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Probate

   My aunt's husband has recently died, they had no children and everything is in joint names except a Tessa/ISA with Abbey National. My aunt has been told by staff that she must go to probate before they can transfer the funds to her name. Are they right? (There is a will which leaves everything to my aunt.)


I would formally write to the Bank explaining the situation and asking whether they would consider proceeding on the basis that your Aunt provides them with an indemity on the basis that they pay out without a grant of Probate. Some financial institutions do this depending on the amount concerned.

If they continue to insist you will have no alternative but to apply for Probate.

Answered by:Mark Keenan, Editor

    My father in law has recently died leaving a recent will and stating that my wife, his daughter, is the Executor of the will. No one is contesting the will. Does she still have to pursue a grant of probate?


Yes, she does in order for the assets of the estate to be divided as the creditors to the estate such as banks etc need to have a copy of the Grant of Probate before they can proceed.

Answered by:Mark Keenan, Editor

    When completing the financial assesment form one has to place a value on the make up of an individuals entire estate. Is their a minimum value for which items do not have to be seperatley valued for probate?
Furthermore, can executors expenses be taken off before IHT calculation (I am certain the answer is no, however I would like clarity).


Usually the Inland Revenue will want to have precise valuations for all items over £500.00. A global value can then be placed on the remaining items.

You assumed correctly, unfortunately executor expenses cannot be deduted for IHT purposes.

Answered by:Mark Keenan, Editor

    What is probate and when does it apply??


For details about probate please visit our probate page.

Answered by:Mark Keenan, Editor

    Is it necessary to apply for probate if a Will has been made but the value of the estate is less than £15,000?


Not necessarily. It depends on the holder of the assets. Many Banks and Building Societies are happy to pay funds to an Executor upon receipt of a sworn declaration confirming that they are the appointed Executor and will administer the estate acording to the testators wishes. I suggest you contact the various organisations to obtain their individual requirements.

Answered by:Mark Keenan, Editor