What is Probate and when do I need it?

If you are named in someone's Will as an executor, you may have to apply for probate: a legal document that gives you the authority to share out the estate of the person who has died according to the instructions in their Will. But what exactly is probate and in what circumstances do you need it? We spoke to Dominic from our Wills & Probate team to find out.

What is probate? What does probate actually mean?

Probate is a government approved document that grants you general administration of a deceased person's will, or the estate of a person who has died without a will. It’s common to for a person to name an executor in their will (or an administrator if there is no will) to complete the probate process.

In what circumstances would I need to get probate?

When a person’s estate (the estate is everything owned by the person who has died) has many assets that are solely in their name and not jointly owned, you will usually need a Grant of Probate.

A good example of needing a Grant of Probate is to facilitate the sale or transfers of a person’s stocks and shares when they have died, to sell a property that is in the sole name of the person who has died, or to transfer the share of the property belonging to the person who has died, when the property is held as tenants in common.

Usually, a Grant of Probate is required for bank accounts with funds of £50,000 or more in them, but it can sometimes be required for accounts with less than this amount; it is all dependant on the bank.

When is probate not needed?

In short, you don’t need probate regarding jointly owned property. Effectively, probate is excluded in scenarios where property in a person’s estate is owned as beneficial joint tenants. In this instance, by law, the property will automatically become wholly in the possession of the other owner.

How long does it take for probate to be granted?

Probate is usually granted in between eight to ten weeks, however, the probate registry are working on a turnaround of 16 weeks at the moment.

What happens after I have been granted probate?

When probate is granted, the people named on the grant document (sometimes called the ‘personal representatives’) can use it to deal with the estate of the person who has died.

This might include closing down bank accounts, cashing in a pension, claiming insurance lump sums, selling or transferring property, and paying any estate debts before distributing to the beneficiaries of the estate.

If you are the named executor of a Will and would like more information on probate or applying for a Grant of Probate, please contact Dominic on dominic.cronshaw@holdensmith.co.uk or Danielle on danielle.harps@holdensmith.co.uk.

The content of this article is for general information only. It is not, and should not be taken as, legal advice. If you require any further information in relation to this article, please contact Holden Smith.