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    • TerryJack
    • By TerryJack 6th Sep 17, 2:59 PM
    • 2Posts
    • 0Thanks
    TerryJack
    Father in Laws Death
    • #1
    • 6th Sep 17, 2:59 PM
    Father in Laws Death 6th Sep 17 at 2:59 PM
    My father in law passed away recently and left his wife as sole beneficiary (after some charitable donations and one payment to his son).
    He had various stocks/shares, loan investments, joint accounts, and jointly owned property with his wife - Assets approx £70K and joint property about £100K - We have sent letters requesting up to date vales.

    1) As his wife is sole beneficiary, do we still need to go through probate?

    2) Do we need to open a new bank account for estate?

    3) Do we need to list personal items such as stamp album, rings, coins which are probably worth only £200 or so in total?

    4) is there a particulatr format for listing estate and chattels?

    Kind regards,
    Terry
Page 1
    • Crabapple
    • By Crabapple 6th Sep 17, 5:23 PM
    • 1,529 Posts
    • 7,099 Thanks
    Crabapple
    • #2
    • 6th Sep 17, 5:23 PM
    • #2
    • 6th Sep 17, 5:23 PM
    Whether you need probate or not will depend on the sole assets and the amounts. If they will release money without then you don't. Joint assets should just need a death certificate.

    You don't need to open an estate account but money should be kept separate so can be useful to have one.

    If you need probate then there's a specific form and it includes a box for the total value of possessions.
    Daughter born January 2012 Son born February 2014

    Slimming World ~ trying to get back on the wagon...
    • Keep pedalling
    • By Keep pedalling 6th Sep 17, 5:32 PM
    • 3,575 Posts
    • 3,849 Thanks
    Keep pedalling
    • #3
    • 6th Sep 17, 5:32 PM
    • #3
    • 6th Sep 17, 5:32 PM
    As equities are involved probate will need to be obtained as they will not be able to be sold or transfered without it.

    it is not nessesary to list individual items of this low value.
    • TerryJack
    • By TerryJack 9th Sep 17, 10:28 AM
    • 2 Posts
    • 0 Thanks
    TerryJack
    • #4
    • 9th Sep 17, 10:28 AM
    • #4
    • 9th Sep 17, 10:28 AM
    Thank you for information
    • Yorkshireman99
    • By Yorkshireman99 9th Sep 17, 11:09 AM
    • 2,964 Posts
    • 2,319 Thanks
    Yorkshireman99
    • #5
    • 9th Sep 17, 11:09 AM
    • #5
    • 9th Sep 17, 11:09 AM
    Thank you for information
    Originally posted by TerryJack
    A value of the stocks/shares needs to be the mid market prices not the ones listed in the newspapers. These will establish the base values for any future CGT purposes.
    • getmore4less
    • By getmore4less 9th Sep 17, 2:36 PM
    • 29,788 Posts
    • 17,813 Thanks
    getmore4less
    • #6
    • 9th Sep 17, 2:36 PM
    • #6
    • 9th Sep 17, 2:36 PM
    HMRC are happy to take the closing values from the main sites like yahoo or newspapers.

    if you want more accurate for large holdings the 1/4 up method is often preferred.

    the IHT400 notes explain on pg 67/68.

    https://www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400

    here is the yahoo example for BP
    https://uk.finance.yahoo.com/quote/BP.L/history?p=BP.L


    some like google
    http://www.google.co.uk/finance/historical?q=LON:BP
    • Yorkshireman99
    • By Yorkshireman99 9th Sep 17, 11:25 PM
    • 2,964 Posts
    • 2,319 Thanks
    Yorkshireman99
    • #7
    • 9th Sep 17, 11:25 PM
    • #7
    • 9th Sep 17, 11:25 PM
    Noted. Thanks.
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