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When is probate required?When is probate required?
A common question, particularly in small estates, is, “When is probate required?” While we can often give an immediate answer, sometimes that’s not easy. Let me explain.
What is probate?
A Will should name the person or people the deceased chose to carry out their wishes – the ‘executors‘. But in most cases, executors must obtain the Probate Registry’s permission before they can begin the process of administering the estate. The document granting that permission is the ‘Grant of Probate‘. As a result, the term ‘probate’ has gained wider use, describing the whole estate administration process.
If somebody dies without a Will – referred to as dying intestate –certain inflexible legal rules (the ‘intestacy rules‘) dictate the allocation of their money, property and possessions. The intestacy rules also state who can apply to administer the estate.
“Jenny was exceptional – very knowledgeable, professional, proactive, kind and empathetic. We couldn’t have wished for more at such a difficult time.”
How long does a Grant of Probate take?
In normal circumstances, the Probate Registry issues a grant within 2 to 4 weeks of the application.
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Do I need probate?
The following factors may mean that a Grant of Probate is not required. But this depends very much on the circumstances of the particular estate:
- All of the ‘real’ property in the estate – house, flat, etc – is owned as beneficial joint tenants. Such property automatically becomes wholly owned by the surviving joint owner.
- The estate comprises only cash (i.e. banknotes and coins) and personal possessions such as furniture, jewellery, a car and miscellaneous effects.
- Bank and building society accounts are joint.
- The amount of money in the estate is small.
- The estate is insolvent, so there is insufficient money to pay all the debts, taxes and expenses.
Note also that certain life insurance policies and pension benefits often pass separately to the estate. But that’s only if the deceased nominated those benefits to a separate trust, usually for the benefit of a spouse or other loved one.