Do I need probate?
Very often Executors or beneficiaries believe that because there is a will, probate is not required.
Typically, probate is required when assets held by the Deceased in their sole name exceed £15,000. In light of this the most common reasons why you might need probate are to :-
- Release monies held in a bank account belonging to a Deceased person
- To sell a property belonging to a Deceased person
- To transfer or to sell Shares owned by a Deceased
- To claim monies under a life insurance policy
- To bring a claim by the estate eg. Care Home Fees Recovery or a PPI claim or a medical negligence action
If you are unsure about the probate and whether you need probate, call our probate advice helpline on 0845 568 4000.
When you are unlikely to need probate
You should always seek legal advice upon whether probate is required, however typically probate is not required in the following circumstances :-
- For jointly held assets such as bank accounts, or property
- For small sums held in banks. Most banks will release assets below £5,000 without probate
- Insurance policies when there is a nominated beneficiary
- Assets that fall outside an estate eg. a life policy
What are the banks limits for probate ?
Often a great deal of confusion is caused by banks having different limits in which they will require probate. As at January 2022, the limits by which banks will require probate are listed below.
- Barclays £50,000
- National Savings and Investments (NSI) £5,000
- Santander £50,000
- Nationwide £50,000
- HSBC £20,000 ( although subject to review)
- Halifax £50,000
- Lloyds £50,000
- First Direct £20,000
- Tesco Bank £50,000
- Post Office £30,000
- Skipton Building Society £30,000
Our latest blog on probate limits can be seen by clicking here.
If you are unsure whether you need probate ? call us now on 0845 568 4000 and let us help.