What is probate?

It's difficult enough to deal with a loved one's death. Additionally, organising their funds can be a difficult and drawn-out procedure.

The executors designated in the will to carry out the deceased's wishes need legal custody over their assets, which is referred to as probate. In order to acquire access to the bank accounts of a deceased person and organise their property and goods.

According to official statistics, approximately 250,000 petitions for probate are filed each year in England and Wales.

What is probate?

Executors are given access to a decedent's assets and the authority to distribute them through the legal process of probate, also known as estate management.

The phrase "estate" refers to all their assets, including real estate, cash, and personal belongings. The personal representative is the individual who has been granted probate.

Do I need probate?

If the beneficiary and the deceased were married or in a civil partnership, they may not need to apply for probate because the jointly owned property, such as a home or bank accounts, will automatically pass to them.

However, they would require probate to obtain complete possession of those assets if their spouse had savings or property in their own name, or if the couple held their home as tenants in common.

Although banks have different policies, some won't require probate if the amount in the deceased's account is less than £50,000 once you've informed them of the death and provided a certified certificate.

This implies that money may typically be made accessible more quickly, which is advantageous if it's needed to pay for funeral expenses.

Beneficiaries can serve as executors, and anybody can file for probate—not only spouses, of course. For instance, an adult child estranged from their father but whose father has died.