A Grant of Probate is a document that gives a person or persons the authority to administer the estate of a deceased person. Obtaining this grant can be a complicated process However, a grant of
Probate is not always required and it will depend upon the types of assets, ownership of the assets and the value.
The following assets may not require a Grant of Probate:-
Some bank accounts, cash and personal possessions, such as a car, jewellery or a collection of keepsakes. These assets can be distributed as per the will or intestacy. All banks have their own rules as to whether they will require a Grant of Probate to close the account and this will depend on the amount in the account and the number of accounts
A property held as tenants in common – if any assets in the estate are owned with another person as joint tenants then no Probate is required. Property held as joint tenants passes automatically to the surviving person. In this case a death certificate needs to be lodged with the appropriate body so that the asset is transferred solely into the name of the survivor.
If you discover that the estate is insolvent, then probate is not always required. This means there are not enough assets in the estate to pay off all outstanding debts.
Certain life insurance policies and lump sums from pensions if the deceased has nominated beneficiaries of the payment with the policy provider
To collect in some assets, you may be required to sign an indemnity . This is a legal guarantee to the company that you are entitled to collect in and distribute the money and that you will be liable for any later claims in relation to the money You may consider it appropriate to obtain legal advice to ensure you are acting correctly.
The Probate Solicitor are happy to discuss the implications of all actions with regards to probate, including advice on when Probate is or isn’t necessary. So contact us today and we can advise on all your probate needs.
