Assets not requiring a grant of representation
Some assets can be obtained before a grant of representation is issued either because assets do not form part of the deceased’s estate or they can be collected without production of the grant. Such assets are:
- Assets of low value – an asset valued less than £5,000 may at the discretion of the asset holder be paid out without the production of a grant;
- Pension death benefits – pension companies often retain a discretionary right to decide how the pension holder’s death benefits should pass. If this is the case, the trustees will usually pay the benefit to person(s) nominated by the deceased before the death;
- Life assurance – where life policies are written in trust they do not form part of the deceased’s estate for probate purposes and as such are not dealt with by a grant. Encashment will be made by the trustees appointed by the deceased when the policy was written in trust;
- Joint assets – where assets are held jointly with another person the legal title passes automatically to the surviving co-owner on death so that no grant is needed. If, however, the asset is held jointly as tenants in common between the co-owners then the deceased’s share will pass into his/her estate and as such will require a grant.
For anything further, one of our specialists would be delighted to meet you either in our office or in your own home to talk through your requirements and answer any questions. Please contact us at any time.