Probate is required when:
- There is property either held in the sole name of the Deceased or jointly with another as Tenants in Common;
- There are assets above £20,000 or more – different financial institutions have different thresholds before they require a Grant of Probate. You will need to make enquiries with each financial institution to find out their requirements;
- The deceased had an interest in a Trust during their lifetime;
- The deceased held stocks and shares in their sole name;
Probate is not usually required when:
- The assets are below £20,000;
- The assets were held jointly with another. If bank or building society accounts are held with another – a spouse or civil partner – this automatically passes to them by survivorship;
- Property is held jointly with another as Joint Tenants – again this automatically passes to the surviving owner;
What is the next step?
At Macks we can explain Probate and what it means to you either as a Personal Representative or a Beneficiary, what you need to do and what choices you have in administering the estate.
We strongly recommend a face-to-face meeting with one of our Specialist Solicitors who will be able to explain things in greater detail and advise you on what to do next. The initial meeting will be free of charge and will explain the assistance we can provide to administer the estate as effectively and efficiently as possible.