Probate a year later...

mattmbr2005

At the end of the day, as joint owners this is all for the section detailed as NOT requiring a grant of probate as it's automatically passed to the other joint owner (which has in fact happed - the mortgage and the land registry is now in my name alone- they had no problem doing this on seeing a death certificate and will). But another section asks for me to input the deceaseds' share of the mortgage. I'm guessing, and joint owners. That's half the remaining mortgage value... (Even though I am still paying the remaining mortgage as if no different just with his name removed)

And regardless of the value, it's still well below the limit to pay tax....

getmore4less

You may have future CGT liabilities if you have not lived in the place for the time of you ownership.

Best to investigate that now and get any relevent information as it will be easier now than trying to get retrospective values later.

mattmbr2005

Ok thanks, I have however always lived I the property and always lived here since taking on the mortgage and property jointly with my father

getmore4less

That's ok then

With no IHT no CGT and no transferable nil rate band it is a paper exercise an educated guess on 1/2 the value and 1/2 the debt at date of death will probably do.

mattmbr2005

Thank you!

It's ironic that I'm having to do this when I've already got everything sorted apart from the payment in death to me for his pension!

The mortgage just went over to in my name and I continue to pay it as normal...
The land registry just changed to being in my name...
The bank accounts settled without probate to transfer the money to me as executor and beneficiary.
The 'personal belonging' assets in the home etc were half mine anyways, and all left to me regardless!

I'm continuing to live in the property and carrying on... however this bloody pension popped up and wants a grant of probate!!!

Still, it's worth it if it means I don't loose the pension my dad worked his whole life for....

Thanks everyone. Couldn't have done it without you!

mattmbr2005

ONE LAST QUESTION! (i know, i owe you all a drink)

One section asks me for the funeral expenses if they are to be taken out of the estate.

Do I have to fill in the cost of the funeral? At the end of the day.... All dad's money was left to me and I paid for the funeral..... so it sort of came from his money sort of didn't (if that makes sense)
Made no real difference its all money....

Matt x

wwl

Funeral expenses come off the estate value before calculating IHT liability.
If you are below the IHT allowance it doesn't make any difference.