Do shares necessitate obtaining probate?

Obtaining probate may not be a clear-cut process for some, as one individual has queried whether possession of shares changes the rules regarding estate administration.

Writing to the Daily Mail, one person reveals they were informed the possession of stocks meant it was essential to make an application for probate before the deceased's belongings could be distributed.

However, the publication reveals the shares - described as "worthless" by the would-be owner - are not the reason probate would need to be obtained.

In fact, estates valued under £5,000 are exempt from probate laws, which may mean possessions can be allocated as loved ones see fit.

But obtaining probate is likely to be important for the vast majority of Britons, as most will own property or belongings adding up to more than £5,000.

Lexology recently reported the pressures of the economic crisis have resulted in rising probate disputes, suggesting making a will is an essential step for the bulk of the population.

Published by Tessa Jones