When should probate be applied for
When someone passes away personal representatives are appointed either under a Will (executors) or if they die without a Will, by the laws of intestacy (administrators).
The personal representatives are responsible to deal with the assets in the estate and the Probate Registry approve this by issuing a grant of probate.
The question that is often asked though is when should probate be applied for.
These are circumstances that probate is required:
- When the is a property in the sole name of the Deceased
- Money in bank accounts that usually exceed £25,000
- NS&I accounts or premium bonds worth more than £5,000
- Where the Deceased held shares in companies
- Investments portfolios held with financial institutions
If you are unsure if you need probate, it is recommended that you arrange an initial appointment with a probate solicitor to ascertain the next steps. As a personal representative it is your responsibility to administer the estate correctly and apply for probate if needed. If you fail to do this, you could become personally liable.
Welland Valley Legal offer an initial 15 minute call free of charge. Please do not hesitate to get in touch with us.
Probate is the legal process of administering the estate of a deceased person. It is a complex process that involves gathering the assets of the deceased, paying off any debts or liabilities, and distributing the remaining assets to the beneficiaries of the estate. When someone passes away, personal representatives are appointed either under a Will (executors) or if they die without a Will, by the
laws of intestacy (administrators). These personal representatives are responsible for dealing with the assets in the estate, and the Probate Registry approves this by issuing a grant of probate. The question that is often asked is when should probate be applied for. It is important to understand that probate is required in certain circumstances, such as:
1. When there is a property in the sole name of the deceased person. If the deceased person owned a property in their name alone, probate will be required to transfer the property to the beneficiaries of the estate.
2. When there is money in bank accounts that usually exceed £25,000. Banks and other financial institutions will typically freeze the accounts of a deceased person until probate has been granted. This means that the personal representatives will not be able to access the money in the accounts until probate has been granted.
3. When there are NS&I accounts or premium bonds worth more than £5,000. National Savings and Investments (NS&I) accounts and premium bonds are also typically frozen after the death of the account holder until probate has been granted.
4. When the deceased person held shares in companies. If the deceased person held shares in any companies, probate will be required to transfer the shares to the beneficiaries of the estate.
5. When there are investments portfolios held with financial institutions. Like shares, any investments held with financial institutions will also require probate to be transferred to the beneficiaries of the estate.
It is important to note that these are not the only circumstances in which probate is required. There may be other assets or liabilities that require probate to be granted. If you are unsure if you need to apply for probate, it is recommended that you arrange an initial appointment with a probate solicitor to determine the next steps. A probate solicitor can guide you through the process and ensure that you understand your responsibilities as a personal representative.
As a personal representative, it is your responsibility to administer the estate correctly and apply for probate if needed. Failure to do so could result in personal liability. This means that if you fail to apply for probate when it is required, you could be held personally responsible for any losses that occur as a result. It is important to understand that the personal representatives are liable for the debts of the estate, so it is crucial to ensure that probate is applied for as soon as possible so that the estate can be properly administered.
The probate process can be time-consuming and complex, so it is important to seek professional help. At Welland Valley Legal, we offer an initial 15-minute call free of charge. Our probate solicitors have the expertise and experience to guide you through the process, ensuring that you understand your responsibilities and that the estate is administered correctly.
If you are unsure if you need probate, it is recommended that you arrange an initial appointment with a probate solicitor to ascertain the next steps. As a personal representative it is your responsibility to administer the estate correctly and apply for probate if needed. If you fail to do this, you could become personally liable.
Welland Valley Legal offer an initial 15 minute call free of charge. Please do not hesitate to get in touch with us.
To learn about what trusts you may wish to consider putting in your Will, please see our Trust page
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