What types of assets are subject to probate in the United kingdom

1. What types of assets are subject to probate in the United kingdom? In the United Kingdom, certain types of assets are typically subject to probate. Probate is the legal process of administering the estate of a deceased person, including the distribution of their assets. The assets that are commonly subject to probate include: Real Estate: Properties owned solely by the deceased person, such as houses, land, or commercial buildings, are subject to probate. This includes both freehold and leasehold properties. Bank Accounts: Bank accounts held solely in the deceased person's name, including savings accounts, current accounts, and fixed-term deposits, are subject to probate. Jointly held accounts may pass to the surviving account holder outside of probate. Investments: Stocks, shares, bonds, and other investment holdings owned solely by the deceased person are subject to probate. This includes investment portfolios, individual stocks, and investment funds. Personal Possessions: Personal belongings, such as jewellery, artwork, vehicles, furniture, and other valuable items owned solely by the deceased person, are typically subject to probate. However, low-value items or items specifically bequeathed in a will may not require probate. Business Interests: If the deceased person owned a business or had shares in a company, these assets may be subject to probate. The valuation and distribution of business assets depend on the specific circumstances and any relevant business agreements.

2. Life Insurance Policies: Life insurance policies are generally not subject to probate if there is a named beneficiary. The proceeds of the policy are paid directly to the designated beneficiary outside of the probate process. Pension Plans: Similarly, pension plans with a named beneficiary typically bypass probate, and the funds are directly transferred to the beneficiary. It's important to note that the exact assets subject to probate may vary depending on individual circumstances, the existence of a valid will, and any specific estate planning measures taken by the deceased person. Consulting with a solicitor or probate specialist can provide guidance tailored to your specific situation.