In the UK, the assets of the deceased typically do require probate. This means that the executor(s) of the estate must obtain a grant of probate. This grant of probate will give the executor(s) legal authority to begin administering and distributing the estate.
The assets that are subject to probate in the UK, include:
| Assets held in the deceased’s sole name |
Any assets that are held in only the deceased’s name, such as their property, will require probate to be sold. Other assets may include bank accounts or shares. |
| Investment products |
When it comes to accessing investments, it is likely that you will need a grant of probate for the company to pay out the funds into the estate. |
| Life insurance policies |
If the deceased had some form of life insurance policy in place at the time of their death and had chosen an individual to benefit from it – then a grant of probate may not be required.
However, if the deceased had not nominated anyone to benefit from this life insurance policy – then the policy will be absorbed into the estate as a whole. Therefore meaning probate would be required. |
| Foreign assets |
If there are assets held outside of England and Wales, a grant of probate will be necessary. It can often be essential to obtain legal advice in the country where both of these assets are situated. This can help to ensure you meet both countries’ legal requirements when dealing with tax implications. |
| Business assets |
These may vary between cases but typically if the deceased has any business assets (e.g if they ran a business) – typically a grant of probate will be required. |
