Help with Pa1 probate form

mum1964

Hi
Mum passed away 10 days ago, she left a will naming me and brother as executers.
Have been to the bank today, and they will not release any money, because of the size of the estate.
They have given me a summary of all acvouts, isa etc, however i have encounted my first problem

On form pa1 question 2.7 it asks for full name followed by asset. Do i put the amount in each account under asset.

2nd prob is premium bonds. The full £50k amount has been left to the four grand children. Under specific instructions that they were to invest it, and not spend it here there and every where. All grandchildren are between the ages of 23 and 16. My brother and i have made the decission to let the pb contine running for a year. Nsi, have agreed to do this, paying any winnings into a seperate account, along with the 50k at the end of the yeAr. Do i include this as an asset, in 2.7 or is that bit just for bank accounts.

getmore4less

You need the IHT forms for the estate assets.

Yorkshireman99

mum1964 wrote: »

Hi
Mum passed away 10 days ago, she left a will naming me and brother as executers.
Have been to the bank today, and they will not release any money, because of the size of the estate.
They have given me a summary of all acvouts, isa etc, however i have encounted my first problem

On form pa1 question 2.7 it asks for full name followed by asset. Do i put the amount in each account under asset.

2nd prob is premium bonds. The full £50k amount has been left to the four grand children. Under specific instructions that they were to invest it, and not spend it here there and every where. All grandchildren are between the ages of 23 and 16. My brother and i have made the decission to let the pb contine running for a year. Nsi, have agreed to do this, paying any winnings into a seperate account, along with the 50k at the end of the yeAr. Do i include this as an asset, in 2.7 or is that bit just for bank accounts.

You need to include all assets on the probate forms. Exactly what does the will say about the legacies to the grandchildren. The restrictions may not be enforceable and those to any under 18 will be held in trust until they are 18.

Keep_pedalling

Yorkshireman99 wrote: »

Yo need to include all assets on the probate forms. Exactly what does the will say about the legacies to the grandchildren. The restrictions may not be enforceable and those to any under 18 will be held in trust until they are 18.

Such a clause sounds totally unenforceable.

mum1964

Yorkshireman99 wrote: »

You need to include all assets on the probate forms. Exactly what does the will say about the legacies to the grandchildren. The restrictions may not be enforceable and those to any under 18 will be held in trust until they are 18.

The will states that the value of the premium bonds £50k be divided between the four grandchildren, who are all named in full. There is only one grandchild under the age of 18. Even when the pbs are surrended hewill just turn 17.

getmore4less

you may be exceeding your powers as executor/trustees by holding back the PB of the beneficiaries for the full year without their agreement.

konark

I think all the beneficiaries need to be 18 to release the money and ignore restrictive clauses, but I suppose the bequest could be seen as 4 seperate bequests of £12,500.

Yorkshireman99

konark wrote: »

I think all the beneficiaries need to be 18 to release the money and ignore restrictive clauses, but I suppose the bequest could be seen as 4 seperate bequests of £12,500.

Beneficiaries cannot be paid if they are under 18 and those funds have to be held in trust you till they are. The exact wording of the will needs to be seen to decide if the restrictions are enforceable.

Yorkshireman99

getmore4less wrote: »

you may be exceeding your powers as executor/trustees by holding back the PB of the beneficiaries for the full year without their agreement.

The executor has to act in the interests of the estate as a whole. It is their decision when they distribute the estate.

mum1964

Thanks for info, its help me get my head in gear.