DIY probate
Comments
-
katihannah wrote: »Yes it leaves everything to me, and excluding our marital home which apparently isn't part of the estate, it only has a value of £10-15k, which I why I'm loath to part with half of it to pay the vultures for probate services I don't need! The property he owns has very little equity in it, and I suspect it will be swallowed up in legal fees when I sell it.
All of the websites I've looked at regarding probate list the circumstances under which professional advice is recommended, his estate doesn't include any of those things listed, so I think it's pretty straightforward.
Most banks will pay out smaller amounts without the need to go to probate (e.g. Barclays will release funds up to £30,000 without the need to have probate.0 -
Keep_pedalling wrote: »Most banks will pay out smaller amounts without the need to go to probate (e.g. Barclays will release funds up to £30,000 without the need to have probate.0
-
I'm another one that has done DIY probate including assent & compulsory first registration of a property - There was nothing particularly difficult about the process, and the Probate Registry (and Land Registry) have a helpline when there are any questions.
There were solicitors available willing to provide help & services (for a fee) should there have been anything that was outside my ability - Not that they were required in the end.Her courage will change the world.
Treasure the moments that you have. Savour them for as long as you can for they will never come back again.0 -
katihannah wrote: »Yes it leaves everything to me, and excluding our marital home which apparently isn't part of the estate, it only has a value of £10-15k, which I why I'm loath to part with half of it to pay the vultures for probate services I don't need! The property he owns has very little equity in it, and I suspect it will be swallowed up in legal fees when I sell it.
All of the websites I've looked at regarding probate list the circumstances under which professional advice is recommended, his estate doesn't include any of those things listed, so I think it's pretty straightforward.
For probate & will purposes, stuff you owned as beneficial joint owners does not count as part of the estate, these pass by survivorship. So they don't pass by will, they are outside of the estate as far as the will & probate go.
However to complete probate you need to fill in the IHT forms. For IHT purposes, stuff that passes by survivorship does count as part of the estate and needs to be declared. No IHT will be payable because you get the spouse exemption, however it all has to be declared including your marital home even if owned as benefical joint tenants.0 -
[FONT=Tahoma, sans-serif]DIY probate is very straight forward. I have done it three times.[/FONT]
[FONT=Tahoma, sans-serif]Just take your time and work through the forms.[/FONT]0 -
katihannah wrote: »Yes it leaves everything to me, and excluding our marital home which apparently isn't part of the estate, it only has a value of £10-15k, which I why I'm loath to part with half of it to pay the vultures for probate services I don't need! The property he owns has very little equity in it, and I suspect it will be swallowed up in legal fees when I sell it.
All of the websites I've looked at regarding probate list the circumstances under which professional advice is recommended, his estate doesn't include any of those things listed, so I think it's pretty straightforward.0 -
Sorry you are faced with this task, but it should be quite straightforward in this instance from your information so far supplied. Certainly there is no need for the level of charges indicated..
As has been suggested, the government web site is very helpful and you can often get questions answered (but not advice) from the probate office staff.
Even if you get paid assistance, you will have to do the work of making a list of exactly what assets your husband owned, how they were owned (jointly or otherwise) and of any debts (eg mortgage) owed.
From that, you can calculate the IHT (if any) to be paid.
Specific advice on any points that you do not understand can be obtained far cheaper than handing over the entire procedure, if necessary.
Having obtained probate, you are then authorised to take control of matters and collect assets and pay debts.
If the will leaves everything to you, it is even simpler; there will be nobody interested if you make any mistakes!
Stick with Yorkshireman's posts for sound info.0 -
and it's pretty straighforward.
Keep records of everything and if in doubt about anything ask on here or
ask the probate office. The probate people are really helpful and offer free advice.
Don't be fooled into paying silly money to 'probate companies'
You know your husbands affairs better than anybody and so DIY.0 -
Even the IHT forms are fairly straightforward once you've got all the paperwork.
First step is to get statements from all banks etc as at date of death, also check whether there is any pension or benefits overpayment to be returned, or any income tax due. Tax is likely to be the slowest.
Hopefully at this point you find that there is enough money in the estate to pay off any debts without having to consider selling property.
Banks will usually repay any overpayment of pension, benefits, tax or funeral expenses from funds held without waiting for probate.
Then apply for probate, pay the fee (which I think the bank will not pay from funds held), swear the oath, and a few weeks later the grant will arrive, which you send off and get the money coming in.
If you want a blank spreadsheet of the IHT207 PM me with an email address.A kind word lasts a minute, a skelped erse is sair for a day.0 -
Three things come to mind:
The probate company makes a healthy living by preying on the recently bereaved.
No matter how deeply I was mired in grief, anyone insinuating I should hand over a wad & not worry my pretty little head about probate would trigger my urge to knee someone sharply in a tender area.
You've the smarts to find the MSE forum from google alone? You can manage probate. Even with bereavement throwing you about like a cork in a thunderstorm. Noone here makes tuppence on a post, so you'll get all sorts of support and it'll just cost you time.
In short, join the team of MSE DIY, post here as often as you need or want & be welcome!0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards