Hello, My name is Adrian Chambers and I’m a solicitor with Law for Life.Â Welcome to our web pages relating to Estate Administration.Â If you have suffered the loss of a loved one and need help in administering their estate and in obtaining Probate then we can help.
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DO I NEED A GRANT OF PROBATE?
WHAT IS A GRANT OF PROBATE The phrase “Grant of Probate” is a general term that is often used to describe obtaining a “Grant of Representation”.
Grants of Representation are generally referred to as either Grants of Probate if there is a will or Grants of Letters of Administration if there is no will.
If the value of the Estate exceeds Â£5,000, then it may be necessary to obtain a Grant of Probate or a Grant of Letters of Administration Â from the court. The Grant of Probate or the Grant of Letters of Administration is the legal authority given by the court to enable the deceasedâs Estate to be distributed accordingly.
WHEN WILL A GRANT OF PROBATE BE NEEDED If the value of the net estate is over Â£5,000, excluding jointly owned assets or policies written into trust, then a Grant of Probate will often be needed. However if the value of the estate is less than Â£5,000, excluding jointly owned assets or policies written into trust, then a Grant of Probate may not be necessary.
WHEN WILL A GRANT OF PROBATE NOT BE NEEDED If the value of the estate is less than Â£5,000, excluding jointly owned assets or policies written into trust, then a Grant of Probate may not be necessary.
ESTATES LESS THAN Â£5,000 If the net value of the estate is less than Â£5,000 then the estate can be administered and distributed without the need to apply for a Grant of Probate or a Grant of Letters of Administration from the Probate Courts.
JOINTLY HELD ASSETS Jointly held assets such as joint Bank or Building Society accounts or even jointly held property, will normally automatically pass to the surviving joint owner on death so these assets will be excluded from the deceased’s estate and a Grant of Probate from the Probate Court will not be necessary.
ORGANISATIONS OWN POLICIES AND PROCEDURES Organisations such as Banks and Building Societies, National Savings and Insurance Companies often have their own policies and procedures when dealing with small estates and obtaining Grant of Probate. Small sums of money of up to and in excess of Â£5,000 can often be paid and distributed from various institutions and Grant of Probate won’t be needed. However each organisation has their own rules and procedures and can if they want, insist on a Grant of Probate being obtained from the Probate Court.
CASH JEWELLERY AND PERSONAL BELONGINGS Cash, jewellery and personal effects of modest value can also be distributed without the need for a Grant of Probate so long as all the beneficiaries agree.
ASSETS WRITTEN IN TRUST In addition, sometimes assets are Nominated or Written in Trust to a named beneficiary in which case the asset might be excluded from the estate and payable direct to the named beneficiary. The beneficiary can usually claim the money directly from the organisation without the need to produce a Grant of Probate from the Probate Courts.