Do I need to apply for a Grant of Probate?

Do I need to apply for Probate? Well that depends on what kind of assets are in the deceased’s estate; Property, Stocks & Shares, Investments and so on… and their respective probate values.

Some UK banks have increased the amount of funds they will release without having to go to the trouble and expense of getting a of Grant of Probate from the Court, which can take 2-3 months.This is generally good news for the masses, but it doesraise some practical issues as well.

grant-of-probateConsumer groups and the public have campaign for some years now and the result is that some banks are now taking a more pragmatic view. This is helpful but there is no consistency between them for example Lloyds has increased its limit from 25,000 to 50,000, RBS has gone from 15,000 to 25,000 and HSBC has removed its 20,000 limit in favour of assessing each request on a case-by-case basis. Others are reviewing their probate limits too so keep an eye out in the press if you use another bank or building society. What is needed is a standard policy to make the family executors role easier.

What you should be wary about is that, armed with a copy of the Will, death certificate and your proof of identity, an executor can empty the bank account of the deceased and if there is a significant amount of money at stake, this can be done at the disapproval of other appointed executors and family members. The bank is not going to know about any family conflicts so these good intentions could cause further problems.

In my view, which is typical in our legal sector, best advise is to use a professional probate services company, yes this will place a charge against the estate but you will have the confidence that everything will have been dealt with above board and without any liability falling on the lay/family executors. Estate Administration is a far more complicated processthan many people realise and in a lot of cases things get missed which can cause more problems down the line.

website-design-project-probate-consultant-logoIf you would like our help with Probate, or Estate Administration (by its other name) please get in touch as we offer fixed fee quotations at a price below the typical High Street Solicitor. It is worth getting a FREE quote, contact us here.

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