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This article was published on July 14th, 2023
Probate is the process of proving that a Will is valid and confirming the right of an individual listed as an executor to administer the deceased’s estate. The process can be complicated and time-consuming, and knowing when you need probate is one of the most important questions to start with. In this article, we’ll take a look at when you need probate and how we can help to ensure that the process is as straightforward as possible and that you and your family are supported.
The need to apply for probate is dependent on the financial situation of the deceased and the value of their estate and assets. The threshold for probate can vary on a case-by-case basis depending on the financial organisations involved, and can typically range from £5,000-£50,000.
When the property and assets were held in the sole name of the deceased, you will likely need to apply for probate. There will also be cases where the bank or financial institution of the deceased requests a grant of probate – it can be required for several things, including:
Certain tasks need to be carried out when someone dies, such as ensuring that the property is secure and insured, and there are specific deadlines surrounding payment of inheritance tax. In general, there are no time limits in England and Wales to apply for probate. However, you may not be able to administer the estate until probate is granted and it is key that you consider the best interests of those listed as beneficiaries in the Will.
There are some cases where probate will not be needed, particularly where the value of the estate is less than £5,000. Some of these cases also include situations where the deceased owned their assets jointly, such as with a spouse, which can often automatically pass full ownership to the surviving spouse or owners.
Typically, it is the responsibility of those listed as the executors of the Will to apply for probate, or, where there is not a Will, the closest living relative can apply. However, our team of solicitors are here to help you prepare the documents required for the grant and guide you through the process.
The fees involved in applying for probate depend on the value of the estate at hand. If the estate is valued at less than £5,000 there is no application fee, while if it is valued to be more the application will cost £273, as shown by Gov.UK.
Additional costs, such as those associated with Inheritance Tax, might also depend on the estate’s value and will need to be paid before the grant is applied for and the estate administered.
Here at Thorneycroft Solicitors, we’re here to help you obtain the grant of probate and can provide additional assistance in the administration of the estate. Our specialist solicitors will handle the entire process for you, from registering probate with the financial institutions to the collection and transferring of all assets in the estate. We have broken down the solicitor fees involved with the entire process here for you so that you have full transparency of the costs based on agreed hourly rates.
Here at Thorneycroft Solicitors, we have a specialist team of Wills, Trust and Probate solicitors who are here to help. They have extensive experience in all aspects of probate, estate administration and estate planning, and have a reputation for providing a professional and sympathetic approach. Putting your wishes and best interests first during what can be a difficult time is important to us, so we work hard to ensure that you receive the best advice and support throughout each stage of the estate administration.
For further information about how Thorneycroft Solicitors can help you, get in touch today. Call us on 0800 1979345 or fill out our simple enquiry form.
