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Will I need probate?

we jointly own our house and a rental, have our own stocks& shares ISA’s and our own cash ISA’s, our own and joint bank accounts and a joint bond. We have a mirror will, everything to the one who is left…..when one of us dies will probate be required or will the death certificate and the will be sufficient , or will we need a a grant of probate, thanks in advance

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  • p00hsticks
    p00hsticks Posts: 15,153
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    In my experience (from dealing with my fathers estate) it will depend how much is in the ISAs - I had to get probate because the Building Society had a probate limit of £20k and his cash ISA had more in it.

  • Keep_pedalling
    Keep_pedalling Posts: 23,545
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    You won’t need it for any of the joint assets but unless the ISAs are relatively small it will be needed for those.

  • NedS
    NedS Posts: 5,951
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    You can check individual institutions limits for accessing accounts without probate. Most financial institutions publish these limits.

    I am a Forum Ambassador and I support the Forum Team on the Benefits & tax credits, Heat pumps and Green & Ethical MoneySaving forums. If you need any help on those boards, do let me know. Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
  • Flugelhorn
    Flugelhorn Posts: 7,718
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    I needed probate for a 50k Nationwide ISA

  • SiliconChip
    SiliconChip Posts: 2,336
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    But it's not just ISA's, the OP says "our own and joint bank accounts", so for the own accounts again it will depend on how much is in them, it's quite likely that the limits banks will set are lower than for ISAs which could make probate more likely.

  • Shylock_249
    Shylock_249 Posts: 264
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    I've kept a record of Probate limits for accounts I hold, I just asked Google for probate limit for "x" provider and here is the reply.

    Charter

    35k

    Close Bros

    20k

    Kent

    35k

    Paragon

    20k

    Virgin

    35k

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  • Keep_pedalling
    Keep_pedalling Posts: 23,545
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    Whatever you do don’t change how you hold sole assets just to avoid probate, it really is a fairly simple process so reducing your potencial income or increasing the number of accounts just to avoid it is just not worth it.

  • Shylock_249
    Shylock_249 Posts: 264
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    I (Shylock249 - Minister of Good Ideas) wrote to Rachel from Accounts making a suggestion that couples of a certain age, let's say 65, should be able to merge their ISAs into joint ISAs (ie, new creation) and that way avoid Probate.

    I understand the rules but it seems strange to me that me and my wife could hold a joint account of a million in Paragon or Close Bros bank and a small ISA each of 20k and on death of one of us (NOT me, I'm gonna live for ever or die trying) we just need a copy of the death certificate to amend the one million joint account but when we try to access the 20k ISA both of those banks would demand Probate. Rachel has yet to reply!

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  • p00hsticks
    p00hsticks Posts: 15,153
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    Given that 'ISA' Stands for Individual Savings Account that idea would appear to be a non-starter…

  • Shylock_249
    Shylock_249 Posts: 264
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    Obviously, that's why I asked Rachel to consider a new creation.

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