What is the probate threshold?

If you’ve wondered what the probate threshold is, this article explains how and when a Grant of Probate may be needed, the role of financial institutions in setting limits, and why there is no one fixed figure.

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Understanding the concept

In England and Wales, there is no single legal threshold that dictates when probate is required. Instead, each bank, building society, or investment provider sets its own limit for the amount of money or assets it will release without seeing a Grant of Probate or Letters of Administration.

These limits are often referred to as ‘probate thresholds’. They vary widely, from as low as around £5,000 to as high as about £50,000, depending on the institution and the type of asset.

 

Typical thresholds at financial institutions

Here are some examples of the thresholds that organisations may impose:

• Many major banks will not demand a Grant for accounts under £50,000.
• Some organisations have much lower limits, such as £5,000 at certain providers.

Keep in mind, owning property in your sole name or assets held as tenants in common often triggers the need for probate, even if financial holdings are small. 

 

Why does the threshold matter?

Knowing the likely threshold helps Executors and Administrators assess whether they might need to apply for the Grant. If you assume probate isn’t required based on estate value alone, you may encounter delays when institutions refuse to release assets. Similarly, undervaluing an estate or wrongly assuming joint ownership may delay the process of obtaining legal authority to deal with the assets.

 

When probate may not be required

Probate might not be necessary if:

• The estate is very small (for example, less than £5,000 in total, containing no property or complex assets).
• All assets are held jointly with someone else as joint tenants, so ownership passes automatically by survivorship.
• The only assets are cash or everyday belongings, and institutions agree to release funds without a Grant.

However, each organisation will make its own decision, so checking with them is wise.

 

What should you do?

• Check with every bank, investment firm, or asset holder, as each may have a different threshold.
• If property is held solely in the deceased’s name, assume probate will be required regardless of monetary value.
• Prepare for the possibility of a Grant if the estate is near or above the institution’s release limit; getting this sorted early can avoid delays.
• If you’re unsure, consider seeking professional advice from a probate or estate administration expert.

 

Final thoughts

In summary, the term probate threshold refers to the value at which institutions require formal legal authority (a Grant of Probate or Letters of Administration) before releasing assets; however, this threshold is not fixed by law and varies widely between organisations. Being aware of each institution’s limits and how property ownership is structured is key to smooth estate administration.