someone else needs to step forward to obtain a ‘Letter of Administration’. Similar to obtaining Probate, this process can be convoluted without the right legal support.

Want to know more about Wills & Probate?

At Daniel Woodman & Co, we are specialists when it comes the Probate, Wills, and handling affairs in preparation for or following someone’s death. Our friendly, helpful team of Bristol-based solicitors are here to support you and your family.

Get in touch today, and we’ll support you every step of the way.