As an executor, do I need probate?

By THIS IS MONEY
Updated:

 

I am executor to a will and will inherit a £100,000 house. There are only a few bequests amounting to £8,000 from savings of £16,000. Does the estate have to go to probate? A.B., Ramsgate

Reading the will

Inheritance: Does the estate have to go to probate?

Matthew Cox at Skipton Financial Services replies: Probate officially proves the validity of a will.

A grant of probate is proof that the person named in it is entitled to collect and distribute the assets of the deceased and this should be produced to the relevant organisations, such as banks and insurance companies.

However a grant of probate is not needed in every circumstance.

For example, HM Courts Service website states: 'It may not be necessary to obtain a grant where a home is held in joint names and is passing by survivorship to the other joint owner.

'You will typically need a grant to transfer or sell a property held only in the deceased's name.

'Where a joint bank or building society account is held, production of a death certificate may be sufficient for the monies to be transferred to the joint holder.

'Certain institutions may release monies without a grant being produced if the amount held by the deceased was small. Apply to the institutions to see if they will release monies without a grant.'

Further information: HM Courts Service.

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