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This discussion was created from comments split from: Retirement Bridge?.

moneytalks12

RB are trying to force me to get probate before they release the funds from the sale of my late grandfathers estate. Can they do this? 

They claim it’s to ensure the monies are released to the correct beneficiaries but they have accepted his will. Also the banks have released the money to me as executor using the same will. 

Can’t they just transfer the money to the beneficiaries directly rather than just to me as executor (i’m also a beneficiary) and cut out the need for probate? 

anyone else had this issue with RB? 

Thanks 

p00hsticks

moneytalks12 said:

RB are trying to force me to get probate before they release the funds from the sale of my late grandfathers estate. Can they do this? 

Can you clarify what you mean by ' the sale of my late grandfathers estate'  ?
What exactly does the estate consist of ?

I've never come across that company, but the original thread that this has been split from suggests it is some sort of equity release company, which would imply that some form of property is involved. If that is the case, then it will be necessary for the executor to obtain probate in order to have authority to compelte the sale of the property. 

moneytalks12

Hi, they are an equity release company who owned 40% of the house. The house has now been sold but they are refusing to release the remaining 60% of funds without probate (£100k split between 4 charities and 2 family
members). There is a will in place which they accepted to enable me as executor to be involved in the sale but now want probate. Can they insist on this? I don’t believe this was ever explained to my grandfather who wanted to avoid probate due to long term estrangement from his children. Thanks 

RAS

You cannot sell a property without probate, which requires a will. You can apply for probate as you are the executor. 

Once probate is granted is there enough to cover the equity release and the other beneficiaries?

Keep_pedalling

RAS said:

You cannot sell a property without probate, which requires a will. You can apply for probate as you are the executor. 

Once probate is granted is there enough to cover the equity release and the other beneficiaries?

This is a home revision plan rather than equity release so the OPs grandfather sold 40% of his home to them at a discounted rate. Now I am assuming here that as the surviving owner they could sell the property without the need to obtain probate, which is how the house is sold without the need for probate.

They may have even been registered as the sole owners with some other mechanism in place to protect grand father’s interest in the property. 

Keep_pedalling

moneytalks12 said:

Hi, they are an equity release company who owned 40% of the house. The house has now been sold but they are refusing to release the remaining 60% of funds without probate (£100k split between 4 charities and 2 family
members). There is a will in place which they accepted to enable me as executor to be involved in the sale but now want probate. Can they insist on this? I don’t believe this was ever explained to my grandfather who wanted to avoid probate due to long term estrangement from his children. Thanks 

No financial institution will pay that amount of money out without obtaining probate. Banks will go quite high but once you are over £50k then you almost certainly need it. 

The good news is than the process is relatively simple and you can do it on line. 

https://www.apply-for-probate.service.gov.uk/start-eligibility

If you get stuck on anything just come back and ask for help.