Do I need to apply for probate?

Gillian01

My dad has died. He left a will. There is no property involved and savings of £60000. Mum died six years ago. Do I need to apply for probate? I am the executor. 

poppystar

It will probably depend on where the savings are and what limits the bank/building society has on payment without probate.

Dox

poppystar said:

It will probably depend on where the savings are and what limits the bank/building society has on payment without probate.

Given the amount of savings, probate will be needed even though no IHT will be payable. See https://www.moneysavingexpert.com/family/guide-to-probate/

Keep_pedalling

Dox said:

poppystar said:

It will probably depend on where the savings are and what limits the bank/building society has on payment without probate.

Given the amount of savings, probate will be needed even though no IHT will be payable. See https://www.moneysavingexpert.com/family/guide-to-probate/

Most financial institutions will pay out far more than that without probate being needed, so it is highly unlikely that probate will be required.

naedanger

Gillian01 said:

My dad has died. He left a will. There is no property involved and savings of £60000. Mum died six years ago. Do I need to apply for probate? I am the executor. 

As said earlier it depends on the institution what their limits are.
Some examples, from my own fairly recent experience, probate not required if amounts held less than :
Bank of Scotland - £100,000
Nationwide BS - £50,000 (I think)
National Savings - £5,000 (I think)
One online stockbroker - £5,000 and the entire estate is less than £25,000

Mutton_Geoff

naedanger said:

Gillian01 said:

My dad has died. He left a will. There is no property involved and savings of £60000. Mum died six years ago. Do I need to apply for probate? I am the executor. 

As said earlier it depends on the institution what their limits are.
Some examples, from my own fairly recent experience, probate not required if amounts held less than :
Bank of Scotland - £100,000
Nationwide BS - £50,000 (I think)
National Savings - £5,000 (I think)
One online stockbroker - £5,000 and the entire estate is less than £25,000

Aldermore - £20,000 (acting for someone with £20,300 in the account and they won't release it without grant of probate).

JGB1955

The limits seem to be anything between £5K and £50K.  See https://www.co-oplegalservices.co.uk/media-centre/articles-may-aug-2018/bank-limits-for-probate/
EDIT - the limits may well have gone up since 2018... but it IS a guide.

naedanger

Mutton_Geoff said:

naedanger said:

Gillian01 said:

My dad has died. He left a will. There is no property involved and savings of £60000. Mum died six years ago. Do I need to apply for probate? I am the executor. 

As said earlier it depends on the institution what their limits are.
Some examples, from my own fairly recent experience, probate not required if amounts held less than :
Bank of Scotland - £100,000
Nationwide BS - £50,000 (I think)
National Savings - £5,000 (I think)
One online stockbroker - £5,000 and the entire estate is less than £25,000

Aldermore - £20,000 (acting for someone with £20,300 in the account and they won't release it without grant of probate).

How annoying. How much do you think probate will cost? 

JGB1955

£215  https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/883616/pa3-eng.pdf

naedanger

JGB1955 said:

£215  https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/883616/pa3-eng.pdf

It could be more expensive if the executor wishes legal help.

JGB1955

naedanger said:

JGB1955 said:

£215  https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/883616/pa3-eng.pdf

It could be more expensive if the executor wishes legal help.

Indeed - but with a simple estate of c. £60K, employing a solicitor would be OTT.