The size of the deceased person’s Estate is usually the deciding factor in whether or not Probate is required, but there is no simple answer to this question.
Probate is the legal authority to manage a person’s assets and affairs after their death. It is against the law to divide a person’s Estate without first obtaining the necessary Probate permissions, so if this is required, it is critical to apply for Probate as soon as possible.
The total amount of money in a person’s bank accounts, property, investments, or other possessions is referred to as their Estate. This includes anything they owned solely in their name or jointly with others.
If someone has a ‘small Estate’ when they die, Probate may not be required; but, if the deceased person has specific amounts of money in bank accounts or owns property, Probate will almost certainly be required. Probate may also be avoided if all of a person’s bank accounts and property are held in joint names with another person.
Due to the fact that different banks, building societies, and other organisations have their own policies about whether or not Probate is needed, this might be hard to manage for larger Estates or where the deceased has not put in place proper inheritance planning.
The Probate process becomes even more challenging when there are issues or conflicts about inheritance, needing solicitors or legal action to resolve.
Probate can be difficult to understand and manage, particularly when also dealing with the death of a loved one. Whatever the circumstances, it is always a good idea to seek expert guidance and support from professionals.
Capital Life’s team of specialist Probate solicitors can help you navigate the Probate process. Contact them right away to find out how they can assist you.