Urban myths and misconceptions about Wills, probate and inheritance have been around for generations. But have you stopped to think about whether there is any truth to any of them?
Myth #7: If I make a Will, this will avoid having to go to Probate.
Not quite. It all depends upon the value of your estate.
“Probate” is the term which describes the process of obtaining a Grant of Representation which is a document issued by the Probate Registry, as evidence to the outside world that the correct person is dealing with the estate. This is normally obtained by post.
Some banks and other institutions are willing to allow your next of kin to deal with your affairs without seeing a Grant of Representation to deal with an asset of low value. Most estates valued over £30,000 or those that involve land will require a Grant of Representation.
You may feel that your potential executors could find the process of going to probate too daunting. However this should not be viewed as a reason not to make a Will. Price Slater Gawne are always on hand to assist your executors with obtaining the Grant of Representation, or any other aspect of administering your estate.
View more Wills and Probate Myth Busters in our Blog