Probate - collecting the money

srcandas

Just in the hope it might help someone else a quick update of progress and then a question:

13/2/2011 Mum passed away. Dad died 2006 leaving a £200,000 trust. The beneficiaries of my mum's estate and the trust are my brother and I. There was a will. We were close to the tax limit depending upon house valuation.

May and early June. Got all the banks and savings details together. Mostly just dropped into banks and offices (local to me) and it was sorted. Much easier face to face.

Early June filled in IHT400 and friends. Takes time but helpline was very helpful and it was all straight forward in the end. A spreadsheet and a telephone were indispensable. Reassuring you could make a note saying that a figure was an estimate and that you had done your best. I also included a letter describing the condition of the house and thus justifying its what might be considered by description low valuation. I only had one evaluation done.

17/6/2011 Sent off forms to HMRC and Probate office.
14/7/2011 Received an invite to probate office for a day I had clearly indicated I was away. Had the date been acceptable it would have taken 6 weeks from submission to appointment at probate office. I telephoned, they said sorry, they offered a cancellation the following day.
15/7/2011 There was a hitch that I was not named as an executor on the will. 5 mins and it was sorted. Very friendly folk. Very informal. There to help. Said I'd get the details in 7 days. They seemed surprised I hadn't received a letter giving me the all clear on Inheritance tax - but they assured me it was all done and dusted.

So thanks to all on here who gave me the confidence to do it without a solicitor :T:beer::T

So one final question. How quickly once you send off to banks and others do the funds come through? Is it a matter of days?

I ask this as I will be away until end of August so can do nothing till then. And at least some of the money is needed to be distributed very early September.

Cheers

Careful_with_that_Axe

I can't remember the timescale exactly from when I was dealing with my Mum's estate 5 years ago, but I think it takes at least a couple of weeks for the Banks/financial institution to release funds. To expedite things, do make sure that you send absolutely everything they could require when applying for release of funds. I do remember that NSI were absolutely the slowest when dealing with this as they work on correspondence from as long as 10 days from the date they receive it. It takes that long to get to the top of the pile to be dealt with!

I think you are a little optimistic in thinking you could distribute early September if you would be sending off instructions at the end of August. Is there anyone who could collate the paperwork and send it off to Banks etc from a list from you if you left them with clear instructions, signed letters and a list of who to send to? That could at least get the ball rolling. I would also recommend sending any paperwork Recorded Delivery so you have a record of what has been sent and when it was received.
Good luck.

srcandas

Thanks 'careful with that axe'

Unfortunately no one can handle it in my absence. And I guess I will have first to get Lloyds TSB to set up the probate account so that I have the account name, sort code and account number for the rest.

But I'll be very annoyed if it takes Lloyds bank two weeks to transfer money from my mother's Lloyds accounts into a Lloyds probate account. Luckily only a small amount is with NSI. Then that leaves shares which I hope I can transfer to my brother without buy/sell fees, Fidelity funds and a Nationwide account.

And then there will be house disposal with my brother in residence - now how do you tell someone who thinks that living in a cesspit is normal that possibly presentation when selling a house is important?

Careful_with_that_Axe

srcandas wrote: »

Thanks 'careful with that axe'

Unfortunately no one can handle it in my absence. And I guess I will have first to get Lloyds TSB to set up the probate account so that I have the account name, sort code and account number for the rest.

But I'll be very annoyed if it takes Lloyds bank two weeks to transfer money from my mother's Lloyds accounts into a Lloyds probate account. Luckily only a small amount is with NSI. Then that leaves shares which I hope I can transfer to my brother without buy/sell fees, Fidelity funds and a Nationwide account.

And then there will be house disposal with my brother in residence - now how do you tell someone who thinks that living in a cesspit is normal that possibly presentation when selling a house is important?

Sounds like a plan. If you go in to set up the probate account, perhaps you would be able to fill in a transfer request at the same time for them to hold until they have the requisite paperwork. Are you waiting for the Deed of Probate?

Difficult about your brother. Could you perhaps have him stay with you for the duration whilst the house is on the market? Or you could swap and him live at yours and you live at your Mum's property to make sure it is kept in good condition?

weanie

After I attended the probate meeting, I received the completed paperwork about three or four days later.
I went into a branch of Natwest the next day along with this stuff and also the letter from the department in NatWest which had frozen Mum's accoount. I was told it would take up to 10 working days for the money to be put in my account and that I was not liable for the CHAPS fee for transfer. In the event, it took only three working days and I was able to divide the money between myself and my brother.
I hope this gives some idea of time - this was just two months ago

Savvy_Sue

srcandas wrote: »

Unfortunately no one can handle it in my absence. And I guess I will have first to get Lloyds TSB to set up the probate account so that I have the account name, sort code and account number for the rest.

When my co-executor opened an executors account at Lloyds, we went in with our ID and walked out with the account details. Paying in books took a little longer, don't know if a transfer would have been possible (but we didn't have any Lloyds accounts to close). Cheque books were not issued until there was money in the account.

Some banks did make direct transfers to the Lloyds account once they had seen the grant of probate, and I think in most cases we went into local branches rather than posting it off, as we did with Dad's death certificate.

Careful_with_that_Axe wrote: »

Difficult about your brother. Could you perhaps have him stay with you for the duration whilst the house is on the market? Or you could swap and him live at yours and you live at your Mum's property to make sure it is kept in good condition?

What are your brother's plans? Just wondering if you will need to formally evict him, I do hope not, but as long as he's living there you will certainly have to let the estate agents know and also he will probably have to sign something to confirm he knows he has to move out.

You might find the services of a professional de-clutterer worth paying for ... I believe this could be charged to the estate!