Handling the estate after death

tommytynan123

So far, as you all suggested, no hurdles in the way of doing probate ourselves and we are ticking along nicely. One question from today if anyone can assist.
Talking with a High St bank about an investment plan my mother had worth about £30K. (Accurate figure on the way). Was told that they do not require probate under £50K and using the death certificate, will and a letter of (something - forgotten!) that they draft allows them to t/f the funds to the probate account.
Am I correct then in saying that if they do that then as far as probate / forms etc are concerned it can be ignored and not become wrapped in the probate work.
Thanks

Yorkshireman99

tommytynan123 wrote: »

So far, as you all suggested, no hurdles in the way of doing probate ourselves and we are ticking along nicely. One question from today if anyone can assist.
Talking with a High St bank about an investment plan my mother had worth about £30K. (Accurate figure on the way). Was told that they do not require probate under £50K and using the death certificate, will and a letter of (something - forgotten!) that they draft allows them to t/f the funds to the probate account.
Am I correct then in saying that if they do that then as far as probate / forms etc are concerned it can be ignored and not become wrapped in the probate work.
Thanks

They will require a letter of indemnity so that if you prove to be a fraudster they can recover the money from you.

FreeBear

tommytynan123 wrote: »

Am I correct then in saying that if they do that then as far as probate / forms etc are concerned it can be ignored and not become wrapped in the probate work.

The £30K would still need to be included as part of the final total value of the estate for probate purposes. You would also need to keep a note of where the money came from as part of the executors accounts. As the money is part of the estate, it can not be ignored or remain unaccounted for.

tommytynan123

Thank you both. I'm happy with the letter of indemnity and the requirement to keep accounts etc. This money will go into the 'probate account'' (now opened) and distribution is split 3 ways. (me and two sisters) so no massive hurdles.
However, when I submit my probate forms (other bigger accounts and house sale) does this account even have to be mentioned? I'm guessing that it doesn't.
Thanks

getmore4less

If it is part of the estate it will need to be itemised on the relevant IHT form.

every asset needs to be identified and valued, some can be grouped and estimated eg house contents £X, personal possessions £Y.

Yorkshireman99

No. The amount at the date of death has to be included though.

tommytynan123

Hi again - been reading various sites and downloading some forms etc and have realised I appear to have 2 versions of PA1 saved.
First is from the GOV.uk site and is 12 pages with blue font and other copy is 4 pages with black font. Same sort of questions but less space to answer on the 4 page variety.(I can't remember where the 4 page form came from?)
Help would be gratefully received. 12 pages or 4 pages - thanks

Savvy_Sue

I've done the four page version twice, most recently in 2014, if that helps.

getmore4less

Check the dates on the forms.

the blue one is the new 2016 form

A lot of the IHT forms also got updated in Feb 2016

this is the court page
http://hmctsformfinder.justice.gov.uk/HMCTS/GetForm.do?court_forms_id=735

and HMRC for others
https://www.gov.uk/government/collections/inheritance-tax-forms

brewerdave

Still sending out the 4 page form -I had to ask for the IHT forms again recently(because of coffee spillage !) and the Probate Registry sent the bundle out again inc the 4 page PA1