Do I Need Probate If There Is A Will?

Probate is the legal process of administering a deceased person’s estate, which includes distributing their assets to beneficiaries and paying off any debts or taxes. In the United Kingdom, probate is typically required if the deceased person owned property or assets in their sole name, or if they were the sole owner of a business. However, the existence of a will can impact the probate process.

What is a Will?

A will is a legal document that specifies how a person’s assets will be distributed after their death. It typically names an executor, who is responsible for carrying out the instructions in the will, and beneficiaries, who are the people or organisations that will receive the deceased person’s assets.

Do I Need Probate if There is a Will?

If the deceased person’s assets are relatively small and easily transferred to the beneficiaries named in the will, probate may not be necessary. However, if the assets are substantial or there are complications, such as disputes over the will’s validity or the deceased person’s debts, probate may be required.

In general, if the estate is valued over £50,000, probate will be needed, but if the assets are held jointly with another person or are held in trust, probate may not be necessary.

When is probate not required

Probate is not required if the deceased person’s assets are held jointly with another person, as the assets will automatically pass to the surviving joint owner. Similarly, if the assets are held in trust, they will pass to the trust’s beneficiaries according to the terms of the trust, rather than the will.

If the assets are held in a bank account with a ‘payable on death’ nomination, the assets will pass to the nominee, and probate is not required.

How to apply for probate

The executor named in the will is typically responsible for applying for probate, although any beneficiary named in the will can also apply. The application for probate is made to the Probate Registry, and it includes a copy of the will, a list of the deceased person’s assets and liabilities, and an oath sworn by the executor.

Once probate is granted, the executor can use the grant of probate to access the deceased person’s assets and distribute them to the beneficiaries according to the terms of the will.

Conclusion

In the UK, whether probate is required if there is a will depends on the specific circumstances of the case. If the deceased person’s assets are relatively small and easily transferred to the beneficiaries named in the will, probate may not be necessary. However, if the assets are substantial or there are complications, such as disputes over the will’s validity or the deceased person’s debts, probate may be required. It’s important to seek legal advice before making any decisions about probate and ensure that the process is carried out correctly.