Anyone done DIY Probate

katieowl_2

Hmmm I wondered if that was a possibility.

I am sole Executor, so if it went belly up as I understand it I would personally be liable. I am also beneficiary along with one other person. If I released anything to them, I'm sure it would be 'gone' in a trice, as they are in a sticky spot financially right now.

If I get the Grant of Rep. in early Dec, I will still have to wait to hear back from the Inheritance Tax, the Inland Rev etc won't I before I can declare all the ins are in and the outs are out??? So I'm thinking this morning, I can either say 'nope' I'm in charge and I'm not going to risk it...or say you can have some nominal amount, like £250 while I am waiting, but stress that if a beneficiary appears out of thin air I they will be liable for that amount...? Could I get them to sign for that I wonder?

Kate

Savvy_Sue

What kind of numbers are we talking about here?

And what is the likelihood of a debtor popping up? In our case, we've had requests from DWP for overpayments to be repaid, but we were expecting them and that was triggered by the actual grant of probate rather than the statutory notices.

We knew Dad wasn't 'in debt' as such. It just wasn't his style!

If you are clearly well away from the IHT threshhold, I really wouldn't lose sleep over that.

HMRC: yes, you need to do a final tax return (I'm on displacement activities from that atm) but again, it's unlikely to be a large sum the estate owes, if anything.

But you can just say "Nope, I'm in charge you will have to wait" if you feel more comfortable doing that.

katieowl_2

I had POA for the last five years, so know there are no debts other than anything IR decides on. There was a 'chargeable event' some five years back, but as far as I am aware, we paid everything due at the rime. The estate is about £30K split two ways. I've been advised by a mate who works in Law to take the advice of her collegue (solicitor who teaches probate) and do it by the book. Solicitors have cover in the event of a mistake, I do not! It also covers me in the unlikely event that an unknown child appeared or another later will turned up - both HIGHLY unlikely! But never say never!!!

The beneficiaries are not relatives of the deceased. The relatives, such as they, are have proven to be uncontactable to advise of the death, and there is a will anyhow, which is valid, which doesn't name any of them. I could imagine squeaking if they come out of the woodwork though!

I'm uber cautious at the best of times, and if I've been told to do it, i'm inclined to do it by the book, partly because I'd like utter transparency regarding the relatives (none of whom could claim under the dependants Act either) and partly because I know my friend (the deceased) wouldn't want me to loose any sleep over this! I guess I've made my mind up

There are a small amount of expenses that were incurred for the funeral, (in excess of a pre-paid plan I might add!) that I have been told that the bank will release to me anyway - prior to the grant of Rep. So I might throw that at the other party, and see if it staves them off until I'm done, that's only a few 100s I could risk that!


Kate

pollypenny

I did probate when my mum died, all going to my father. However, when he died I used a solicitor as I did not want one particular person having the slightest cause to quibble.

As the house was a little terrace in the Valleys, the cost was not great and well worth it for having no worries.

Savvy_Sue

If either of you has incurred expenses which are due from the estate, I would most certainly repay those as soon as you can, especially if that's led to hardship for the other beneficiary. I'm not clear from your reply if the other party has incurred expenses, or if it's just you, but no reason at all not to claim those!

katieowl_2

No it's me that's incurred them Savvy-Sue!!! The other party doesn't have two brass farthings to rub together ATM. It's well worth remembering for the future though (at anyone reading this thread before they write a will or deal with an estate) that there are expenses incurred by the Executor of a will... in a family situation, it might be worth tucking a seperate amount somewhere to cover your executor if they are likely to be in a financially difficult situation.

We thought the funeral was all paid up, but they hit me with a bill for £650 for 'dispersments' which they said weren't covered. I stuck this on my CC knowing there was money in the estate to cover it. Then they decided they made a mistake (!) and on refunding me managed to put the whole lot though again taking me over my limit, and freezing my card until it was sorted out. Currently they have refunded me most of it - but I'm still waiting to find out what the £287 still outstanding is for? I checked on line and the C of E charge £99 for a vicar, which is the only thing I think it could be, and I am awaiting a call back on that tomorrow. One does have to wonder....HOW many customers a week a funeral parlour HAS on average, that they can make such a mess up!!!

Apart from funeral expenses, which are NOT cheap. There is a charge for copies of the death certificate, and £90 to apply for a grant of Rep plus copies. Plus of course all the various stamps, copies, recorded delivery letters etc.

I've done this for a dear elderly friend, it was the last thing I could do for her, and I'm happy to do it, but I cannot imagine how stressful it must be for someone for example, left alone with small kids after an accident.

Kate

Feebs

Hi there

i have been searching for help and noticed your post and wondered if you could help. My partner died over 5 weeks ago and unfortunately the executor of his will seems pretty clueless and hasn't even applied for probate yet. It's a very straightforward will in which everything is left to me, the house is jointly owned by both of us and we had joint bank accounts which i have since changed to be sole accounts.

The problem is that my partner set up a limited company with my brother in law with my partner as director and my brother in law as company secretary. I assume that this complicates matters ? My main issue is that there is a life assurance claim and a few pension plans all made out to me, and unfortunately I need to really get my executor moving on this as I can't release any money until it's sorted which will leave me in a predicament. I'm thinking about appointing a company called the wills and probate service to take everything over (with the executors permission), i wonder if you had heard of this company ?

Many apologies for babbling, but I'm really getting worried at the lack of progress and feel that my executor really wants to hand it over to someone else as he is totally out of his depth, but also I don't want to employ someone 'dodgy'

thanks for any help

getmore4less wrote: »

It is relatively easy.

Get the forms and try to fill them in that will give you a good clue as to if you can do it and what info you need.

Start with PA1 from the courts service and IHT205 from the HMRC site.
(do the search for these you will find other stuff if you do which will help)
Do not under estimate the time needed if there are a few assets accounts to deal with. And check carefully if you can use the 205 and not need to do a full return

If any are Santander then it will take longer they are SLOW.

Any share accounts you can get prices online.

As long as you don't need to do the full IHT estate return it will be simpler.

Send the forms to the probate office they call you in and thats part one.

With the grant you can collect the money.
Might be easier to have an account for this, banks should do one for free, but you can just put stuff in your onw accounts and keep a spread sheet.


Don't forget the income tax for the year will need reviewing tell the decieced tax office and they will help you.

Premium bonds can be kept winning prices for a year, handy if you are allready at the max yourselfs.

Even a house transfer can be easy if you plan to keep one, just get the probate value right to try to avoid future taxes.


If you are hiiting IHT tax limits there may be some nill rate band transferable from your dads estate if they were married when/if he has died.

katieowl_2

As far as I can see (I've been reading up on all this myself!) as long as the Executor is happy to hand over to someone else he can do so...to you? or to a third party? Is he sole executor?

Have a look at this:

http://www.ageuk.org.uk/Documents/EN-GB/Factsheets/FS14_Dealing_with_an_estate_October_2010_fcs.pdf?dtrk=true

It says that if the executor is unwilling or unable to deal with the estate someone else may apply, if you have been left everything you may apply....

Hope that helps, and sorry to hear of your loss, I can't begin to imagine how hard things are for you at the moment.

Kate

noelphobic

pollypenny wrote: »

I did probate when my mum died, all going to my father. However, when he died I used a solicitor as I did not want one particular person having the slightest cause to quibble.

As the house was a little terrace in the Valleys, the cost was not great and well worth it for having no worries.

sounds like you have a sibling like one of mine:eek:

billieboy_2

Well, I've just got back from my interview with the Probate Registry and a Grant of Representation is going to be issued. I did have to fill in the more complicated form because the estate was worth over the IH threshold but was able to use my late dad's allowance. All in all it's taken just over two months from mum's death.

It was a much simpler process than I'd imagined and I didn't even have to ask my friend for help . I bought a book on probate but quite honesly all the information that was in there was easily obtainable on the internet or in the guidance notes for the forms. I reckon I've saved well over £2,000 :beer: and got it done quicker as well.

Now comes the much harder task of opening an executor's account, getting the money in and selling a house!

For anyone contemplating diy probate, go for it. If I can do it, anyone can .