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Probate when you only have "savings"

My mother has recently died and has left a will, of which I am a named Trustee.  Apart from a few belongings of minimal value, having lived in a care home for over 7 years, she left money in a bank (current account and an ISA) and NS&I Premium Bonds, so practical terms only has savings. 

The bank released her funds after some basic security checks - I managed her account prior to her death, as I had LPoA and had been requested by my mother to manage her account.

I am looking to release her funds held in Premium Bonds - similar value as her bank funds, and again I managed her account prior to her death, as I had LPoA and had been requested by my mother to manage her account, so could have withdrawn the funds in her final days.

My question is, in my late Mothers situation with only savings, is there a legal requirement for Grant of Probate? and if so which specific law is it? or is it a choice made by each individual financial body (which is what it appears to be)?

Thank you

Note: NS&I quoted me the Administration of Estates Act (Small Payments) 1965 and saying Probate is a legal requirement - and I don't read it that way.

Comments

  • Kim_13
    Kim_13 Posts: 3,675 Forumite
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    edited Today at 4:13PM
    Each institution will have its own limit as to what it will release without probate. This is £5K with NS&I.


  • dunstonh
    dunstonh Posts: 120,175 Forumite
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    My question is, in my late Mothers situation with only savings, is there a legal requirement for Grant of Probate?
    There is no standard "small value" claims limit.  Some will be as low as £5,000 (and that is NS&I's limit but they have been known to apply discretion of there are no other assets).  Some will be as high as £70,000.

    In theory, if one institution requires probate, then it should be supplied to the rest.    However, in reality, many institutions gloss over that.     

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Rodders53
    Rodders53 Posts: 2,739 Forumite
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    Your legal costs to challenge and fight NS&I interpretation will far outweigh the cost of obtaining Probate... and take a very long time to go through the Courts.  I'd doubt they have it wrong though - ask some Barrister friends?

    Probate is simple enough to DIY if there is a Will. Cost is £300.  Simple estate it can be all done online and then its quite quick too.

    You can leave the Premium Bonds in the Prize Draws for up to one year if you (and other Beneficiaries want/agree).
  • Heedtheadvice
    Heedtheadvice Posts: 2,799 Forumite
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    edited Today at 8:54PM
    Sorry to hear of your loss. Never an easy time.

     Once again we are asked for suggestions and responses are posted when we do not know where the deceased lived. It is often seemingly assumed to be in England (and usually is) but the legal Jurisdiction should be ascertained  before posting comments.

    As an example Probate in England is not always required ( it is legal support to back up actions defined in the will.....I'm sure that is not strictly correct and has nuances too). 
    In Scotland there is no Probate and the legal equivalent is Confirmation. Not always necessary to have Confirmation for the Executor(s) to act but if the Estate value is £35k or more ( from memory!) irrespective of which country the parts of the Estate reside then Confirmation is  a legal requirement.
    That does not affect what individual organisations may require proof.

    It should also be pointed out that PoA ceases on death so although it may seem pertinent or relevant the Power has ceased in favour of the Executorship duties.

    EDIT: Should add that these comments are not aimed at the OP but posters. It is a difficult enough time having a loss and also trying to deal with an Estate so it is very understandable that some thread discussion will result in  information coming to light that is needed to give help and also stop potentially misleading others in a similar position.

  • BreakingGlass
    BreakingGlass Posts: 157 Forumite
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    edited Today at 8:58PM
    Just for info, the Probate process seems quite quick at the moment.  My mother passed away in July; we applied for Probate on 17 Sep and posted the original will to OPG that same day.  Despite a hiccup (where we had to go back to the original will-drafting-solicitor to confirm that incorrect paragraph numbering was just a typo) we heard by email that Probate had been approved on 14 October and received the Probate paperwork today.  Less than a month!

    Probate was in England, and the Estate comprised half a house (tenants in common) plus savings of about the same value.
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