Is it always necessary to obtain a Grant of Probate when someone dies?
20 September 2019 by Lauren Hancock
A ‘Grant of Probate’ is the document which gives the executors or administrators of an estate, the authority to deal with the deceased’s assets. This includes their bank accounts, investments and any property which they own. This said, it is not always necessary for a Grant of Probate to be obtained in order to administer an Estate.
For smaller Estates, it is often possible for the executors or administrators to deal with the deceased’s assets without a Grant of Probate. There is no clear definition as to which estates can be administered without a Grant of Probate as different banks and investment bodies place their own maximum limits on this. Broadly speaking however, if there is a property to be sold or transferred and bank accounts holding any more than £10,000 a Grant of Probate is likely to be required.
Alternatively, when the deceased held only joint assets, for example with a spouse it is possible that no Grant of Probate will be required. This is because of what is known as the rule of “survivorship”. When someone passes away owning a property (as joint tenants), bank account or other asset jointly with another, this asset passes automatically to the survivor on the death of the first.
If you are the executor or administrator of an Estate and are unsure how to proceed or whether a Grant of Probate will be required, we at Fisher Jones Greenwood are here to help. Please feel free to call us on 01206 700113 or email [email protected] to arrange an appointment.
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