About to commence probate application

carly

Thanks for the advice. Post deleted as those concerned wish for privacy

Tom99

[FONT=Verdana, sans-serif]Its going to need careful sorting out because the estate may be over £250,000 and there are children:-

[/FONT] “[FONT=Verdana, sans-serif]If there are surviving children, grandchildren or great grandchildren of the person who died and the estate is valued at more than £250,000, the partner will inherit:

[/FONT]

• [FONT=Verdana, sans-serif]all the personal property and belongings of the person who has died, and [/FONT]
• [FONT=Verdana, sans-serif]the first £250,000 of the estate, and [/FONT]
• [FONT=Verdana, sans-serif]half of the remaining estate. “[/FONT]

carly

Tom99 wrote: »

[FONT=Verdana, sans-serif]Its going to need careful sorting out because the estate may be over £250,000 and there are children:-

[/FONT] “[FONT=Verdana, sans-serif]If there are surviving children, grandchildren or great grandchildren of the person who died and the estate is valued at more than £250,000, the partner will inherit:

[/FONT]

• [FONT=Verdana, sans-serif]all the personal property and belongings of the person who has died, and [/FONT]
• [FONT=Verdana, sans-serif]the first £250,000 of the estate, and [/FONT]
• [FONT=Verdana, sans-serif]half of the remaining estate. “[/FONT]

Yes, that is the first thing which occurred to me too. it might be that the estate doesn't quite total £250000 its too early to say...
Am I right in thinking that the cost of the funeral etc can be deducted from the estate total.....that will account for several £1000

Tom99

carly wrote: »

Yes, that is the first thing which occurred to me too. it might be that the estate doesn't quite total £250000 its too early to say...
Am I right in thinking that the cost of the funeral etc can be deducted from the estate total.....that will account for several £1000

[FONT=Verdana, sans-serif]I am not sure but I think you are right about 1st deducting funeral expenses because on the IT forms the final figure called “Total Estate in UK” if after deducting those expenses.[/FONT]

Tom99

[FONT=Verdana, sans-serif]Regarding your questions:-[/FONT]

• [FONT=Verdana, sans-serif]all wholly owned assets, house and cash go under that heading.[/FONT]
• [FONT=Verdana, sans-serif]A %age of household goods should be used if they were jointly owned[/FONT]
• [FONT=Verdana, sans-serif]There will be no inheritance tax since any inheritance by the spouse is tax fee[/FONT]
• [FONT=Verdana, sans-serif]Depending how much is in each bank account they might release it all before probate.[/FONT]

badmemory

The funeral is a priority debt of the estate & should be paid by any bank approached which has enough of her funds. So if the estate is valued at £250k & the funeral was £5k. Value of estate after debt repayment is £245k. Death in service etc goes to whoever she nominated & I believe in most cases does not form part of her estate.

whilst the children may inherit something from what has been written inheritance tax should not be an issue. Eg inheritance tac due on estates over £325k, intestate spouse = £250k rest to children - well very roughly but enough to get the point hopefully.