Probate

probate

Hi


We have just discovered a small life policy (about £400), several years after our mother's probate has been granted. Do we still have to notify anyone about this?

Crabapple

That depends. If the policy falls inside the Estate (for tax purposes) which it may well not, and the Estate as a whole had to pay Inheritance Tax or was less than the value of the policy below the threshold then probably.

More likely, no you don't. You should just be able to claim the money. Practically if small assets are found later you don't need to amend all the paperwork you submitted for Probate.

g6jns_2

probate wrote: »

Hi


We have just discovered a small life policy (about £400), several years after our mother's probate has been granted. Do we still have to notify anyone about this?

Do you know who the beneficiary named in the policy is?

Errata

Life policies usually fall outside a will, and as it's only a £400 claim it, I doubt the government will chase you up hill and down dale for a few hundred.

probate

Many thanks for all the replies!




I believe we did not have any inheritance tax due. I will have to check with the company regarding beneficiary, as we do not have the original policy document.

probate

No beneficiary was mentioned. I also got a tax voucher for taxable interest earned to cover delay in payment. Tax deducted and paid directly to HMRC.