The word probate is often used collectively with the word ‘will’. Probate is a financial and legal process that deals with the transformation of the property. The transfer is about the assets (possessions, money and property) of a deceased person. If there is a will, a person who is next of kin has to apply before the authorities for Probate. In case there is no will, the law will decide who will get everything.
Getting probate becomes necessary even if the deceased person has left a will. It entirely depends on assets value and how these were kept. If assets are large, you should immediately search Wills and Probate Solicitors Near Me.
Does a Will Affect Probate?
The presence of a ‘Will’ usually doesn’t affect the probate. In fact, the presence of a will mostly forces the next to kin to get probate before transferring the assets. However, the ‘will’ proposes the Executors who have to apply for the probate. They will also distribute the assets among the beneficiaries who are named in the Will.
Factors that Affect a Probate
As we mentioned earlier, there are two factors that affect the probate.
1. How assets were owned by the deceased
2. Assets’ value
Let’s take a deep look at both factors and find out how these can affect probate.
How Assets Were Possessed
This is the first step to find out whether getting probate is necessary. An easy way is to enlist all the assets and how they were possessed by the deceased. Whether these are held in joint names or in the sole name of the deceased person.
Jointly owned Assets
The jointly owned assets can also be held in two ways.
The joint tenants come under the ‘Right of Survivorship’. And if the deceased held any assets in joint names with the person who is still alive, the co-owner will get all the property. In case all the assets were jointly names joint tenants, there will be no need for probate.
Tenants in Common
The law of survivor ship will not apply if the deceased possessed assets as tenants in common. In such a situation, the assets will pass to the person who was named in ‘deceased’s Will’. The person who will inherit the property may need probate. It depends on who is inheriting the assets and how much valuable assets are.
Solely Owned Assets
In case the deceased person held all the assets under his or her own name, the value of assets will be considered. Probate will be required in case the assets exceed the Probate threshold.
The threshold probate value for a deceased person’s assets is normally £5,000. If the assets were held solely and are below this value, there is no need for probate. Most financial institutions and banks as well usually allow the transfer of property or amount if it is below £5,000.
Small Estate Effect
‘Small Estate’ is the term used for having assets below the probate threshold. But it isn’t easy to exactly define a small estate. Every institution has a different limit of its own for a small estate. Mostly, you don’t require a probate if Estate’s collective value is not more than £15,000.