Do I need to apply for Probate?

CaptainAmerica

roxy28 wrote: »

Madbadrob seems to differ if there is no will.

I have to apologise I missed that there was no will.


I was giving the threshold on the assumption that there was a will in place.


My apologies

getmore4less

I think the consultation paper by the Law commission summarises quite well
(unless things have changed since 2010)

section 7.4-7.8 cover small estates.
http://lawcommission.justice.gov.uk/docs/cp191_Intestacy_Consultation.pdf

madbadrob

That paper in the sections you mention is about people being domiciled in a different country and doesn't mention any figures or applying fr a grant.

That said this is a consultation paper designed to ask for peoples views on how the Inheritance act could be made better for modern times.

In section 8.34 they do say that the value before a grant is required should be raised but again they do not give a figure.

Using the Treasury solicitor as an example they rarely ask for admin to be applied for on BV estates under 15k however I have been asked to apply for a grant on an estate that was only worth 3k and when queried I was told that this was required because there was some contentions as to whether one person should be admitted as entitled to a share under the dependency statute of the inheritance act.

Rob

getmore4less

madbadrob wrote: »

That paper in the sections you mention is about people being domiciled in a different country and doesn't mention any figures or applying fr a grant.

Section 7.4 is about small estates nothing to do with Domicile(7.40 deals with that) I believe the reason there is no figure is because there is none.

That said this is a consultation paper designed to ask for peoples views on how the Inheritance act could be made better for modern times.

and sumarises the current state for small estates, grant should happen for each assets of £5k+ but does not because many institution are happy to release higher sums(7.5)

I believe this is the simple summary of the various act that are relevent,
the subsiquent ammendments(1965) to the limits
http://www.legislation.gov.uk/ukpga/1965/32/section/1

and the later change(1984) by the secretory of state raising it to 5k
http://www.legislation.gov.uk/uksi/1984/539/pdfs/uksi_19840539_en.pdf


In section 8.34 they do say that the value before a grant is required should be raised but again they do not give a figure.

again that is for individual assest not the full estate
8.34 We provisionally propose that the value of assets that can be administered without the need for a grant of representation be reviewed with a view to its being raised




Using the Treasury solicitor as an example they rarely ask for admin to be applied for on BV estates under 15k however I have been asked to apply for a grant on an estate that was only worth 3k and when queried I was told that this was required because there was some contentions as to whether one person should be admitted as entitled to a share under the dependency statute of the inheritance act.

Rob

Bottom line is unless someone actual comes up with a reference* to the legal situation I believe there is no limit on the full estate, there is £5k on assets but in many cases this is ignored.

The grant is needed if and when it is asked for(or shares** ,property) by an institution asking for it to release a persona asset.

Getting the grant can make things cleanand tidy along with the HMRC IHT returns it sets a reference point for any future transferable nill rate band.

* There are references to figures around the web for the £10k-£15k mark none I have found link to the legal basis for this, often on solictor sites that do probate work! Even HMRC don't mention anything other than the £5k limit per asset, I have tried to look this is the best I could find.
http://www.hmrc.gov.uk/manuals/ihtmanual/ihtm05113.htm

** no link, but sure someone on here got shares released without a grant.

getmore4less

Independant of the discussions.


Remember that even though the assets may be released this will be with a disclaimer and even though you may be the correct benificiary there are others that come first and have a prior rights to the assets.

Funeral, and debts are the main ones, utilities, DWP and HMRC will still need to be settled.

ie: you can't grab the money and not pay the outstanding electric bill.

Lucy_Lastic

No wonder those of us not in "the business" are confused!

In my recent experience, Lloyds TSB will hand over (to the appropriate beneficiary) up to £20,000 on sight of the will and a copy of the death certificate.

Prudential Insurance require probate (or letters of administration) for any sum over £20,000, even with a copy of the will and death certificate.

As I do not wish to pay a solicitor approx £600 to obtain probate I am doing it myself. The fee payable is £105.

Wish me luck!