Is Probate Always Needed

We are often asked about when it is necessary to apply for probate, particularly where the estate is small with assets of less than £20,000. If you are an executor, you will be responsible for collecting in all monies, paying any debts and distributing any legacies to family, friends or charities. Before you can do this, in most cases you would need to apply to the Probate Registry for a 'grant'. Evidence of the grant of probate may be required by some financial institutions before they will release any money, so you will need to check with each bank or building society about their policies for the relevant accounts. If the deceased person owned stocks or shares and has any insurance policies, then you will also need the grant in order to release these monies. For…