Frequently Asked Questions - Probate
Probate is the process of obtaining the legal right to deal with the estate and affairs of someone who has died. If they left a Will, the Executors can apply for a Grant of Probate, a legal document confirming they have the authority to deal with the deceased person’s assets. If there is no valid Will, a close relative can apply to the probate registry for a Grant of Letters of Administration, so they become administrators of the estate.
Probate assets are anything owned by a deceased person that has no way of passing to a living beneficiary, without a court-supervised Probate process.
Add the value of all of your financial assets together and deduct any bills, mortgages, loans or any other debts owed.
If the deceased leaves assets in their sole name, it is usually necessary for the estate to obtain a Grant of Representation. If there is a Will, Probate confirms it, so it is clear who is entitled to deal with the estate.
The Probate threshold is generally £15,000, but it depends on the limits set by the banks and financial institutions holding the deceased person’s assets. This ranges from £5,000 to £75,000. You normally need Probate if land or property is included, unless it is held in joint names.
You don’t need Probate on the death of the first partner if all the property in the estate is owned as beneficial joint tenants. This will automatically become owned by the other partner. You also don’t need Probate for money matters if you have a joint bank account.
Probate is a time-consuming and complex process which will be made much easier and less stressful by using a Severn Estate Planning professional.
Probate can be an expensive process if you complete it yourself. Using a Severn Estate Planning professional will make it much cheaper.
Probate can be confusing, costly and time-consuming. Guiding you through each step, we can complete all the paperwork to sort out your Probate. When the time comes, we will ensure your Will is followed quickly and accurately — removing stress on loved ones at an emotional time. You can be assured your Probate is completed correctly with our professionals, and at a lower cost than Solicitors charge.
Administrators will be appointed in an order of priority of the relatives entitled to benefit from the Estate. The order is the surviving spouse or partner, children, parents, siblings then more distant relatives.