Will I have to apply for Probate?
Finance Minister Conor Murphy is launching a consultation which will suggest an increase on the amount of money that can be released to beneficiaries of a deceased person without having to apply for a Grant of Probate.
What is a Grant of Probate?
This is a legal document which grants a person authority to deal with the administration of a deceased person’s estate. If someone has died with a will, the will appoints an Executor and the Executor applies for a Grant of Probate. If someone dies without a will, there is no formal executor appointment and so the next of kin will apply for what is called a Grant of Letters of Administration Intestate. Both grants provide the person with the authority to deal with estate.
What is the current limit that can be released without the need for a Grant?
The current limit is set at £10,000. The main reason for considering an increase on the £10,000 limit is to avoid putting family members to the additional stress and expense of having to apply for a Grant via the court system.
What is our experience of the £10,000 limit?
The limit is £10,000 but in practice we find that some banks and building societies have their own limits. Some might release funds over the £10,000 limit and others may not. Each scenario is different. It is always worth enquiring with the bank / building society as to whether they may be prepared to release funds without the need to produce a Grant. Some say yes, some say no, but the good old saying, ‘if you don’t ask, you don’t get’ is one that we often hear ourselves telling our clients! The banks and building societies are always willing to listen to individual circumstances which may in turn lead to them waiving the Grant requirement.
Do you think you need a Grant?
If you are not sure whether you need a Grant or not, get in touch with us. We have years of probate experience and are administering estates for many clients. Each estate is different . Only last week I wrote to a bank requesting release of over £10,000 without having to produce a Grant. The bank has since agreed to release the funds. Our client was extremely anxious about the prospect of having to apply for the Grant, and was very relieved to hear that the bank had agreed to waive the Grant of Probate requirement.
If you need some advice on this aspect of dealing with someone’s estate, or indeed advice regarding someone’s estate generally, please don’t hesitate to contact us on 028 90 329801 / firstname.lastname@example.org. We’re here to help!