Do joint assets need probate in England and Wales?

If you are asking whether joint assets need a Grant of Probate in England and Wales, the answer depends on how the asset was owned. Some jointly owned assets pass automatically to the surviving owner, while assets owned solely by the deceased usually form part of the estate and may require probate.

This post explains when joint assets pass automatically, when a Grant of Probate may still be needed, and why ownership matters.

• joint assets do not always pass under the Will
• joint tenants and tenants in common are treated differently
• an asset can fall outside probate but still matter for inheritance tax.

Our York probate team advises executors across York and North Yorkshire on what needs probate and what needs to be reported to HMRC.

Probate and inheritance tax are different

A common mistake is to assume that if an asset does not need probate, it can be ignored for inheritance tax. That is not correct.

Joint property, joint bank accounts and some life insurance policies may pass without probate, but their value may still need to be reported to HMRC. The same can apply to some pension death benefits, and from 6 April 2027 most unused pension funds and death benefits will be brought into scope for inheritance tax, although some exclusions apply.

So accurate inheritance tax reporting still matters, even where probate is not required.

The law of survivorship

The law of survivorship applies to some jointly owned assets. When one owner dies, their interest passes automatically to the survivor, regardless of the Will.

These assets usually pass outside the estate for probate, while solely owned assets usually form part of the estate and often need probate before transfer.

Joint tenants vs tenants in common

Joint tenants

With joint tenants, both owners own the whole property together. When one dies, their interest passes automatically to the survivor. The property does not pass under the Will, although the value may still matter for inheritance tax.

Tenants in common

With tenants in common, each owner has a separate share. The deceased’s share passes under the Will or intestacy rules, forms part of the estate, usually requires probate and is included for inheritance tax.

If you are unsure how a property was owned, our probate specialists can check the title and explain the next steps.

Business and partnership interests

Business interests can be more complex because a partnership agreement or shareholder agreement may override the Will and set out what happens on death.

This may require the surviving partners or remaining shareholders to buy out the deceased’s interest, with the estate receiving payment instead of ownership. Executors should review the relevant agreement before assuming the Will controls the asset.

Pensions and life insurance

Pensions and life insurance can also sit outside the estate for probate purposes, but the inheritance tax position may be different.

Many pension death benefits do not pass under the Will and may not require probate. However, from 6 April 2027 most unused pension funds and death benefits will be brought into scope for inheritance tax, although some exclusions apply. Probate and inheritance tax should therefore be considered separately.

Life insurance depends on the policy structure. If a policy is written in trust, the proceeds usually pass directly to the beneficiaries outside the estate and without probate. If not, they may be payable to the estate and affect both probate and inheritance tax. The exact treatment depends on the policy terms and the wider estate.

Joint bank accounts

Joint bank accounts usually pass automatically to the surviving account holder, but that does not settle the inheritance tax position. For inheritance tax, HMRC will usually look at beneficial ownership and contributions. If the deceased provided all or most of the funds, more or all of the account may still need to be included in the estate.

Common probate mistakes

• assuming an asset outside probate is also outside inheritance tax
• confusing joint tenants with tenants in common
• not checking whether a life policy is written in trust.

Professional advice can help avoid delays, disputes and possible penalties.

Probate advice in York and North Yorkshire

Administering an estate can be complex, especially where joint assets, property, business interests, pensions or trusts are involved. Our York probate team helps executors and families deal with probate applications, inheritance tax reporting and estate administration with clear, practical advice.

If you are unsure whether a joint asset passes automatically or a Grant of Probate is needed, please get in touch with Mary Houlton or your usual UHY probate adviser. We can help you identify what forms part of the estate, what needs to be reported to HMRC and the next steps to take.

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