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DIY Probate and bank accounts
frugalfiz
Posts: 67 Forumite
My father passed away 2 weeks ago, and everything goes to my mother. The joint accounts are straightforward, but we have to apply for probate, as one ISA account is over £25,000 and also for the property which was owned tenants in common.
We are not using a solictior for probate as it is very straightforward (and the solicitor was also patronising chauvenistic knob!) and the executors are my mother, my brother and myself.
We are still waiting for the probate pack to arrive so it will take a few weeks; is it ok to get on with transferring the funds in the other accounts direct to my mother, which are under £5000, before probate is granted, as long as the banks allow us to do so?
We are not using a solictior for probate as it is very straightforward (and the solicitor was also patronising chauvenistic knob!) and the executors are my mother, my brother and myself.
We are still waiting for the probate pack to arrive so it will take a few weeks; is it ok to get on with transferring the funds in the other accounts direct to my mother, which are under £5000, before probate is granted, as long as the banks allow us to do so?
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Comments
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Why wait for the probate pack.
PA1 and IHT205 are online down load and start filling them in.
As all executors have to sign various forms it helps if you are all local to each other if not then consider only one or two of you doing the appplication.
No problems starting the process just keep records.
Assume there is a will.0 -
getmore4less wrote: »Why wait for the probate pack.
PA1 and IHT205 are online down load and start filling them in.
As all executors have to sign various forms it helps if you are all local to each other if not then consider only one or two of you doing the appplication.
No problems starting the process just keep records.
Assume there is a will.
Thanks for reply. I was waiting for the probate pack as I thought it would help to have any guidance notes they provide, but I will download the forms and start filling them in. I live near my mother, but my brother is 40 miles away so it might be sensible for him to agree 'power reserved' so we can get on with it. Will have to read up on that one for more details - yes there is a will0 -
The guidance notes are also available online. Strong coffee, wet towel, multiple tabs open in your browser ...Signature removed for peace of mind0
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As said all the forms/notes are avaialble on line and there are loads of guides.
a google of what to do when someone dies will find more info than you ever wanted. (leaning to search for relevent info is a good thing to practice)
I like HMRC site for info but needs a lot of reading especialy the HMRC manual pages as they cross link a lot.
a few good links in here
http://www.hmrc.gov.uk/inheritancetax/iht-probate-forms/find-right-forms.htm
If you run through IHT205 to see if you need to do IHT400 will be a good start.
Also consider the situation for second death at the same time, spouse exemptions no longer apply and the transferable nill rate band come into play.0 -
One other thing,
As you go through the forms/notes just make a note of things you need to find out or research further and move on.
Then when you get to the end start researching getting info to fill in the gaps which can take time if it needs enquiries, or waiting for the likes of HMRC or the DWP to get their acts together.
Another form that will turn up is r27 might as well get that as well.
http://www.hmrc.gov.uk/incometax/claim-for-deceased.htm
There is likely to also be a return for the period of administration this can be quite simple when I did one a simple letter with the numbers sent with the r27 was sufficient.0 -
Thanks for all the advice. I've worked through PA1 and IHT205 and all seemed straightforward. My 90 year old mother has all the information I need all sorted in neat files, so have got it all done today!.0
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