Banks probate threshold

ahfat41

I am putting my financial affairs in order as am over 80 yrs. I have got a will trust and want my executor to avoid probate on first death. Two of our accounts are joints. With sole account can probate be avoided if saving is kept below probate threshold for that particular building society e.g with Skipton its £30,000 and I have got £29,500 in this account. Or am I wasting my time trying to keep all sole accounts with probate threshold. Thanks

bobster2

ahfat41 said:

I am putting my financial affairs in order as am over 80 yrs. I have got a will trust and want my executor to avoid probate on first death. Two of our accounts are joints. With sole account can probate be avoided if saving is kept below probate threshold for that particular building society e.g with Skipton its £30,000 and I have got £29,500 in this account. Or am I wasting my time trying to keep all sole accounts with probate threshold. Thanks

Bear in mind the threshold is often based on the total value of all accounts in someone's sole name with a particular bank /  building society. Important to note if you have multiple accounts with a particular bank / building society.

ahfat41

Thanks I am aware of that.

Keep_pedalling

Probate is very simple for an excluded estate, especially as you no longer have to do an IHT return,  trying to arrange you saving to avoid it really limits where you can hold your savings. We have very much simplified our estates by limiting the number of accounts we hold, but as we both hold most of our saving in S&S ISAs probate can’t be avoided on the first death without moving to multiple cash accounts which would cause the executors more hassle than having to do probate.

Completing probate also makes life a little easier for the executors on the second death especially if there is a big gap between each death, so really I can’t see the point of doing it.

ahfat41

It’s simple if you know how to do it. My daughter who will be my executrix has not got a clue she said she will get a probate solicitor if only she has any idea of the cost. She is not interested.  I have simplified our accounts and keep records, two joints current accounts, one joint saving account. Individual stock and shares but we do not hold much the threshold is £50,000 and individual isa below probate threshold £30,000. Premium bonds below £5000. I think we will be selling our stocks and shares to avoid her the hassle in the future. I will have to keep an eye on the accounts and move if necessary every year. I do value your opinion and your advice so you do not think there is any point of doing it.Thanks

Mrs_Z

Halifax's threshold for cash on account (presumably overall total of all accounts if more than one is held with them) was £50,000 in 2022. Anything over that and they will ask for a grant of probate.