Posts tagged “Probate”

black and gold pen and Last Will and Testament
There are reports that challenges to historic Wills have increased by up to 400% this year. 
 
In some cases, challenges are being made several years after an estate has been settled. 
 
People are enquiring about the possibility of challenging the Wills of friends and family members, believing they have a claim to money or assets, although they weren’t declared at the time. 
Some of the UK’s biggest banks, building societies and insurance companies are discussing how to improve services for bereaved customers. 
 
More than 60 organisations, including major banks, intermediaries and brokers are involved in creating a new Bereavement Standard. 
butterfly and orange flower
Did you know that a caveat can be used to prevent a grant of probate? 
 
What could this mean for your friends and family? 

What is a caveat? 

A caveat is used to ask someone to suspend an action. In the case of your Will, it could be used to stop your executors obtaining a grant of probate. If you don’t have a Will, it could be used to prevent your family obtaining letters of administration. 
Plans to increase probate fees for some to £6,000 have been approved this month, following the most recent meeting of the government committee that was set up to debate the issue. 
 
The Committee members voted by nine votes to eight to approve a statutory instrument (SI) to replace the current flat fee with a sliding scale of charges, based on the value of an estate. 
When someone dies the process of releasing their assets is called probate*. This must be completed before beneficiaries can receive their share of the estate. 
 
The exception is when all the property is jointly-owned and money passes to a spouse or civil partner. 
 
If you are dealing with probate for the first time this can all be quite daunting, so here are some things you might want to know. 
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