Probate help

absolute0

Could someone help with some probate questions please?

My father passed away last week & my brother & I are named executors. The copy of the will that my mum has states that the estate is to be transferred to her. We have been told that DIY probate is pretty straight forward, so this is why I'm here

My dad had a pension & life insurance, which was being used as their main form of income, which shall continue at a reduced rate but just for my mum.

I will be getting the original will from the solicitors tomorrow & I already have copies of the death certs to be sent off to banks, etc... Where do I go from there? Do I need apply for Probate, if so, how?

Thanks

Happychappy

Hi,

So sorry to hear of your loss.

Probate for a simple handing over of estate between husband and wife is very simple if all that is involved is a property, pension and life insurance, especially where an up to date uncontested will is in force. I dealt with my fathers will for handing over to my mother, and then last year dealt with my mothers will, so it is straight forward and the forms are easily understood.

Read the pages from the DIRECTGOV site and you will see how simple it is for you and your brother. The links attach the various forms which you can complete online, and you will find the probate service very helpful and they will guide you as much as you like, but hopefully you will see how simple it is, so best of luck and hope all goes well.

HC

BandJB

If you decide to go down to the Probate Office and do it face-to-face then the staff there are very helpful. I've done it twice and there's absolutely no rush or hassle. One word of warning though: there's a fee to pay and they didn't (still don't?) accept cards or cheques so, the first time, we ended up having a whip-round amongst the three of us to get enough cash together.

Happychappy

BandJB wrote: »

If you decide to go down to the Probate Office and do it face-to-face then the staff there are very helpful. I've done it twice and there's absolutely no rush or hassle. One word of warning though: there's a fee to pay and they didn't (still don't?) accept cards or cheques so, the first time, we ended up having a whip-round amongst the three of us to get enough cash together.

Hi, possibly since you applied they have changed? but they do accept cheques with applications, but not cash.

Probate Fees

absolute0

Thanks for your quick responses and thank you for you kind comment HC.

I've downloaded forms: PA1 & IHT205 and will fill in as much as I can. I'm in the process of drafting some letters out to the banks so I can get the latest balances on accounts (for the assets).

I have a couple of further questions...

My father had an outstanding amount on a credit card. When I notify the credit card company will they freeze the account until probate has been granted, or will they expect us to carry on paying? I suppose the question also applies to general bills.

When valuing the property do estate agents charge for valuing if they know it is for probate and does there need to be written evidence of the valuation?

Many thanks

BandJB

absolute0 wrote: »

My father had an outstanding amount on a credit card. When I notify the credit card company will they freeze the account until probate has been granted, or will they expect us to carry on paying? I suppose the question also applies to general bills.

Assuming that he was the sole or primary card holder then they'll shut down the account and request immediate payment. You'll have to ask them if they will continue racking up interest charges until full payment is made or if they simply freeze the amount currently due. If you mother is a secondary card holder on that account then I'm afraid she will be unable to continue using it and must apply for a new card in her own right.

General utility bills, rates etc. can simply be transferred to your mother's name. If the current account is in joint names then she can continue to use it but, technically, only half the money that was in there is hers: the other half is part of your father's estate (same for any joint savings accounts). If the current account is solely in your father's name then it will be frozen - that can lead to problems with Direct Debits etc. so inform the relevant companies immediately.

absolute0 wrote: »

When valuing the property do estate agents charge for valuing if they know it is for probate and does there need to be written evidence of the valuation?

If the property was held as Joint Tenants then your mother should automatically inherit it, subject to any trusts in the will etc. (in effect, they each owned the whole of the property). If the property was held as Tenants In Common then they each separately own one half of it and, probably, the will specifies how your father's half is to be treated.

The executors must discover and record a reasonable value for all assets. This can take time and should stand up to scrutiny by the tax man (in the worst case!). You have about six months to finalise this sort of thing, so it's probably best to get the will through Probate first and worry about the mechanics of valuations etc. later.

Hope this helps.

absolute0

BandJB wrote: »

Assuming that he was the sole or primary card holder then they'll shut down the account and request immediate payment. You'll have to ask them if they will continue racking up interest charges until full payment is made or if they simply freeze the amount currently due. If you mother is a secondary card holder on that account then I'm afraid she will be unable to continue using it and must apply for a new card in her own right.

General utility bills, rates etc. can simply be transferred to your mother's name. If the current account is in joint names then she can continue to use it but, technically, only half the money that was in there is hers: the other half is part of your father's estate (same for any joint savings accounts). If the current account is solely in your father's name then it will be frozen - that can lead to problems with Direct Debits etc. so inform the relevant companies immediately.



If the property was held as Joint Tenants then your mother should automatically inherit it, subject to any trusts in the will etc. (in effect, they each owned the whole of the property). If the property was held as Tenants In Common then they each separately own one half of it and, probably, the will specifies how your father's half is to be treated.

The executors must discover and record a reasonable value for all assets. This can take time and should stand up to scrutiny by the tax man (in the worst case!). You have about six months to finalise this sort of thing, so it's probably best to get the will through Probate first and worry about the mechanics of valuations etc. later.

Hope this helps.

My father was the sole card holder, so this should be ok. I'll get the utility bills transferred, thanks.

The property was held as joint tenants. So I'm assuming that the value of it (when valued) will be split in half and this will be the asset recorded?

I'm not entirely sure what you mean with "get the will through Probate first"? I was of the understanding that forms PA1 & IHT205 need to be submitted together. Have I missed a step?

Thanks for your help

monkeyspanner

Sorry to hear of your loss.

When you pick up (or prior to pick up) the original will it may be worth asking for a couple of certified copies of the will the solicitor may make a small charge for this. Some financial organisations ask for a copy of the will and death certificate.

When probate is issue the will forms part of the grant of probate and this document allows the executors to collect in the funds. Some organisations may issue cheques for small payouts prior to probate.

nigem

When my parents died the only time the original will was needed was for LloydsTSB bank. As we all lived locally I just took it in to the bank, where they did their own photocopy. None of the other banks, b soc, financial institutions etc needed it. Unless it is a very small fee, it may not be worth getting certified copies.

Savvy_Sue

We used a chartered surveyor to get our parents' house valued for probate, and they charged but you can bill that to the estate.

I don't know if estate agents charge for valuations for probate, but I didn't want to risk them getting the idea that mum was going to sell, she'd have gone through the roof if she thought we were putting any pressure on her to do that.

colly7

absolute0 wrote: »

I'm not entirely sure what you mean with "get the will through Probate first"? I was of the understanding that forms PA1 & IHT205 need to be submitted together. Have I missed a step?

Thanks for your help

You are correct - just done the same. IHT205 is the hardest part of the whole process, but don't be put off - read the supporting notes carefully, fill it on screen, but make notes as you go and go back through it to make sure you can explain to someone else why you have put the figures where you have. I used Rightmove "houseprices" to calculate a value for the jointly owned property based on similar properties actually sold recently in the area. As only 1/2 the house forms part of the estate the valuations don't need to be spot on unless you are close to the IH tax threshold.

My dad died a month ago, and as with you all goes to mom.
Barclaycard said we could have 3 months to pay but as the money was in joint bank account we opted to just write the cheque. The only utitility to ask for a copy of death certificate was the Water - rest just took my word over the phone and changed account into mom's name. DWP were fantastic and quick. Investment co's just asked for death cert and copy of will.

I'm not even sure I need probate actually as all financial institutions seem to have paid out on sight of copy will (original is still with solicitor). I plan to get it anyway .......but what is the actual point of it?