How Much Money Could Be Involved Before Probate is Needed?
In normal circumstances, up to £10,000 to £15,000 can be in the bank before Probate is needed, but not always. Each bank or financial institution has its own thresholds for releasing funds without a Grant of Probate.
Based on this, the bank might request a Grant of Probate before closing the bank accounts of someone who’s died. If it’s under £5,000 with no property involved, a Grant of Probate usually won’t be needed.
What is a Grant of Probate?
A Grant of Probate is a legal document that enables you to deal with someone’s estate after they die. You can apply for a Grant of Probate if the person who died left a valid Will. If there is no will you need to apply for a Grant of Letters of Administration.
Each bank will value the estate in a different way. Some banks might include the overall value of the Estate (including their property and belongings) while others will just consider the money in the bank.
With multiple bank accounts, you will need to add up the total to see if it falls below the threshold.
Bank Limits for Probate
Thresholds for Probate can range from £5,000 to £50,000 dependent on your bank.
However, there can be exceptions, even if an estate’s value falls below the threshold, for example, if it’s a complex estate, banks may still request a Grant of Probate.
How do I Apply for a Grant of Probate?
Apply for Probate can be quite complex. First, you need to identify whether a Will was left behind, which will guide you as to what you need to apply for.
It can take anywhere between 4 to 8 weeks for the Probate Registry to issue with a Grant of Representation.
The Probate application is just one part of what can be a complex and time-consuming process of Probate. Dealing with banks can be tricky, particular at a time of sorrow for you.
Complete Estate Protection are experts in carrying out an efficient application for Grant of Probate, taking the hassle and time away from you. Please learn more about our services here.
Alternatively, please contact us via email on email@example.com or call 01642 493101.