Probate a Legal Requirement?

jazzy

My mother recently passed away, leaving a will and myself to be the sole executor. The will is fairly simple, her estate is split equally amongst her five children.

She does not own any property because she resided in a Care Home with no assets of any significant value. Her savings amount to around £12,000 and her bank has confirmed that her funds can be released without probate in place.

I have dealt with my mother's financial affairs for a number of years and I know that there are no creditors.

My question is, is there a legal requirement to apply for probate?

wwl

No - you only need probate if any institutions require it to release funds, or (I think) if IHT is payable.
Check with HMRC to see if it's necessary to submit IHT205 to show there's no IHT due.

getmore4less

I would just do a simple inventory and account.
Settle any bills close all accounts

Check the TAX(income) and DWP(benefits/pensions) are all upto date and no under/overpayments

Might be worth checking if HMRC want a capital return ask when checking the income tax situation.

Distribute the residual.

Only about 50% of estates notify HMRC with a capital return.

G_M

https://www.gov.uk/wills-probate-inheritance/overview

Sox69

As sole executor are you obliged to let other beneficiaries read will or can you keep contents private until probate is granted?

jazzy

I can't see the point in holding back the contents of the will until probate (if required) is granted.

Mojisola

jazzy wrote: »

I have dealt with my mother's financial affairs for a number of years and I know that there are no creditors.

I was in the same position but still had a claim from the DWP - I had to prove that Dad hadn't been overpaid over the years. Don't rush to distribute the money until all possible debts are settled.

Sox69 wrote: »

As sole executor are you obliged to let other beneficiaries read will or can you keep contents private until probate is granted?

You don't have to show the will to anyone.