A sharp decrease in the number of people working at the Probate Service could result in delays to probate being granted.
In response to the figures obtained in a Freedom of Information request by law firm Nockolds, pensions and investment group Royal London urged people to take steps to reduce possible delays in the event of their death.
Shelley Read, senior technical manager at Royal London, said: “Probate confirms who can deal with the estate of a person who has died before the assets can be distributed in accordance with their will. If someone dies without leaving a will, this process can take even longer and during that time, access to finances may be limited.”
Read said people often have life insurance policies to help loved ones repay a mortgage and look after the family. However, if this isn’t set up under trust, then it counts as part of the estate and can be held up by the probate process.
Read said: “Setting up a policy under trust means it isn’t considered part of the estate. This means the time it takes to pay beneficiaries is much shorter and gives the peace of mind that any bills can be dealt with in the meantime. Some companies also offer something called beneficiary nomination which is a simple way that policy holders can nominate who they want policy proceeds to be paid to in the event of a claim.
“Having joint accounts also means that there can still be access to funds as all the money will go to the surviving partner without the need for probate.”
While pensions are not normally part of the estate, Royal London said people should check that expression of wish forms have been filled in so no delays are encountered and pension savings go to their chosen beneficiaries.
