Do you need probate if there is a Will?

Do you need a probate if there is a Will? The presence or absence of a Will makes no difference to whether probate is required. 

Probate is often required by law when the deceased owns assets in their sole name (including any houses, buildings, or land). It is also required if a financial institution (such as a bank) requires a Grant of Probate to release funds. The thresholds for requiring probate vary between institutions and are subject to change. However, probate will likely not be needed if the assets were held jointly, as they will automatically pass to the surviving spouse or civil partner. 

When is probate required? 

Whether you need to apply will depend on several factors. The following are scenarios when probate is required: 

• Property in sole name: If the deceased owned a property in sole name.
• Other significant assets in sole name: Valuable art collections, antiques, or businesses
• Stocks and shares in sole name: Stocks & Shares ISA or shares in the company they worked for.
• Money held in a sole name bank account over £5,000*: Depending on the financial institution/bank, you will need probate if the deceased held more than £5,000 in a bank or savings account. However, this threshold varies, so please check with each institution.
• Financial institution asks for it: In some instances, you may be asked for a Grant of Probate by financial institutions. Be prepared that a Grant may be needed, even if all the above scenarios are not applicable.
• Estate administration disputes or legal proceedings: Rarely, but sometimes the estate administration process can lead to disputes and legal proceedings. In this scenario, it is important to get a Grant of Probate.

As you can see, whether or not probate is needed when there is a Will doesn’t just depend on the estate’s value. Instead, it depends on how the deceased’s assets are held and which financial institutions they are with. 

When is probate not required? 

• Low estate value: Probate is often not needed if the estate is worth less than £5,000
• No property, land, or shares: No estate owned
• Insolvent: If the deceased owed more than they owned, a Grant of Probate wouldn’t be needed. No work should be done to avoid becoming liable for someone else’s debt.
• Trusts: If they set up a Trust in a Will, a Grant won’t be required, but you will need to register the Trust and Trustees.
• Joint assets: If assets were held jointly, probate is usually not needed. In these cases, the assets typically pass automatically to the surviving spouse or civil partner. However, some jointly owned properties may still require probate. This is often the case if the property is owned as 'tenants in common' rather than 'joint tenants'.