Grant of Probate
Most organisations require a copy of the grant of probate before they will provide information or release assets to the executor(s). Any assets held in the deceased’s sole name cannot be sold or transferred until probate has been granted.
Small estates will not necessarily need Probate. Where the value of assets is low, generally under £5,000 and often being just bank or building society accounts, the bank or building society may be prepared to pass the assets to the executor without probate (but will require an indemnity from the executor).
In the case of jointly held assets, ownership passes automatically to the surviving joint owner without probate, but steps will need to be taken to ensure the change in ownership is recorded.
A solicitor can advise on whether or not probate will be required.
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