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Getting your estate in order can be confusing, which is why it is always advisable to make the most of the professional help and assistance that is available to you. One thing you should definitely do is make sure that you prepare a will so that your assets are distributed in the way you want them to be should you pass away. However, a lot of people wonder whether they will need to have a probate as well. Is this something that is necessary if you already have a will? Read on to find the answers.
For those who are unaware, the term probate refers to the financial and legal process of dealing with the possessions, money, and property of a person who has passed away. What a lot of people do not realise is that the absence or presence of a will has no influence on whether or not you are going to need a probate.
What happens next…
Wills and Probate
You are going to need a probate if your estate is valued above the probate threshold, and all of the assets owned by you were held in your name only when you pass. This is applicable irrespective of whether or not there was a will.
There are only two elements that will determine whether or not a probate is going to be needed. The first is how the assets were held, for example, were they solely in the deceased person’s name or were they held in joint names. The second factor at play is the value of the assets.
Partners and Spouses
If any of the assets were in a joint name, then they would automatically go to the co-owner. This is as per the Right of Survivorship. However, the value of the asset will need to be determined if it was held in the sole name of the deceased person, and then if the value exceeds the threshold for the probate, a probate is needed to either transfer or sell it.
Generally speaking, a probate will not be needed if the total value of the person’s estate is lower than £15,000.
In the event of there being no Will
The existence or lack of a will has no influence on whether or not a probate is needed. Nevertheless, you still need to find out whether or not there is a will, as this can have an influence on a number of different things.
To conclude, we hope that this has helped you to get a better understanding of whether or not you are going to need a probate. It is critical to recognise that your likelihood of needing a probate is not determined by whether or not you have a will. This actually does not have any bearing on this. The best thing to do is to get in touch with an experienced team of legal experts who will be able to make recommendations and advise you on what is needed. This will give you the peace of mind that your estate is handled in the exact way you want it to be.
If you need support from our team, get in touch.