Grant of Probate
When somebody dies the Executor has to collect in and administer the deceased person’s estate. In order to get the authority to do this, an application to the probate registry for a grant of probate is required. Once the Grant of Probate is issued then the Executor can collect in and administer the deceased person’s estate. For example, a bank would need to see a grant of probate before any money held by the deceased would be released.
The grant of probate shows a number of things including :-
- The last known address of the deceased
- The Executor who applied for the grant
- The Court where the grant was issued
- The net value of the size of the estate in £
If you need help obtaining probate, call our Probate Solicitors helpline 0844 740 1637
The Probate Process
- There are essentially four stages in obtaining probate, which maybe summarised as follows :-
- assessing the Deceased’s assets and liabilities
- applying for probate to the probate registry and dealing with any inheritance tax matters
- collecting in the assets
- administering the estate according to the terms of the will
Commonly asked probate questions
There are typically four commons asked questions :-
When do I need probate ?
Each estate is always very different and much depends upon the nature of the deceased’s assets and liabilities. Probate is not always required, for example, jointly held assets will not require probate or an estate with assets below £15,000 will often not need probate. The problems arises because the banks and building societies all have differing limits as to when probate is required. So the starting point is simply to ask the bank, or asset holder whether they actually do require probate or not. Similarly probate will not be required if pension policies or life insurance had a nominated beneficiary, or the bank account was in joint names.
When will I definitely need a grant of probate ?
You will always require probate in the following circumstances :-
- To make a legal claim on behalf of an interest
- To sell a property in the name of the deceased
- Large assets typically over £15,000
- to collect or sell shares
- large insurance policies which do not have a nominated beneficiary
How long does probate take ?
Obtaining probate varies considerably, and will be depend upon the following factors :-
- whether the deceased made a will
- the organisation of the deceased assets
- whether inheritance tax is payable
- whether there is a will
- whether there is a property
- the number of beneficiaries
In very straightforward cases probate can be obtained in 5-7 weeks, whilst in most cases we find that probate takes 3-4 months.
How much does probate cost ?
We help people obtain probate on a fixed fee – this is much more straightforward and easier to understand than complicated hourly rate and percentages often charged by banks or other solicitors.
If you want to know the costs of obtaining a grant probate through ourselves we simply ask a few straightforward questions relating to the estate assets and liabilities.