Whether or not Probate is required depends on the size of the deceased person’s Estate, but the question of when Probate is needed does not have an easy answer.
Probate is the legal authority to deal with a person’s assets and affairs after they die. It is against the law to divide up a person’s Estate without getting the proper permissions around Probate, so if this is required, it is important to apply for Probate as soon as possible.
A person’s Estate is the total amount of money in bank accounts, property, investments, or other things that they own. This includes things they owned in their name alone or that they jointly owned with other people.
If a person owns very little when they die, they are considered to have a ‘small Estate,’ and Probate may not be required, but if the deceased person has specific amounts of money in bank accounts or owns property, then Probate may be required. Probate may also not be required if all of a person’s bank accounts and property are in joint names with someone else.
Due to different banks, building societies, or other institutions having their own rules on whether or not Probate is required, this can become complicated for larger Estates or people who have not done much inheritance planning. Probate becomes even more important in cases where there are disputes or disagreements about inheritance, and legal proceedings are needed to settle these.
Probate can be hard to navigate, especially when dealing with the loss of a loved one. It is always a good idea to get expert advice, whatever the circumstances. Capital Life’s team of specialist Probate solicitors can take the confusion and stress out of the Probate process. Contact them today to find out how they can help.