Parent has died. What needs to be done?

getmore4less

Is there a will?

Is everything going to mum

You will need to do a set of account for the estate.

Also worth doing the IHT forms because they create the records for the transferable nill rate band.

All assets should be acounted for, mum could still own the car allthough someone esle drives it and becomes the main keeper.

What's the age mileage model, dealer cash/auction vaue will be the target values for the estate.


Make sure all the money/gifts comes through you, you can still offset all the expences/debt on the estate accounts which should reduce the amount mum eventualy gets from the estate(the gifts etc can then be used to help mum).

If there is mortgage debt it might be OK to reduce that to reduce the net ash value of the estate, before distribution.

Take your time there is no rush to get things done.

soolin

Just been through this myself and my father's Estate was complicated.

Firstly though my condolonces on your loss.

My only bit of advice would be to make lists of everything as you remember things- I kept a note book and as I thought of something jotted it down. Be careful of every single financial organisation you approach volunteering to do the probate for you- they all charge and if you take it steady it is not difficult and you can save several thousand pounds. Same applies to the solicitor, there is absolutely no need to have one.

dancingfairy

Hi. Firstly I'm sorry for your loss. It sounds like you've done loads so far already - I'm sure I couldn't have done anything if I was in such a situation.
Regarding the car - how much is it worth roughly? I would assume that as long as you got clear valuations for it and sold it for it's true value and documented everything clearly then their shouldn't be an issue. Also I would assume that at this point everything belongs to the estate and all bills have to be settled before any money is released to your mum so I assume that if she doesn't want the car (and noone else is likely to have a claim on it) that the car can be sold and the money kept on one side for now until everything is tidied up.
I would also suggest maybe popping to your local CAB to see if they have any leaflets/booklets that would help at this difficult time. I'd also pop into your local library as I would have thought they again would have books on this that you can borrow to help you through the maze- I know Which do a good guide on the process - see if you can find this at your library.
Best Wishes at this difficult time.
df

dancingfairy

With regards to your dad's savings I think the estate would need to be settled before they can be passed on - either in accordance with general rules if someone dies intestate or in accordance with what's in the will - but you need to find the will.
If the savings money has been left in a will directly to you then I can't see how that would affect your mums benefits unless of course the benefits people feel it has been done in order for your mum to receive extra benefits - but surely that's up to them to prove/argue about later on? You need to find out about if this is a will or not first.

df

InNeedofHelp

Thanks guys.

In reply - yes there is a will. It's not very detailed which is typical of my dad. Basically it lists my mother & her brother as his executers. He had an ex wife from a previous marriage who he divorced 25 years ago & he had a 50% stake in this house with this ex wife. In the will he's stated that his full interest in this house passes to his daughter that he had with this ex wife (we were never interested in claiming anything on their house, even though it's worth more than ours. That house was his life before us so it belongs to them. Equally we feel this house is his life after them so belongs to us).
There's then a complicated bit (for me) which i can't work out. At one point it sounds like he's passing the house we currently stay in to his executers (which as said, also includes my uncle), but then later on it sounds like it passes totally to my mother.

He sponsors a child, which he updated his will to say he would like this to continue & then this is it (this is all that is in the will) - no mention of posessions etc. No mention of what happens with his current account, savings account etc.

The mortgage has totally been paid off.

As for vehicle values, his car would perhaps be 950-1050, the car my sister drives would be 350, the car my brother drives would be 900-1000. The logbook of each was in his name.
My brother & sister are keeping their cars, my mother intends to keep his car until the insurance runs out (insurance company have informed she IS still covered) later in the year, but then she would like to sell it. Not to gain money from a sale, but simply because it's too big & she doesn't need it. If i didn't have a car myself i would take it & she would no doubt GIVE it to me, so the money value of the car isn't her interest - she just wants rid of it in the end.

Probate sounds so complicated, so i think my mother & uncle are going to see his (my dads) solicitor soon.


I hope this has answered all questions. If not, then please ask away & i will do my best.

getmore4less

"probate" is simple it is a process that makes the executors legaly allowed to do their job.

Doing the job of executor properly can be the more difficult bit.


The IHT forms are more complicted and as there are 2 houses involved could involve some work depending on how these are owned.

How much is 1/2 share of both houses + all other assets?

The other thing is exacly what the will says will determine who gets what.

You could put the actual wording here for a view(anonomised)


Sponsers a child what does that intail and how is this to be funded

Was the will drawn up with a solicitor

InNeedofHelp

I really don't know the value of these things i'm afraid. I think our house would be in excess of £200k. It's detached, in prime location, nice garden & parking. There are things that will bring the value down - if someone was to move in then there'd be plenty of work for them to put the house "right" - damp & such. Bring the interior up to a modern look (my dad was late 60s & far from modern). His other house would likely be even more costly than this as it was bigger, although end terrace. It had a garage too & was town centre, whereas we're not, but we're still well located to many things.

Yes, the will was drawn up with a solicitor. It says the following:

This is the last will & testament of "xyz" who lives at address "xyz" & the date is "xyz" revoking all former wills & testamentary dispositions heretofore made by me.

1. I appoint "Joe Bloggs" & "Mr. Smith" to be the executors & trustees of this my will

2. I give to my [daughter from 1st marriage] absolutely all my share & interest in the freehold property "address" aforesaid and the proceeds of its sale

3. I give all my property not otherwise disposed of by this my will unto my trustees upon trust to sell the same (with power to postpone sale) and out of the monies to arise from such sale to pay my funeral and testamentary expenses death duties debts and legacies and to hold the residue of the said proceeds of sale upon trust for my said wife [my mum] for her own use and benefit absolutely

4. It is my express wish that my said wife [my mum] makes arrangements to continue such payments (if any) that i was making at the date of my death until such time as those payments would have ceased in any event in accordance with the agreement i entered into to sponsor a child with "organization".

In witness whereof i the said [my dad] have hereunto set my hand the day and year first before written

Signed by the testator as his last will in the presence of us both being present at the same time who in his presence at his request and in the presence of each other have hereunto subscribed our names as witnesses

Signed:

dad
witness x1
witness x2

And that is his will. Before i pointed out to him the sponsoring a child would not happen if he didn't include it (as i knew he wanted it to continue until this childs 18th birthday), his old will i think only included details of both houses, nothing else.


Anyway, now you know the exact wording...

getmore4less

Ok to me a lay person everthing except other house goes to mum.
(the trustees don't ever really get it)

The owned value of the other house needs to be acounted for in the IHT forms so the % of transferable nill rate band is established(easier if later mum gets assest over single NRB currently £325k)


Not sure about clause 4, that would need legal advise, not sure it is even enforceable or how it would be funded if there was no money.
(maybe not an issue if mum is happy to continue the payments)

InNeedofHelp

Thanks. I guess we really need to speak to this solicitor then, right?

I'll have to look up what you just said lol - IHT, nill rate band, £325k ... my head almost popped.

Regarding the carrying on of the sponsorship - this was monthly D/D & i'm quite sure there's enough money in the pot for this to continue. My mother wouldn't dream of going against my dads final wishes. Even though we may think that that money would perhaps be better spent going into the home (it's a few £k once complete), it was my dads final wishes.

I remember having the conversation with him not all that long before he died & we were discussing people challenging wills, basically out of greed & wanting things THEIR way. We were both in agreement that if the will-maker is of sound mind when making the will, then the last wishes should be carried out, no questions asked. Whether people liked the last wishes or not - they should be carried out. For e.g. if the person wanted their ashes put in the rubbish bin for next weeks collection - it should be done, no questions asked.

Still, it sounds to me that we really need to speak to a solicitor & get advice.