Wills

Rosieandjim

What happens to a will when all funding has been used for care fees. Is it still sent to probate even though there is nothing left?

Keep_pedalling

The will fails, and no probate is required, even if there were some liquid assets left probate would not normally be needed unless any of those assets sat with an organisation that required probate before releasing the funds (banks are usually happy to do this, people like stock brokers not so)

Care costs should not have used up everything as full self funding should have stoped once savings had fallen to £23,250, and savings should not be counted at all once they fell to £15,000.

Rosieandjim

Thank you for your reply. So if there is 23,000 left and not used the will goes to probate but if all money is used it does not. Is this correct?

Keep_pedalling

Rosieandjim wrote: »

Thank you for your reply. So if there is 23,000 left and not used the will goes to probate but if all money is used it does not. Is this correct?

Not nessasarily, if the estate simply consists of cash in the bank most backs are happy to release that cash to the executor on production of the will, death certificate and prof of ID. They will require you to sign an endemnity form, but that is basically it. Barclays for instance do not require probate if under £30,000 is held with them.

If that money is tied up in stocks and shares however, you will almost certainly require probate.

Yorkshireman99

Rosieandjim wrote: »

Thank you for your reply. So if there is 23,000 left and not used the will goes to probate but if all money is used it does not. Is this correct?

Assets of an estate are not only cash. Many banks will allow the release of fund upon presentation of the death certificate and an indemnity. A small and simple estate my not require probate. A few banks insist on probate for the release of any amount. So it dpends on the individual circumstances

Rosieandjim

Thanks everyone :beer: