It’s a valid point, as many people mistakenly believe that by having a Will or adding a specific clause they can avoid the need for a Grant of Probate. However, the reality is that it’s not the Will itself, but rather the assets within your estate, that determine whether a Grant of Probate is needed.

In this blog post, Walker Foster Wills and Probate Executive Cay Schofield explains the circumstances where probate is and isn’t necessary, and the benefits of having a valid Will in making this process easier.

Assets that don't require Probate

Some assets can be transferred without the necessity of a Grant of Probate. Here are a few examples:

• Cash: Physical cash, such as banknotes and coins.
• Personal possessions: Items like cars, furniture and jewellery.
• Jointly owned assets: If property or financial accounts are held as beneficial joint tenants, they automatically pass to the surviving owner upon death.
• Small financial accounts: After funeral expenses are settled, some financial institutions may release funds without a grant of probate if the total is below a certain threshold. Each institution has its own limit.

When is a Grant of Probate necessary?

In contrast, a Grant of Probate will be required under the following circumstances:

• Solely owned property: If the deceased owned property in their sole name, a Grant of Probate will be necessary to transfer ownership. This includes property held as tenants in common (as opposed to joint tenants).
• Large financial accounts: If the amount held in an account is over the financial institution’s threshold, they are not required to release any funds without a Grant of Probate.

Having a valid Will can simplify the process of obtaining a Grant of Probate. It is important to update your Will to accurately reflect your wishes and ensure it is legally valid. At Walker Foster, we offer Will review services to help you make sure that your Will is valid and your intentions are clearly outlined.

Additionally, some estates may be required to submit an Inheritance Tax return to HM Revenue and Customs (HMRC) before applying for Probate. As with any dealings with HMRC, an executor should take expert guidance to correctly fill out forms and provide necessary information.

While a Grant of Probate can seem daunting, understanding the factors that necessitate it can help demystify the process. By having a valid Will and being aware of the specifics regarding your assets, you can take steps to smooth the way for your loved ones during a challenging time.

If you have questions about your estate planning or would like to discuss a Will review, our team at Walker Foster is here to help. Find out more about our Wills and Trusts services to learn more about how we can assist you.