Grant probate 'to speed up asset transfers'

For individuals due to benefit from the estate of a recently-deceased loved one, the first step may be to grant probate, as one expert notes without the resulting probate records, it can be difficult - or more expensive - to make progress on estate administration.

The Independent reveals in one case, where a man is seeking to transfer his father's individual savings account (ISA) into his own name, a Grant of Probate is necessary before Invesco will agree to the sale and reinvesting of the asset.

An estate and probate lawyer can help people in such situations, as the rules change according to the amount an estate is worth, meaning professional assistance could make a difficult period easier to manage.

Thisismoney.co.uk recently confirmed probate forms can bring down the cost of estate administration, noting banks may require payment for transfer of assets without formal proof of rights.

Santander is one such group, charging a man almost £70 because he did not produce the documents before requesting a transfer of shares into his own name.