Usually, there can be up to £10,000 to £15,000 in the bank before Probate is needed but this isn’t always the case. All banks and building societies have different thresholds for releasing funds without a Grant of Probate.
Depending on the size of the estate, banks will ask for a Grant of Probate before closing the bank accounts of someone who’s died. If it’s a small estate you’re dealing with (valued under £5,000 with no property) a Grant of Probate usually won’t be needed. If you’d like legal advice about Probate, get in touch with our Probate Team who will be happy to talk through your options.
What is a Grant of Probate?
A Grant of Probate is a legal document that gives you the right to deal with someone’s estate (their money, property and belongings) after they die. You can apply for a Grant of Probate if the person who died left a valid Will. If they didn’t, then you’ll instead need to apply for a Grant of Letters of Administration. This still gives you the same legal right to administer an Estate as the Grant of Probate.
Each bank will have different rules about the total value of the estate. For example, the threshold for some banks might include the overall value of the estate (including their property and belongings) while others will just consider the value of the bank accounts. If the person who died had more than one bank account, you will need to add up the total amount left in each account for every bank (if they used more than one) to see whether the total falls below the threshold.
Bank Limits for Probate
Thresholds for Probate can range from £5,000 to £70,000 across different banks, building societies and financial providers. Most of these limits will apply but there can be exceptions at a bank’s discretion. For example, even if an estate’s value falls below the set threshold, if it’s a complex estate or family situation, banks may still request a Grant of Probate.
How do I Apply for a Grant of Probate?
There’s a lot to sort out when you apply for Probate. First, you need to identify whether a Will was left behind, so you know whether to apply for a Grant of Probate or a Grant of Letters of Administration (collectively known as a Grant of Representation).
It normal circumstances it would usually take around 4 to 8 weeks for the Probate Registry to issue with a Grant of Representation, but due to the pandemic this has increased turnaround times within government sectors, and this could range from 4 weeks – 6 months. The Probate application is just one part of what can be a complex and time-consuming process of Probate. The idea of notifying banks and applying for Probate can feel daunting, especially when you’re already dealing with the emotions of losing a loved one. Our Probate Team can help you get through the process as quickly as possible, ensuring that all paperwork is accurate to minimise the risk of delays.