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Do I need Probate?

Robot27
Posts: 30 Forumite

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.
- £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.
0
Comments
-
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.0 -
@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).0 -
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?0 -
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!0 -
@marcon
Thank you0
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