Do I need a Grant of Probate?

Usually when a person passes away it is necessary to obtain a Grant of Probate in order to realise the assets within the estate, however there are some situations when a Grant may not be necessary.

Simple Estates

If there is no property to deal with and the estate consists of just cash and personal possessions, a Grant may not be required.

Lower Value Assets

A Grant of Probate is usually not required to release assets up to the value of £5,000.  Quite often banks have their own policy to allow the release amounts as high as £50,000 without a Grant. Information as to the amount a company are willing to release without sight of a Grant can be found in the bereavement information on their website.

Where the deceased held assets jointly with another person.

Assets such as a property held as joint tenants or a bank account in joint names will automatically pass by survivorship to the remaining owners without the need for a Grant.

When a property is owned jointly as tenants in common or is owned in the sole name of the deceased, a Grant of Probate will be required.

Pensions

At the present time pensions fall outside of a person’s estate for inheritance tax and distribution purposes.  Usually a nomination will have been made as to who is to benefit from the pension in the event of death. 

If a nomination has not been made, then a Grant of Probate may be required in order for the pension provider to release the pension to the personal representatives of the estate.

Insolvent Estates

When there are not sufficient assets in an estate to cover debts of the deceased it is often unnecessary to apply for a Grant.

We would recommend seeking advise from a legal professional if you are dealing with an estate and are unsure whether you need to apply for a Grant.