What is a Grant of Probate?

• A Grant of Probate is the legal document that gives an executor the authority to deal with a person’s estate after they die.
• Not every estate needs probate, but a Grant of Probate is often needed to access bank accounts, sell property and distribute assets to beneficiaries.
• Inheritance Tax may need to be paid before probate is granted, for estates struggling with the cash needed to pay this, Provira’s Estate Advance can help.

A Grant of Probate is a legal document issued by the court that gives the executors legal authority to deal with a person’s estate after they die.

If you’ve recently lost a loved one and have been named as an executor, there’s a good chance you’ve come across the term “Grant of Probate”. For many people, this can be the first time they’ve ever heard it.

At an already difficult time, probate can feel like even more paperwork to deal with. Between funeral arrangements, supporting family members and trying to understand the intricacies of someone’s finances, it can be hard to know where to start.

The good news is that the concept itself is actually quite simple.

A Grant of Probate is the document that gives you the legal authority to deal with someone’s estate after they die. Without it, you may not be able to access bank accounts, sell property or give out assets to beneficiaries.

If you are managing an estate that needs to pay an Inheritance Tax bill before probate can be granted, but don’t have the cash available to pay it, Provira can help.

Our Estate Advance gives executors access to up to 50% of the net value of the estate within days, so they can pay off any estate costs early.

To find out more about our Estate Advance click here.

What is a Grant of Probate?

A Grant of Probate is an official document issued by the Probate Registry that confirms that the executor named in a Will has the legal authority to manage the deceased person’s estate.

On a practical level, it’s proof that you have the right to deal with things like bank accounts, savings, investments and property. 

Many executors think that having a copy of the Will is enough to start dealing with an estate. 

But whilst the Will explains who should inherit what, and who is responsible for administering the estate, organisations like banks and the Land Registry will want to see a Grant of Probate before releasing assets into the hands of other people.

Think of it as the legal document that says ‘this person is allowed access to these assets’.

How long does it take to get a Grant of Probate?

For most estates, a Grant of Probate takes between 4-16 weeks to arrive.

Simple applications can sometimes be approved faster, but most complicated ones may take closer to 12.

However, delays can happen if Inheritance Tax payments aren’t made, if assets need professional valuations (like property) or if the Probate Registry needs more information.

Whilst waiting for probate can feel frustrating, it’s important to remember that delays are common and do not necessarily mean there is a problem with the application.

How much does a Grant of Probate cost?

At the time of writing, the cost for a Grant of Probate for estates worth more than £5,000 is a flat fee of £300. There is no fee for estates valued at £5,000 or less.

However, the Grant of Probate isn’t the only cost executors need to prepare for. Depending on the estate, there may be extra fees for property valuations, legal fees and funeral costs too.

For many families, these costs arrive at a time when estate assets are still locked up, which can add extra pressure during what is already an emotional period.

Why do you need a Grant of Probate?

You need a Grant of Probate to prove that you have the authority to deal with the estate’s assets. 

When somebody dies, banks, investment companies and property buyers want reassurance that they are dealing with someone who has the authority to deal with the money.

For example, if a bank is holding £100,000 that used to belong to the deceased, it needs proof that the person wanting access to those funds has the legal authority to do so.

Similarly, if a property is being sold, the buyer will want to know that the person selling it is legally entitled to do so on behalf of the estate.

When is a Grant of Probate needed?

Probate is usually needed when assets are held solely in the deceased’s name and amount to a certain value.

Usually, a Grant of Probate is needed if the estate includes:

• Property owned solely by the deceased
• Large bank or savings accounts (£5,000+)
• Investment portfolios
• Stocks and shares
• Certain life insurance policies

The important thing to know is that every company has its own rules.

Some banks may release smaller amounts without needing probate, whilst others will ask for a Grant of Probate before releasing any money.

If you’re not sure whether probate is needed, we usually recommend contacting the organisations that hold the deceased’s assets to ask.

Do I always need a Grant of Probate?

No, there are some situations where you do not need a Grant of Probate.

Including:

• If there is no Will: In this case, you will need to apply for Letters of Administration instead, which is the equivalent document.
• Assets are jointly owned: In these cases, assets automatically pass to the surviving owner.
• The estate is small: Some banks and building societies may not need a Grant of Probate if the total held with them is below their specific threshold.
• Assets are outside of the estate: Life insurance policies, death-in-service benefits, and certain pensions with named beneficiaries can usually be claimed without going through probate.

However, every estate is different, so it’s always worth checking with each financial institution rather than making assumptions.

How do you apply for a Grant of Probate?

Most executors can apply for probate online or by post.

Before applying, you’ll usually need to have the value of the estate and work out whether Inheritance Tax is due.

Read more in our guide around: How to pay Inheritance Tax before probate

This means gathering information about bank accounts, property, investments, debts and any other assets owned by the deceased.

Once this information has been collected, the probate application can be submitted through the government probate service.

Do you need to pay Inheritance Tax before probate is granted?

Yes, you will need to pay part of your Inheritance Tax bill before probate is granted. 

This can create a difficult situation for estates where most of the value is tied up in assets like property, investments or business, where cash isn’t readily available.

On paper, the estate may be worth hundreds of thousands of pounds, but there may be very little cash available to pay HMRC.

We speak to executors every day who find themselves in exactly this position.

How Provira can help release funds during the probate process

One of the most stressful parts of administering an estate is feeling responsible for managing the finances when cash isn’t readily available.

You may have an Inheritance Tax bill to pay, property expenses, legal fees and other costs, but be unable to access the estate funds needed to cover them.

That’s exactly why we created our Estate Advance.

Our Estate Advance gives executors access to up to 50% of the net value of the estate within days, helping them cover urgent estate expenses. In some cases, this can help whilst Probate is ongoing, in others, it can help them pay the Inheritance Tax bill needed to get the process moving.

Unlike a traditional loan, there are:

• No monthly repayments
• No personal liability for executors
• No credit checks
• Simple interest rather than compound interest

Most importantly, you’ll be supported by a compassionate team that understands how difficult estate administration can be. 

We take the time to explain the process, answer questions and help executors find a solution that works for them.

If you’re dealing with an estate and need help covering Inheritance Tax or other probate-related expenses, get in touch with the Provira team today.