WHAT IS PROBATE?
Probate is a general term used to cover three different types of 'Grant of Representation', the most common of which is the Grant of Probate.
Probate is a court order that asset holders (banks, building societies etc.) require before they can release funds in the name of the deceased. Probate will usually be required if the value of the estate is greater than £5,000 after funeral costs.
Probate is required whether there is a will or not.
Do You Need It?
Probate gives one or more persons the legal authority to administer the estate of the deceased and distribute it to the beneficiaries.
It also establishes the validity of the will or that the deceased died without making a will.
The people named on the grant are legally responsible for and ultimately liable for the administration of the estate.
Probate Not Required
You do not normally need Probate if:
The estate is under £5,000 after funeral costs.
The estate has no land, property or shares. If the deceased owned a house you need probate, even if no equity.
All assets were held jointly and pass to a survivor.
Bank accounts have less than £5,000.