The UK’s Trusted Probate Specialists
If you are handling the estate of a relative or family friend, a frequestly asked question is how much money is required before probate will be required ?
Lets start with what probate means. Probate is simply the legal term given to the process that is followed after someone has died. Typically, it is undertaken by the Executor in a will.
The executor will apply to the probate court for a legal document known as a grant of probate. It is this document that is required by the executor to administer an estate. But is probate always required ? and what are the legal limits ?
Probate will definately be required in the following circumstances :-
- if the deceased owned a property
- if the estate involves the payment of inheritance tax
- if a claim is being made on behalf of an estate
- or if a bank or building society has requested probate to release monies
By contrast, you would not need probate for :-
- jointly held assets in a bnak account
- if a property was woned jointly as joint tenants
- if the deceased had a very small balance in his account
Thresholds by Banks for the release of Monies
Confusion arises as to when probate is required because alot of the banks have differing limits as to when they require probate. For example, the main banks probate limits all differ. If the bank asks for probate then you will need to obtain it. The probate limits of the main highstreet banks, are as follows :-
- Barclays £30,000
- Natwest £25,000
- NSI £5,000
- Post Office £10,000
- Halifax £50,000
- Co-op £30,000
Need probate and require help ?
We offer a fixed fee probate service with all costs deferred until the conclusion of the case. Call us now on 01482 429985 or via email at email@example.com