A comprehensive overview of what a grant of probate involves, its legal significance and when it may be required
What is a Grant of Probate?
A Grant of Probate is a document which confirms the legal authority of someone, the personal representatives, to deal with the possessions, property and money of the deceased (their estate).
Named executors under the will are the personal representatives where there was a valid will. Administrators, the closest living relative, are appointed as personal representatives where the deceased passed away intestate.
Please note: where Inheritance Tax is due on the estate, it must be paid prior to applying for Probate.
When is a Grant of Probate required?
Probate is required where there are assets to administer such a investments, property and substantial bank accounts. Organisations may require a Grant to release money in accounts over a certain value, the value will vary depending upon the bank or investment scheme. Where the deceased owned a property or land in their sole name, or as tenants in common a Grant will be required to deal with it. These are some examples of where a Grant of Probate may be required.
It is unlikely that a Grant of Probate will be necessary where the estate is of minimal value; property or land was owned as joint tenants or where shares and savings were owned jointly.
If you are a personal representative for an estate and are unsure it is wise to pursue legal advice for fact-specific information.
You may also find the following article helpful:
Probate Fees
As of May 2024, the new probate fee for applicable estates will increase from £273 to £300. However, estates with a value less than £5,000 will be exempt from this fee.
If you are an executor or administrator overseeing probate and estates and require guidance, feel free to reach out to us on 01308 422313 or alternatively you can arrange an appointment via our contact page.
Nantes Solicitors offer Administration of Estate services, as well as Grant of Probate only services, please see Probate Prices and Fees for more information.
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