Guide discussion: Probate: How to do it yourself

polymaff

bunnygo said:

 - current timescales are a shocking 16 weeks.

Iesu mawr!.  I applied in early November 2022.  With a fair bit of kicking after 19 weeks, I finally got GoP on June 6th 2023.

Thorny123

Thanks bunnygo.

There's a lot of really useful info here.....my Mum and I will try and complete this tomorrow.

Pennylane

Very easy to DIY.  I had never done this before,  but just read through and took it slowly.  

maddogwoman

My mum had already left her house in trust for my sister and I so it was not included in her estate when she died. She also made sure she had sold all her shares and added me to her bank account to make it a joint account just before she died.  This meant she did not actually have any assets when she died and I therefore did not need to get probate.  Well worth knowing.

Swiss_Danny67

polymaff said:

It'd be a good thing if we could abandon Probate altogther. Some organisations will already accept copies of the Will and the Death Certificate as authority to act as Executor.

Yes, Im having to go through formal probate for my father because of one investment manager. For a first death, all to survivor situation.
It should be possible to register beneficiaries ahead of time with financialy institutions, just as you would do for life insurance or survivors pensions.

Lottie933

Hi - I'm wondering if anyone can give some advice? I have just received an email from probate registry and it asks "Please re-check the deceased’s estate values at the below link and advise us accordingly. If no tax is due, please confirm the below five estate values, and three additional questions (abc)."  Followed by questions.

Im 26 and I've never had to deal with anything like this before, I lost my dad very suddenly and unexpectedly in October. I am just wondering why they have sent me this email? Or is this just standard? 

Any information is very much appreciated, thank you in advance!

Savvy_Sue

Lottie933 said:

Hi - I'm wondering if anyone can give some advice? I have just received an email from probate registry and it asks "Please re-check the deceased’s estate values at the below link and advise us accordingly. If no tax is due, please confirm the below five estate values, and three additional questions (abc)."  Followed by questions.

Im 26 and I've never had to deal with anything like this before, I lost my dad very suddenly and unexpectedly in October. I am just wondering why they have sent me this email? Or is this just standard? 

Any information is very much appreciated, thank you in advance!

Welcome Lottie and sorry for your loss.

It's not particularly usual but it does happen.

What are the estate values they want you to confirm, and what did you give? We may spot an error.

And what are their questions?

polar_pig

Presumably you've applied for probate and they've come back with this email query. Also presume they want you to check the 5 standard estate values you put in your application. These can be checked as follows:

The Gross, Net and Net qualifying value of the estate for IHT can be taken from the government calculator:

https://www.gov.uk/valuing-estate-of-someone-who-died/estimate-estate-value

Using these figures from the calculator, then manually calculate the Gross and Net value for probate using this:

How to work out the gross value for probate

Work out the gross value of the estate for Inheritance Tax and then subtract the value of all of the following:

• assets that were owned with someone else (‘joint assets’) and that are being passed to the surviving owner
• gifts that were made in the 7 years before they died
• assets that were owned abroad (for example, overseas property or money in foreign bank accounts)
• assets held in a trust

How to work out the net value for probate

Subtract the value of any debts the person who died owed and the cost of the funeral from the gross value for probate.

Do not include debts that were owed jointly with someone else, for example, a mortgage on a joint property.

Taken from here:

https://www.gov.uk/applying-for-probate/before-you-apply

Can't comment on the 3 additional questions as we don't know what they are.

salstars

Hi, I’ve been reading through some of the IHT/probate-related threads which has been really useful as I am about to start out on this process. One thing I’m not sure of, my late dad’s estate includes his house (being left to his direct descendants and with nil rate applied there will be no IHT to pay) but how formal does the house valuation have to be for the IHT forms? I scanned similar local properties on Rightmove and also noted the Zoopla online estimate (which has a 60k variance between lowest & highest value) but is this enough? Or do I have to physically get an estate agent round at this point? Any advice gratefully received!

Keep_pedalling

It is important not to under value the house otherwise you could end up with a CGT liability when it is sold. If you are a long way from IHT territory then get three valuations and go with the highest. If you are close to IHT territory then get a paid for valuation from a RICS surveyor. 

Do you actually need to use the residential NRB as well as the standard and transferable (if available) NRB? If you do you will need to do a full IHT return even if there is no IHT to pay.