Grant of Probate
When someone dies, a legal document must be obtained which provides an Executor with the authority to collect in and deal with a Deceased person's assets. This document is called a grant of probate and is issued by the Probate Registry.
When Do You Need Probate ?
Typically, probate will be required if the Deceased left assets above £15,000. The most common reasons why you might need probate are as follows :-
- To release funds in a bank account. Most banks will always request probate if the funds to be released exceed £15,000
- To sell a property owned by the Deceased
- To sell shares owned by a Deceased
- To claim insurance monies under a life policy or pension
- To claim care home fees or to bring a claim in the name of the Deceased eg for PPI
Call Us Now On 0845 9011 686 For a Fixed Fee Probate Quote
Applying for Probate
The Executor or Administrator ( if there is no will ) makes the application for probate to the Probate Registry. We help clients across the Country apply for probate and we typically find that the most common questions asked when applying for probate are as follows :-
How long does probate take ?
Times vary depending upon the size of the estate and the assets to be collected. In a very straightforward case, we can obtain probate quickly, eg. within 3-5 weeks, however most estates take on average approximately 8-12 weeks
How much does probate cost ?
We operate a fixed fee policy for obtaining probate. No Hourly rates or Percentages that most banks or Solicitors charge. In very straightforward cases our costs will be £500 plus vat and Court fees of £150. We calculate our fee based on the likely amount of work involved and the assets to be collected. Thus, the size of the estate is not always the most important factor.
Why do I need probate when there is a will ?
Whilst a will sets out the intentions of the testator, only once a will has gone to probate will it be recognised by the Probate Registry, This is known as `proving the will` enabling a Grant of probate to be issued. The purpose of probate is to recognise the Deceased's final will and testament.
What is the inheritance tax threshold ? and is a tax return required in every case ?
The current inheritance tax threshold is £325,000, with inheritance tax charged at 40%, above this figure. There are various allowances that can be claimed such as the transfer of any unused nil rate band from the death of the first spouse, or business property relief. Unfortunately, a charge return is required in every application.
Need help with probate?
Call our probate helpline on: 0845 9011 686 We operate accross the UK and deal with all aspects of probate on a simple, easy to understand fixed fee basis.