Do I need to apply for Probate?
SilverSix
Posts: 275
Forumite
Hi,
I'm posting this on behalf of a friend who's father recently passed away.
We are wondering if she needs to apply for probate? a little back story below:
His only remaining 'assets' were his state pension & private pension payments, both of which will now have ceased (except what will be paid to his wife moving forward) and whatever small funds remain in his bank accounts.
Most of his assets & investments, including a life insurance policy, were moved in to trust with Halifax (approximately 10 years ago) with the sole beneficiary being his wife and by default children.
If probate is required what needs to be provided?
Any help or advice would be appreciated!
Ben
Edit: I helped her to submit his 2011-2012 tax return last year and his 2012-2013 return is now due, the only income being from state & private pensions.
I'm posting this on behalf of a friend who's father recently passed away.
We are wondering if she needs to apply for probate? a little back story below:
His only remaining 'assets' were his state pension & private pension payments, both of which will now have ceased (except what will be paid to his wife moving forward) and whatever small funds remain in his bank accounts.
Most of his assets & investments, including a life insurance policy, were moved in to trust with Halifax (approximately 10 years ago) with the sole beneficiary being his wife and by default children.
If probate is required what needs to be provided?
Any help or advice would be appreciated!
Ben
Edit: I helped her to submit his 2011-2012 tax return last year and his 2012-2013 return is now due, the only income being from state & private pensions.
0
Comments
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Check with the banks holding the accounts what their threshold for payouts is - under a certain amount they will not require probate.
Does the estate have any debts?0 -
To apply for Probate you will need the death certificate and a copy of the will. And knowledge of what's in the estate
As already said, if the amounts are small enough you won't need it0 -
I would say that you don't need probate unless someone asks you to apply for it for some reason, such as moving money from a bank account or claiming on a policy.
It seems that different banks and other institutions such as insurance companies have differing financial levels/limits regarding probate.
Does anyone know for instance what the level is for Prudential?0 -
Hi, As I understand if the person is married everything goes to the partner unless a will says otherwise. Trusts may also come into force on the death of person. It is a good idea to check the will first, the probate office will want it anyway for public records if the estate is more than £5K.
Brian.0 -
I can't see why probate would be needed for this estate if it's only state pension etc and small amounts in banks and or building society.
Banks thresholds are usually no lower the 10k. Barclays for instance is at the moment 30k, I think HSBC may also be 30k.
Building societies can have thresholds down at 5k as well as the Post Office so these are the ones I would check out.0 -
Hi, As I understand if the person is married everything goes to the partner unless a will says otherwise. Trusts may also come into force on the death of person. It is a good idea to check the will first, the probate office will want it anyway for public records if the estate is more than £5K.
Brian.
Actully not correct. Probate office would advise than you dont need to apply for probate unless there are shares a house or a financial institution asks for it although the law states that over 5k should see an estate go to probate.
In the case of the OP unless the banks or the pension companies ask for it I would say no
Rob0 -
CaptainAmerica wrote: »I can't see why probate would be needed for this estate if it's only state pension etc and small amounts in banks and or building society.
I think HSBC may also be 30k.
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I hope thats true, grandad having just died with around only £12,000 in a hsbc account, it would save form filling etc, as their was no will.:T0 -
I hope thats true, grandad having just died with around only £12,000 in a hsbc account, it would save form filling etc, as their was no will.
I have just rang the HSBC bereavement team and they have confirmed their threshold as 20k, so no probate required for the 12k in granddads account.0 -
CaptainAmerica wrote: »I have just rang the HSBC bereavement team and they have confirmed their threshold as 20k, so no probate required for the 12k in granddads account.
Thanks CaptainAmerica. thats very very helpful.:T0 -
I hope thats true, grandad having just died with around only £12,000 in a hsbc account, it would save form filling etc, as their was no will.
Unfortunately for you as there is no will you cannot legally touch that money until administration has been applied for and accepted. Dying intestate means different rules to a will and the bank should be made aware of this.
Rob0
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