Probate help

Savvy_Sue

colly7 wrote: »

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?

You need it if the estate (total) is over a certain value, and I think that value is £5000 so with a house it would be.

Probate makes the terms of the will a matter of public record (unless you're royalty) which is sometimes useful, especially if someone feels that the terms were not adhered to.

BandJB

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?/QUOTE]

No, you're quite correct. The old (pre-2006) way was to go to the Probate Office with the will, answer a couple of basic questions and, providing there were no IHT implications etc., you would be granted Probate and could get on with sorting out the estate.
Now it seems that you have to know all the answers first and fill in IHT205 beforehand - then make an appointment and wait until they can fit you in and check your arithmetic.

Sorry, that's what they call progress these days.

M.Holloway

BandJB wrote: »

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?/QUOTE]

No, you're quite correct. The old (pre-2006) way was to go to the Probate Office with the will, answer a couple of basic questions and, providing there were no IHT implications etc., you would be granted Probate and could get on with sorting out the estate.
Now it seems that you have to know all the answers first and fill in IHT205 beforehand - then make an appointment and wait until they can fit you in and check your arithmetic.

Sorry, that's what they call progress these days.

And you have to fill in IHT421 if you've filled in IHT 400

fuelmizer

May I also offer my condolences and offer a word of "warning" to those who like me "think (thought) they can trust a solicitor" ! beware if thy are "holding" the will ! On my way to the registrar (6 days after my loss and still trying to arrange a funeral) I called in for 10 minutes to ascertain the "old copy will" (from 1993) I was given by a sibling, was the same as that "held" by the solicitor.
I told him I was considering diy probate but was not making any decisions there and then. When he sent his terms and conditions and quoted over £200 per hour inclusive of vat!!! I phoned there offce telling them I would not be using there services and would be collecting the will. When I called to collect, he had trumped up a bill for £186 !!! stretched my 10 minutes to 30, charging for the T&C letter and my phone call to them. I am now proceeding with a complaint against that solicitor for the underhanded way he has held the will to ransom, the partner who handles complaints has dismissed it without giving me a meeting I asked for!!! I will take it all the way on principle, something that solicitor is lacking. I would recommend to everyone to do the probate themselves, nothing difficult and as others have stated there is plenty of help along the way, if you need it. I retire shortly and considering offering free help to people in Rossendale to do their probate.
SORRY FOR MY RANT BUT I FEEL BETTER NOW FOR IT.

datostar

On the matter of property valuation. If the total estate is going to be well below the IHT threshold (currently £325,000) it's perfectly acceptable to use one of the internet free valuation sites. If it's a joint tenancy, halve the valuation and knock off 10% for the IHT Form.

mjmal51

datostar wrote: »

On the matter of property valuation. If the total estate is going to be well below the IHT threshold (currently £325,000) it's perfectly acceptable to use one of the internet free valuation sites. If it's a joint tenancy, halve the valuation and knock off 10% for the IHT Form.

As executor for my parents I did the probate myself and the estate including the house was very close to the IHT level at the time. I didn't use an EA or anybody else for the house valuation, just put down the value I considered right for the area based on other sales. There was no problem with the Tax office.

Old_Git

If you have a copy off a will do you need the original from the solicitor or is a copy enough

Savvy_Sue

You need the original for the Probate service. They give you back a cheap'n'nasty copy stapled to the Grant of Probate. This is after you've had dire warnings about not defacing the original copy by attaching anything to it with staples.