Do I need probate?

Sk8er48

I am the sole executor of my brother’s English will. This was for his financial accounts in the UK.
The sum of money is not large and even if his property in Spain is included it comes well under the inheritance tax allowance.
So taking that into account will I have to get probate to release his money from National savings and NatWest. (He had a Spanish will to deal with his property in Spain fortunately I don’t have to deal with that side).

TonyMMM

It isn't whether you need probate, it is whether the organisations that hold your brother's assets ( Nat West and NS&I) need you to have probate.

The first step would be to establish the balances involved and what their policies are for the amount they are willing to release on an indeminity. I think with NS&I probate is required for sums over £5k, not sure about NatWest.

£$&*"($£&(

I guess you might need probate to sell the property in Spain, or to put it into your name, as well depending on how the Spanish system works.

Savvy_Sue

grahawk wrote: »

I guess you might need probate to sell the property in Spain, or to put it into your name, as well depending on how the Spanish system works.

The UK will deals with UK assets. The Spanish will deals with Spanish assets. The two are only connected by the OP's brother, and they have said they don't have to deal with the Spanish side. UK probate won't help deal with anything in Spain.

AnotherJoe

My sympathies regards your brother.
There are rules on if probate is needed, AIUI £5,000 is the benchmark, above that you do, but if it is for a small estate like your brothers it should be quick and simple to do the process yourself. See recent discussions about cost and time of using a solicitor.

Margot123

It is usually very simple and quick to apply for Probate.
I'd suggest applying 'just in case' certain entities insist on it, then you will be ready to deal with the Estate as they dictate.

Keep_pedalling

You would not need U.K. probate to sell the Spanish property, but if your brother was domiciled in the UK then the property will need to be declared to HMRC, so probate will be required, and you will need to apply for probate and complete IHT 250 unless the property is worth more than £100,000 in which case you will need to complete IHT 400 + IHT417.

You may also find that the banks will not be so willing to release the holdings a non U.K. resident so you may still require it if he was a Spanish resident.

Whatever his place of residence was, you should seek professional help for the Spanish side of this.