The Inheritance Guide website and Probate Question

mto

My father has just passed away and I'm named as executor in his will. I've just come across this site https://www.theinheritanceguide.com/ and was wondering if anyone's used it, and are they legit?

Also, I'm a bit confused about the order of things ... to be able to pay any inheritance tax I need to know the value of his estate, but in order to know the value of his estate I need probate, but from what I understand I have to pay the inheritance tax before I can get probate. I'm getting more confused the more I look at it ??

g6jns_2

mto wrote: »

My father has just passed away and I'm named as executor in his will. I've just come across this site https://www.theinheritanceguide.com/ and was wondering if anyone's used it, and are they legit?

Also, I'm a bit confused about the order of things ... to be able to pay any inheritance tax I need to know the value of his estate, but in order to know the value of his estate I need probate, but from what I understand I have to pay the inheritance tax before I can get probate. I'm getting more confused the more I look at it ??

Sorry for your loss. Be very cautious of outfits like this. Unless the estate is complicated you should be able to do it yourself. If you need help then you can pay a solicitor to help you with anything you are not sure of. to do it yourself In order to get probate the executors have to pay any inheritance tax due. In order to apply for probate you need to collect details of all the estate's assets and liabilities to complete the probate application forms. Have you a rough idea of what the estate value is?

mto

Thanks for the quick reply. I think the value of the estate will be pretty close to the IHT limit ... initial calculations make it around GBP320k, but might go over depending on the property valuation.

mto

As an aside, my Mum left me GBP10k in her will (2010) which I have never received, all the money went to my father. Can I just deduct this from the value of the estate.?

BTW I can't find the pound sign, got an American keyboard

g6jns_2

mto wrote: »

As an aside, my Mum left me GBP10k in her will (2010) which I have never received, all the money went to my father. Can I just deduct this from the value of the estate.?

BTW I can't find the pound sign, got an American keyboard

Tricky! Could you say a little more about how this happened? What was the value of you mother's estate? If your parents were married then the IHT limit is twice the £325,000 threshold so these should not be any IHT to pay on your father's estate.

troubleinparadise

Firstly, I'm sorry for your loss of your father.

This is a useful guide to the process of applying for probate:
https://www.gov.uk/wills-probate-inheritance/overview

If the only bequest your mother made from her estate was £10k to you, and everything else went to your father, then she will not have used her full NRB allowance of £325k, leaving £315k; combined with your father's allowance of £325k that would bring his allowance to £640k before his estate has to pay IHT.

Read this link:
http://www.hmrc.gov.uk/inheritancetax/intro/transfer-threshold.htm

You say that the house valuation has not been included in your estimate of the estate value as yet - would it exceed £640k?

Who was the executor of your mother's estate? Do you know why the £10k from her estate was not given to you at the time?

mto

When my Mum died, everything was in joint names with my Dad and he didn't go through probate, the banks just transferred everything so it was in his name only and didn't question whether or not there was a will that stated anything different. My relationship with my Dad has had its ups and downs and although I mentioned the GBP10k to him he ignored me and I didn't bother challenging as it would have just caused more upset.

The GBP320k would include the property valuation.

BobQ

You speak about the Will, do you have the Will? I ask because if your Dad and you did not get on can you be sure he did not change it?

Tuesday_Tenor

mto wrote: »

When my Mum died, everything was in joint names with my Dad

That explains why you didn't get £10K.

If EVERYTHING was owned jointly with your father, then on her death it then all belonged solely to him, the survivor.

It seems, from what you say, that your mother didn't leave any estate at all.
So there was no money for any bequests, whatever she said in a will. So there was no £10K available for you.

So no, you can't regard the £10K as a debt on your father's estate.

In dealing with Dad's estate, you will have the 2 x £325K inheritance tax threshold though, as none of your mother's allowance was used for her estate.

Gucci3

I am sorry for your loss.

I empathise with you as I recently lost a parent and understand the paper trail that you are now forced to follow at such a sad time, when you feel least equipped to be having to do this.

I have used The Inheritance Guide.com and found it very useful indeed. It is actually a free service and completed all the relevant HMRC forms for me. I too was worried at first, but it is supported by The Prudential and Hugh James Solicitors who are both reputable and I read an article about them in The Sunday Times a week ago - have a search for 'Sunday Times probate article'.

From personal experience I find they made the whole process a lot easier than when I had done this previously on my own following my father's death. It's also saved me a lot of legal fees.

Wishing you all the best at this sad time.