On average, around 50% of deaths in the UK require probate. When understanding whether or not probate is needed, there are two questions you need to ask yourself, which are:
1. What’s the value of the estate?
In an instance where the estate’s value is below £50,000, it’s likely that you don’t need to apply for probate. When an estate is valued below £50,000 it can be classed as a ‘small estate’, which means many banks are willing to release the funds and assets without seeing a formal grant of probate.
2. Are any assets jointly owned?
When assets in an estate are jointly owned, the assets will automatically pass to the surviving co-owner. Therefore, in this case, you won’t need to apply for probate, you’ll just need a copy of the death certificate. However, you may still need to apply for probate in some circumstances. For example, if some of the assets were solely owned by the deceased, such as pensions.
If you are unsure whether you need to apply for probate, please call one of our specialist probate solicitors on 020 3007 5500, and we can help.