We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Do I need Probate?

Sadly a loved one is in their latter stages of their life (days) and I'm an executor and beneficiary on the will. In the will there is no property. Here are the following assets:-

- £3,000 in bank savings account;

- £34,000 in a private Standard Life pension account of which I'm nominated beneficary.

- £4,000 in a funeral insurance policy

Total £41,000

Will I have to apply for probate? Or will the Death Certificate and all the necessary ID checks suffice?

Thank you.

Comments

  • Brynsam
    Brynsam Posts: 3,643 Forumite
    Fifth Anniversary 1,000 Posts Name Dropper Combo Breaker
    The pension will fall outside the estate.

    The funeral policy is not something you will inherit - it will be used to pay for your loved one's funeral.

    If there are no assets other than a few household/personal items, and the whole lot including the £3,000 totals less than £5,000, probate won't be needed.

    A horrid situation knowing the end can't be far away.
  • Robot27
    Robot27 Posts: 30 Forumite
    10 Posts Name Dropper First Anniversary
    @Brynsam

    Many thanks. This seems very clear. The 'grey area' I had in my head was the pension. But thank you for clarifying that this is outside the estate (probate).
  • Robot27
    Robot27 Posts: 30 Forumite
    10 Posts Name Dropper First Anniversary
    CORRECTION:

    I stated:-

    - £4,000 in a funeral insurance policy

    This is incorrect, I've learned that this is an 'Over 50s Life Insurance Plan' that simply pays out a sum of £4,000 (Death Benefit) to go towards immediate costs of the deceased person, which can include a funeral.

    Will this clarification alter my initial question within this thread?
  • Marcon
    Marcon Posts: 14,931 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    Robot27 wrote: »
    CORRECTION:

    I stated:-

    - £4,000 in a funeral insurance policy

    This is incorrect, I've learned that this is an 'Over 50s Life Insurance Plan' that simply pays out a sum of £4,000 (Death Benefit) to go towards immediate costs of the deceased person, which can include a funeral.

    Will this clarification alter my initial question within this thread?

    The policy will almost certainly fall outside the estate, but given the amount, I wouldn't worry too much even if it doesn't. HMRC have far bigger fish to fry.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Robot27
    Robot27 Posts: 30 Forumite
    10 Posts Name Dropper First Anniversary
    @marcon

    Thank you
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 352K Banking & Borrowing
  • 253.5K Reduce Debt & Boost Income
  • 454.2K Spending & Discounts
  • 245K Work, Benefits & Business
  • 600.6K Mortgages, Homes & Bills
  • 177.4K Life & Family
  • 258.8K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.2K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.