Do You Need Probate If There Is a Will
When someone dies leaving a valid will, it is often assumed that probate will automatically be required. However, in England and Wales, the existence of a will does not by itself determine whether probate is necessary. Whether a Grant of Probate is needed will usually depend on the assets within the estate, their value, how they were owned and the requirements of the organisations holding them.
Understanding when probate is required where there is a will can help executors determine what steps they need to take and ensure that the estate is administered correctly.
Initial Telephone Discussion
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What Is Probate
Probate is the legal process associated with administering the estate of someone who has died. Where there is a valid will and a Grant of Probate is required, the executors named in the will usually apply for the grant.
A Grant of Probate provides formal evidence of the executors’ authority to deal with the deceased’s estate. It may be required before certain assets can be collected, transferred or sold. Once the necessary authority has been obtained, the executors can continue administering the estate in accordance with the will and their legal responsibilities.
When Is Probate Required If There Is a Will
Probate may be required where the deceased owned significant assets in their sole name. This can include property, bank accounts, investments and other financial assets.
For example, if the deceased owned a property in their sole name, a Grant of Probate will usually be required before the executors can complete a sale or transfer of that property. Banks, building societies and investment providers may also require a grant before releasing funds held in the deceased’s sole name.
Different financial organisations can have their own requirements and thresholds for releasing money without probate. There is therefore no single estate value at which probate is automatically required in every case. Executors should contact each organisation holding assets to establish what documentation is required.
When Might Probate Not Be Required
A Grant of Probate may not be necessary where the estate is relatively straightforward or where assets pass to another person automatically.
For example, property owned as joint tenants will normally pass to the surviving joint owner by the right of survivorship. Similarly, money held in a joint bank account may usually pass to the surviving account holder without a Grant of Probate being required for that particular asset.
Probate may also be unnecessary where the deceased held only a relatively small amount of money in their sole name and the relevant financial institutions are prepared to release the funds without a grant. Whether this is possible will depend on the individual organisation’s requirements.
It is important to consider each asset separately, as probate may be unnecessary for some parts of an estate but required to deal with others.
Does Having a Will Make Probate Easier
A valid will can make the administration of an estate more straightforward because it usually identifies who should act as executors and explains how the deceased wanted their estate to be distributed.
However, having a will does not remove the need for probate where a Grant of Probate is required to deal with particular assets. The executors will still need to identify and value the estate, deal with any inheritance tax requirements, settle appropriate debts and liabilities and distribute the estate to the beneficiaries in accordance with the will.
The will therefore provides instructions for how the estate should be administered, while the Grant of Probate may provide the formal authority needed to deal with certain assets.
What Happens If Probate Is Required
If probate is required, the executors will usually need to establish the value of the deceased’s estate and complete any necessary inheritance tax requirements before or as part of the probate process. This involves identifying the deceased’s assets and liabilities and obtaining appropriate valuations where necessary.
An application can then be made for the Grant of Probate. Once the grant has been issued, the executors can use it to demonstrate their authority to organisations holding estate assets. They can then collect or transfer assets, settle the deceased’s outstanding liabilities and distribute the remaining estate to the beneficiaries in accordance with the will.
The time required to administer the estate will depend on its circumstances, and obtaining the grant is only one part of the overall estate administration process.
The Importance of Legal Advice
Determining whether probate is required can sometimes be straightforward, but difficulties may arise where an estate contains property, significant investments, jointly owned assets or more complex financial arrangements. Executors also have legal responsibilities when administering an estate and should ensure that assets, debts, tax matters and distributions are dealt with correctly.
A solicitor can review the circumstances of the estate, advise whether a Grant of Probate is required and assist with the probate application and administration process. Advice may be particularly useful where there is uncertainty about the ownership of assets, the terms of the will or the responsibilities of the executors.
Professional advice can also help reduce the risk of delays, disputes or mistakes when dealing with the estate.
How To Get In Contact
If someone has died leaving a will and you are unsure whether probate is required, our experienced team can provide clear and practical guidance tailored to the circumstances of the estate.
To get in touch, call us on 0333 0579048 or email hello@fmtsolicitors.co.uk. We advise clients across England and Wales and are here to support you during this difficult time.