Grant of Probate…what to consider

There is a common misunderstanding that, if someone has a Will, Probate is not required.

A Grant of Probate may be required however, irrespective of whether a Will exists, if there are assets in an estate linked to the stock market and/or a property in the name of the person who has passed away. Individual banks tend to have their own procedures, or limits, as to when a Grant of Probate would be required to access the funds within an account.

In addition, pensions and insurance policies may require a Grant of Probate but many simply release the proceeds in accordance with beneficiary nominations made previously.

Before a Grant of Probate can be obtained, it is important therefore to check the different types of assets a person may have had and whether there are other account holders named.

There are also Inheritance Tax exemptions and concessions to take into account when considering whether a Grant of Probate is required.

If you are an executor in a Will, and need guidance on your role, we would be pleased to speak with you to discuss the responsibilities, and routes, that you ought to follow when considering Probate procedures.

We have fixed fee services alongside our variable fee structure to assist executors when considering what advice and assistance to follow.

Please contact 01606 74301 to speak with solicitors Rob Gore or Melissa Hamilton in our Probate Department.