Probate
What is probate?
Probate is the legal process that takes place when a person dies. The executors have to obtain a grant of Probate before being able to deal with the estate. The deceased’s estate will be frozen until a Grant of probate is generated, this includes bank accounts, savings and investments etc.
The probate process also legally validates the Will. Probate is sometimes not required where estates are worth less than £5,000, however financial institutions do differ and therefore it would rely upon their discretion.
Why is probate necessary?
Probate is necessary to ensure that the deceased’s estate is distributed according to their wishes, as expressed in their will. It also provides a legal framework for the executors to manage the estate, including accessing frozen assets such as bank accounts, savings, and investments.
When is probate required?
In most cases, probate is required when the deceased’s estate is worth more than £5,000. However, some financial institutions may require Probate even for smaller estates, so it’s always best to check with them directly.What are the benefits of probate?
• Legally validates the will, ensuring that the deceased’s wishes are respected
• Provides a clear framework for managing the estate, reducing the risk of disputes and conflicts
• Allows executors to access frozen assets, ensuring that the estate can be managed and distributed efficiently
• Provides a legal document that confirms the executors’ authority, giving them the confidence to act on behalf of the estate