Help with Pa1 probate form
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mum1964
Posts: 305 Forumite
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.
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.
SWAGBUCKS STTD 10/11/2013
CASHED OUT £145
CASHED OUT £145
0
Comments
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You need the IHT forms for the estate assets.0
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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.0 -
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.0 -
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.SWAGBUCKS STTD 10/11/2013
CASHED OUT £1450 -
you may be exceeding your powers as executor/trustees by holding back the PB of the beneficiaries for the full year without their agreement.0
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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 £12,500.0
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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 £12,500.0
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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.0
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Thanks for info, its help me get my head in gear.SWAGBUCKS STTD 10/11/2013
CASHED OUT £1450
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