When to apply for a Probate

Jo12345

The estate of my late husband is currently insolvent, but there is a Life Insurance policy currently being assesed. The Insurers will require a Grant of Probate to release the funds (there was no Trust, so all money from the policy will go into the estate and I will need to pay debts etc). 

I was keen to start the application for a Probate ASAP (as I suspect there will be a bit of a wait until granted) but I don’t know yet how much the policy is likely to pay out. 

My question is - do I need to wait with the application until the insurers confirm the amount? If I was to apply now and value the policy at a full £payout amount and then this £amount changed - what would the implications be? Would I need to apply for a new probate? 

Keep_pedalling

if you have a rough idea it the policies value, I would submit probate now. You really only need to notify HMRC of any changes to estimated values if it effects the amount of IHT that may need to be paid, which is highly unlikely in this case.

unforeseen

Do you think the insurance payout would cover all estate debts? If not, then the sensible course of action would be to do nothing unless there are other reasons for needing probate

74jax

Does the the policy have a beneficiary? If so it might not form part of the estate so will not go towards debts.
If no named beneficiary I agree with unforseen and unless there is money left after debts cleared, I wouldn't do anything. 

Jo12345

unforeseen said:

Do you think the insurance payout would cover all estate debts? If not, then the sensible course of action would be to do nothing unless there are other reasons for needing probate

yes it would. and I will not be able to access the insurance payout without probate. 
thanks all - I will get the application done now