Grateful for some help with Probate query

[Hagbard]

"It is hereby certified that it appears from information supplied on the application for this grant that the gross value of the said estate in the United Kingdom does not exceed £325,000 and the net value of such estate does not exceed £46,000"

^From a UK Probate document. Is somebody able to clarify what the above means, please?

That it does not require probate.

Agreed

I don’t agree that it means probate isn’t required. Some banks will insist on probate for that amount.

Thanks both for the replies. What would be the reason for no probate required? I thought it was needed on an estate over £5000? Or could it be that all assets were owned jointly?

Does this statement, the gross value of the said estate in the United Kingdom does not exceed £325,000 and the net value of such estate does not exceed £46,000 mean that the estate is worth £325,000 but there is a large debt secured upon it, lowering the net value to £46,000?

It looks like a probate certificate which confirms that it is an excepted estate for IHT purposes and that the net value of the estate is below £46K. Is tells you nothing about liabilities.

No, it does not mean that no probate is required. It means exactly what it says. The gross value is below the IHT limit. It does not indicate whether it is just below the IHT limit or a long way below. It could be £320k with a £274k debt, or it could be £47k with a £1k debt.

Thanks for the explanation prh47bridge. That's really helpful

It is wording from an old style probate certificate!