Is probate required ?
The starting point is whether probate is actually required, as sometimes assets pass via survivorship to their spouse or partner, if this is the case probate is often not required.
If the Deceased person had assets over £15,000 then a grant of probate will be required, as banks and other financial institutions will require evidence before closing an account and releasing any assets
The probate process
The probate process starts with the Executor of the estate making a list of all known assets and liabilities. Once this has been prepared then a formal application can be made to probate registry cane be made. In every case an Inland revenue inheritance tax return must be completed.
If the estate is under the current inheritance tax threshold of £325,000, then an IHT 205 will be required while if the estate is over £325,000, then it is likely an IHT 400 must be completed.
If the application is made in person then a PA1 form will accompany the Inheritance tax return with the probate registry then requesting an interview for the person applying for probate. By contrast if a solicitor is instructed, the process is slightly different as no PA1 form will be required as this is replaced by a legal document known as an Oath, which together with the inheritance tax return are sent to the probate registry enabling the grant to be issued.
The grant of probate bears the Court Seal of the Probate Registry and will state the name of the deceased, the date of death, together with the Executors full name and address together with the net value of the estate, attached to the grant will be a copy of the will which then becomes a public document.
Need help with probate? Call our probate helpline on: 0844 9011 686
Please note that Calls will cost 7p per minute plus your phone companys access charge