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Probate for very simple will

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Comments

  • Grumpysally
    Grumpysally Posts: 815 Forumite
    Part of the Furniture 500 Posts Name Dropper
    jem16 said:
    I'm going to check with his bank today.  Is it the combined amount of money or the amount held in individual banks, share accounts that dictate the need for probate? I've read the article on MSE but my brains so foggy at the moment that I'm not retaining any information.
    According to the list of banks the Co-op bank needs probate. 
    I need to chase up his shares too, but I don't think they'll amount to much. 
    I checked his premium bonds and there was no huge unclaimed prize waiting 😆
    It’s the amount held in each individual bank although remember that some banks are grouped together. In most cases the probate limit is £50k so anything below that won’t need it. NS&I being the exception to this though. 

    Shares can be different as they often require probate or using their small claims type service to avoid it. 
    The company that he used to have shares with have asked for probate, even though I transferred them all in to an ISA with them earlier this year and it's well under 50K
  • jem16
    jem16 Posts: 19,668 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    jem16 said:
    I'm going to check with his bank today.  Is it the combined amount of money or the amount held in individual banks, share accounts that dictate the need for probate? I've read the article on MSE but my brains so foggy at the moment that I'm not retaining any information.
    According to the list of banks the Co-op bank needs probate. 
    I need to chase up his shares too, but I don't think they'll amount to much. 
    I checked his premium bonds and there was no huge unclaimed prize waiting 😆
    It’s the amount held in each individual bank although remember that some banks are grouped together. In most cases the probate limit is £50k so anything below that won’t need it. NS&I being the exception to this though. 

    Shares can be different as they often require probate or using their small claims type service to avoid it. 
    The company that he used to have shares with have asked for probate, even though I transferred them all in to an ISA with them earlier this year and it's well under 50K
    My late father's shares were only £12k but Equiniti wanted Confirmation (Probate her in Scotland) or to use their service which cost something I can't remember. As we needed Confirmation anyway I did it that way.
  • Keep_pedalling
    Keep_pedalling Posts: 21,151 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Equities usually require probate unless the amount held is very small. You will still be able to get any cash assets below the bank’s probate threshold released  without having to wait for probate. 
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