When someone dies, and probate is not applied for, then no one will legally be allowed to receive their inheritance. Instead of the executor passing everything along to those who have been named, the assets will be frozen until probate is achieved. Probate gives the executor the legal authority to deal with the deceased person’s possessions. So without it, it will be impossible to wind up their affairs. Including closing down bank accounts, transferring (or selling) property, transferring pensions, and cashing in investments.
Not every estate will need probate; it will depend on the value of the assets, and how those assets were held as part of the estate. Probate is not normally required for estates that are worth less than £5,000, and sometimes the limit will be higher. It depends on the policies of the bank or financial institutions holding the money as to whether they will want to see probate or not before releasing the funds.
If the property or bank account is in a joint name, then the surviving owner will become the sole owner. Unless something different was stipulated in the deceased’s will; in that case probate won’t be required.
If you are unsure whether probate is required, it’s best to speak to the experts who can give you the best advice.
So if you’ve found yourself in a position where probate has not been applied for, we can help. Our team of professional advisors can provide you with guidance and a service like no other, please get in touch.
