When Should Probate Be Applied For?

 When should probate be applied for? In the event of a decedent's death, the personal representative of an estate must typically apply for a Grant of Probate or, in the absence of a Will, a Grant of Letters of Representation. This legal document grants them the authority to settle the decedent's estate.

While there is no hard and fast rule about when to petition for probate, it is usually one of the first steps taken because much of the estate administration can only begin with it. Welland Valley Legal have best Probate Advisor In Market Harborough.

What is the purpose of a Probate Grant?

When should probate be applied for? A Grant of Probate is a legal document establishing your legitimacy as an estate administrator.

Organisations like banks and building societies typically require this documentation before granting access to a deceased person's accounts.

A Grant of Probate is also required before selling estate property.

Who needs to fill out the application?

When should probate be applied for? If you have been designated as the executor of a Will, you will need to consider whether or not to file for a Grant of Probate.

The same holds if you have the legal right to apply to be the deceased person's administrator since they died without a valid Will. To apply for the administrator role, you must be the dead person's closest living family and be over 18. 

When there is no Will, the relevant legal document is called a Grant of Letters of Administration. Still, the application process and purpose are identical to a Grant of Probate.

When is a petition for probate necessary?

When should probate be applied for? Probate is usually necessary if the estate is more complex than a modest or basic one. This is especially likely if the deceased were unmarried or their spouse or civil partner predeceased them.

If either of the following situations applies to you: 

• You need to sell property on behalf of the estate; or 

• Any banks or organisations the deceased individual maintained accounts with have informed you that they will need to see the Grant of Probate before releasing funds.

When is it not necessary to request probate?

Applying for probate may not be required in some situations. 

• If the deceased individual owned any real estate or had bank accounts in their name alone, or if they held those things in joint tenancy with a surviving spouse or civil partner, then the surviving spouse or civil partner would inherit everything.

• There is a negligible amount of assets in the estate (often less than £5,000), and the necessary banks and building societies have agreed to release monies without a Grant of Probate.

If a couple held all of their assets and accounts jointly and one of them passed away, the other person would instantly become the sole owner. If a husband and wife owned their home and bank accounts as joint tenants, then upon the death of either one of them, the other would immediately become the sole owner of the assets. It's unlikely that a Grant of Probate would be necessary for this situation for the surviving husband.

Conclusion

Now you know When should probate be applied for? Time is of the essence when winding up an estate, especially if the real estate needs to be liquidated. Getting probate as quickly as possible will assist in getting the ball rolling and allow you to begin shutting accounts and gathering assets. Contact Welland Valley Legal for more detail.