When is probate needed?

If the deceased leaves assets worth £5,000 or more in their sole name, it is almost always necessary to go through probate.

Different processes are involved, depending on whether or not there is a Will:

• A Grant of Probate is required for those with a Will.
• Letters of Administration (sometimes referred to as a Grant of Representation) are required for those without a Will.

Assets worth £5,000 or more

If the deceased leaves total assets worth £5,000 or more in their sole name, it is almost always necessary to go through probate.

These assets may include:

• Cash
• Stocks and shares
• Certain insurance policies
• Property
• Land held in their own name or as ‘tenants in common’

If the deceased’s estate is worth less than £5,000 there is usually no need to go through probate. And if they owned everything jointly with someone else, then everything passes automatically to the surviving joint owner.

Estates worth less than £5,000

If the estate is worth less than £5,000 you still may need to go through probate if:

• The bank or building society still insists on seeing a Grant of Probate.
• Insurance policies are involved which need to be paid to the estate rather than direct to a beneficiary.
• The person has given away any substantial assets in the last seven years - in which case, Inheritance Tax may be due.