Probate laws and assets

It is important to understand that not all assets are dealt with under the probate laws in the event of someone’s death. Solicitors in North Wales can help you to assess the possessions left behind by a loved one and determine whether they are subject to probate or not.

The types of property which are liable for probate and consequently need a formal grant of probate process include those which were owned fully by the person who died, with no other proven ownership by others. This could include houses or other buildings. It could also cover bank accounts, pensions or other financial assets.

Life insurance policies which do not have a named beneficiary will also need to be part of probate, though if a nominated person is listed on this document, it would be exempt if they were still living. Some investment products, foreign properties and most business assets will be dealt with via probate.

Those assets which do not require probate are those which have a low value; usually this is anything which is valued at less than £500. Jointly held assets are also exempt from probate if the other person or persons are still alive. These could include buildings or money in a joint bank account. Probate solicitors in North Wales can help you to assess each belonging.

Make contact today with us here at Bennett Smith Solicitors and book in an appointment to speak to our legal experts about all things relating to probate and Wills.