Probate

nom_de_plume

I've managed to get an estate worth substantially more than that with more than one property, multiple bank accounts, shares, an insurance policy and a few other odds and ends up to the point of swearing an oath yesterday. It's taken me probably a total of 3 to 4 working days to reach that point. There's still a way to go but I'm pleased with progress so far especially as this is my first time.

pattycake

vmaxnick wrote: »

The Co-op have just quoted us £5600 for probate on my late fathers £158000 estate (3 benificiaries 2 executors) and that's after receiving over £3000 for the funeral. We are going to have a go at doing it ourselves.

My late father's estate was around £200,000 so well under the IHT. My brother and I were joint executors and only beneficiaries. We had no trouble doing the probate ourselves at a cost of less than £150. Over £5K is crazy money.

Our view when we embarked on the process was that we had nothing to lose. If we found it was beyond us, we could still have taken the will to a solicitor.

troubleinparadise

vmaxnick wrote: »

The Co-op have just quoted us £5600 for probate on my late fathers £158000 estate (3 benificiaries 2 executors) and that's after receiving over £3000 for the funeral. We are going to have a go at doing it ourselves.

Sorry to hear of the sad loss of your father.

My mother was persuaded by the solicitors' holding my late father's will to use them (although she, myself and my sibling were named as executors - I and sibling didn't find this out till much later) to act for her - a simple will leaving everything to her, but also requiring some shareholdings transferred and then sold. For which they charged £4,000 and took 4 years to complete. Go figure....

So when it then fell to us to execute her will, we decided to do it ourselves as much as we could. Over the IHT threshold, so IHT400 to deal with - a little challenging at first getting my head round it, but with attention to detail perfectly manageable.

So do tackle it yourselves - take legal advice if there is something you are not sure of - it really is a matter of being organised and methodical, but not something to be scared of. However, if you feel it is too much then don't start anything, but perhaps shop around to find out other fee levels first.

Good luck.

cazian

Some very helpful advice on this thread. I have noticed that where there is no will, there is an order that relatives can act as the administrator of the estate, starting with the spouse. My mum recently died (without leaving a will), leaving my dad as the next-of-kin, but he is still very upset and cannot face the paperwork.

Can I as the son be the administrator on his behalf, or does my dad have to fulfill the role as "first in line"? Everything should go to my dad anyway. Or can I do it jointly with him?

Also it appears that you can only apply for Letters of Administration when the value of the estate has already been established. However, will my mum's financial institutions speak to me or my dad prior to the appointment of the Administrator by the court, to establish her final account balances? It seems to be a "chicken and egg" situation.

Any help would be appreciated.

RAS

Hi

It will be easiest if your dad is offically the adminstrator.

However, you can download the documents and complete them and all he needs to do is sign them.

With respect to account holders, get multiple copies of the death certificate and get them notaried (may be a small cost but may not).

You can write letters to the account holders and dad can sign them.

getmore4less

you get multiple copies of the death cert from the registrar minimal cost at time of registration

even the first one is just a copy of the entry in the register

getmore4less

Most places will deal with anyone that sends them a death cert and say they are dealing with the estate. Just decide what info you need.

Although dad may be first in order there are a couple of ways to take over have a look at pa1 form.
above, you do the work dad signs is one, poa is another an you just apply anyway.

lavalamp

It is my understanding that you can act if your Dad doesn't want to - he doesn't have to act - anyone can refuse that responsibility even if they are named in a will.

With regard to speaking to institutions for getting information - they will usually give you information if you say you are the administrator and next of kin - they just won't release funds until you have the paperwork.

cazian

Thanks to everyone who replied to my queries yesterday. I have another one, whilst I think of it. My mum had a couple of savings bonds, which don't mature until 2015 and 2018. What happens to them? Do they have to be cashed in from the date of her death, or will they still not mature until the normal maturity dates?

dzug1

cazian wrote: »

Thanks to everyone who replied to my queries yesterday. I have another one, whilst I think of it. My mum had a couple of savings bonds, which don't mature until 2015 and 2018. What happens to them? Do they have to be cashed in from the date of her death, or will they still not mature until the normal maturity dates?

It's normally possible to cash them in on death - often without the normal penalty for early redemption, if one exists.

It may be possible for the estate to take them on until maturity

And it may be possible to transfer them to a beneficiary to hold until maturity

Who issued the bonds?