Probate Solicitors

In general, you will need to apply for probate for the following types of assets:

• Assets held in the deceased’s sole name, e.g. property, bank accounts, building society accounts, shares, bonds
• Investment portfolios and products
• Life insurance policies where the deceased did not nominate a specific beneficiary
• Cross-border assets (it’s important to receive legal advice for both the UK and any other country these assets are held)
• Business assets (certain types of businesses may be subject to this process)

Conversely, a Grant of Probate is not usually required for the following assets:

• Jointly-held assets, like joint bank accounts or jointly-owned property
• Low monetary assets, typically under £5,000 in value, or if they fall under the threshold required by a bank or a building society to release the deceased’s funds
• Policies where there is a nomination - for example, if the deceased specifically requested that their child is the beneficiary of a Discretionary Trust, the trustees could pay the lump sum contained in this trust to their child directly, rather than add it back to the estate

However, while a Grant of Probate may not be required, their assets could be attached to tax or other liabilities that you will be required to resolve.

There are many variables in these scenarios, so it is important to speak to an experienced probate solicitor who’ll advise you as to if you require a Grant of Probate to distribute a deceased person’s estate.

Before applying for probate, you have to estimate and report on the value of the deceased’s estate, and pay any Inheritance Tax (IHT) required on this. In practice, initially you will be required to only pay a certain amount of the total IHT owed to receive probate over the estate, allowing you to use the assets within the estate to pay the remainder.

This is a situation where working with a probate solicitor can be greatly beneficial for your situation. It is possible for the bank to release the first instalment of IHT as an undertaking, on the understanding that it will be paid back when you receive probate. The bank is far more likely to accept this undertaking from a solicitor.

You can then claim the tax you’ve paid back from the estate or the beneficiaries if you as the executor have had to pay it out of your own bank account.

The need to pay the necessary IHT before you begin applying for probate can prove difficult in situations where there are multiple executors and one is either refusing to agree to this or is otherwise being obstructive. If the value of the estate is sizeable, this delay can cause interest of IHT to grow rapidly. Our probate specialists have undertaken cases to remove an executor behaving this way in order for our clients to apply for a Grant of Probate and avoid paying further IHT on their loved one’s estate.

Once these formalities are handled, you are free to apply for probate online or by post. You can apply for probate online only if you’re the executor and you have access to:

• The original Will
• The original or interim death certificate
• The reported value of the estate

After application, you’ll be informed of what documents you have to send to the probate registry. If you wish to apply for probate by post, speak to your probate solicitor for guidance.

The application fee depends on the value of the deceased’s estate:

• If the estate is £5,000 or over, the application fee is £215 (this fee is reduced if a solicitor applies on your behalf)
• If the estate is under £5,000, there is no application fee

(It is important to note that this application fee is likely to change in future)

The probate process isn’t always straightforward, and not having legal advice could open you up as the executor to liabilities surrounding a loved one’s estate, from Inheritance Tax obligations to issues surrounding missing beneficiaries, bankruptcies and cross-border requirements.

Working with experienced solicitors like our team at Giles Wilson can keep you reassured that your loved one’s final wishes will be fulfilled without issue.