What is a Grant of Probate?

So what is a grant of probate, most people have heard the term “Probate”, however far fewer are aware of what it means.

Just because we have a Will, that does not automatically mean that after death the people dealing with such affairs can then immediately begin sharing out an estate.

If there is a Will, then the people dealing with an estate are called “Executors”, and if there is no Will, then those people are called “Representatives” instead.

Applying for a Grant of Probate is a request for official legally valid permission by Executors/Representatives to distribute an estate.

A Grant of Probate will usually be necessary either if a deceased person:

Owns property in their sole name or jointly as a “Tenant in Common”* with another person; and/ or

If they have significant savings (approximately £25,000 plus) in one bank account or Personal Equity Plan (PEP) or Individual Savings Account (ISA) or Premium Bond holding; and/ or

If they hold more than approximately £10,000 in one shareholding.

(The variance in the above figures is due to differing requirements between the various banks, investment companies and shareholding administrators).

If any of the above apply, then the Executors of a Will or Representatives of an estate must obtain permission from a government department known as the Probate Registry before the estate can be distributed to the beneficiaries according to a Will, or the law if there is no Will.  

Only once the Executors/Representatives have obtained this Grant of Probate from the Probate Registry can they then commence with liquidating and distributing the relevant assets of a deceased person’s estate.

It is a myth that you must use a solicitor firm to obtain a Grant of Probate, and this is an extremely expensive and unnecessary route to take.  It is not uncommon to pay over £4,000 to a solicitor to obtain a Grant of Probate, and so-called “legal services” firms can often charge even more than this.  It is an unregulated and inconsistent marketplace where practitioners are free to charge whatever they like, so be aware that it pays greatly to shop around.  Such companies prey upon Executors/Representatives who may well be grieving as well as beneficiaries of an estate. Therefore, they may not miss several thousand pounds if they are set to inherit far greater than any fees paid. However, it benefits ALL beneficiaries for as little as possible to be expended in probate costs as they then all receive a greater value of inheritance as a result.

Some Executors are confident enough to apply for Grant of Probate directly from the Probate Registry.  However, if Executors/Representatives are not confident to apply to the Probate Registry directly, they need not spend more than £1,000 to obtain the same outcome, merely by carrying out some worthwhile research. This can easily be achieved by using a Probate Guidance service instead, whereby Executors/Representatives merely obtain lower-priced guidance as to how to correctly obtain a Grant of Probate.

*Property owned jointly as Joint Tenants means that if one co-owner dies, then the surviving co-owner inherits the deceased’s interest in that property outright by law and does not require a Grant of Probate. Property owned jointly as Tenants in Common means that each co-owner is free to gift their share of the property either to the surviving co-owner OR to people other than the other co-owner, so a Grant of Probate will usually be required to achieve this.

For further information without fear of consultation fees or obligation, please visit our Probate page.