When is Probate required
Probate is required when:
- the deceased owned land or property in his or her sole name or as Tenants in Common, and;
- where the total value of all accounts with a specific organisation exceeds their threshold.
Probate thresholds for the 8 main high street banks
Please note that these are the current limits. The bank/building society can change these so it is always advisable to check first.
If the total value of all the accounts exceeds the threshold then the bank will require sight of the Grant of Representation in order to close the accounts and release the funds.
Example 1: John had two accounts with Barclays with a total value of £65,000. As the total value exceeds Barclays threshold they will sight of the Grant of Representation.
When Probate is not required
You may not need to obtain probate if:
- the deceased owned property as Joint Tenants, and;
- had sole assets below £5,000 or;
- the money held in the bank/building society is below the threshold.
In such instances, the bank will usually close the account and release the funds to the Personal Representatives. They will have to sign a personal indemnity before the bank will release the funds.
Example 2: John had three accounts, two with Barclays and the other one with Lloyds Bank. He had £65,000 in his Barclays accounts and £40,000 in his Lloyds account. Lloyds bank will not require sight of the Grant of Representation but Barclays will.
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