Haven't applied for probate...

HUFCsteve

Our grandfather died just over 7 months ago. He was survived by his wife. Whilst we sorted everything else out we haven't applied for probate... In terms of his will, his wife was the sole beneficiary. The house, bank accounts, etc were all in joint names. I have scared myself having looked at this forum as we've left it too long. Don't know where to begin.

RAS

If everything is in joint names, there is very little estate really.

Mojisola

HUFCsteve wrote: »

Our grandfather died just over 7 months ago. He was survived by his wife. Whilst we sorted everything else out we haven't applied for probate... In terms of his will, his wife was the sole beneficiary. The house, bank accounts, etc were all in joint names. I have scared myself having looked at this forum as we've left it too long. Don't know where to begin.

We didn't have to apply for probate when Mum died last year because almost everything was in joint names.

Goldiegirl

Mojisola wrote: »

We didn't have to apply for probate when Mum died last year because almost everything was in joint names.

Similar situation when my dad died. Virtually everything was in joint names with my mum, and she was sole beneficiary, so we didn't need to get probate.

allat

I have just applied (yesterday) which is also 7 months after my dad died. I don't think it will be a problem.

HUFCsteve

Phew - thanks for replies!

getmore4less

No time limits some estates get done years later especialy those where benificiaries are hard to find.

The longer it is left the more likely any relevent paperwork is harder to find if needed.

When everything is joint and to spouse it is easy.

Just think about the potential transferable nill rate band issues and what HMRC might need in the future.

joerugby

We applied for probate for my mother's estate 23 years after she died and it wasn't a problem.

Best not to leave it that long if possible

Flugelhorn

Agree with others - in the case of a jointly owned estate there is rarely enough individually owned money or property to need probate

parawatch

We haven't had to apply for probate as everything was left to mum after dad passed away recently (house & bank account in joint names).

However this may seem a silly question but can someone please confirm if we need to fill in any type of Interitance Tax Forms for HMRC to make them aware that there is no IHT to pay as the house and bank accounts were jointly owned?

We keep reading about IHT205 form but do we have to fill one in if we do not need probate?

getmore4less

parawatch wrote: »

We haven't had to apply for probate as everything was left to mum after dad passed away recently (house & bank account in joint names).

However this may seem a silly question but can someone please confirm if we need to fill in any type of Interitance Tax Forms for HMRC to make them aware that there is no IHT to pay as the house and bank accounts were jointly owned?

We keep reading about IHT205 form but do we have to fill one in if we do not need probate?

I don't know the answer to the question but most* estates don't enter the probate/admin route.

one advantage may be it sets point in time for HMRC and the transferable nill rate band.


* around 1/2mil people die each year in the UK.
I don't have the stats to hand but very few end up going to probate/admin and even fewer have IHT to pay, we had a thread about this a while back.