Estate Inventory

SevenOfNine

P2P wrote: »

I don't need to read what you have said again, if you read my question, you will see this hasn't been answered. I am trying to find out legally when the inventory is required?

If you don't know then fine!

I'm sure if you supply YM99 with the EXACT date the administrator/solicitor plans to complete the probate forms, YM99 will be able to tell you the EXACT date a full & accurate inventory must be supplied, at the absolute latest it will be the same date!

Until then, he can't give a more specific answer than he already has "before probate can be applied for".

Yorkshireman99

SevenOfNine wrote: »

I'm sure if you supply YM99 with the EXACT date the administrator/solicitor plans to complete the probate forms, YM99 will be able to tell you the EXACT date a full & accurate inventory must be supplied, at the absolute latest it will be the same date!

Until then, he can't give a more specific answer than he already has "before probate can be applied for".

Thanks for making it much clearer than I, despite my best efforts, could do. Hopefully the OP has got the answer (s)he required. Also thanks to GM4L.

AnotherJoe

SevenOfNine wrote: »

I'm sure if you supply YM99 with the EXACT date the administrator/solicitor plans to complete the probate forms, YM99 will be able to tell you the EXACT date a full & accurate inventory must be supplied, at the absolute latest it will be the same date!

Until then, he can't give a more specific answer than he already has "before probate can be applied for".

Incorrect.

As I and GM4L has pointed out, there is no date by which a full and accurate inventory must be supplied unless a court asks for it and that will come after probate has been submitted. It may even come after probate has been agreed, for example a beneficiary complains after distribution that money is missing and a court orders that a full inventory must be produced.

Who is it that the OP thinks will be causing possessions to dissapear ? Or is this an unwarranted assumption based on the fact they beleive such an inventory needs to be produced and therefore have jumped to the conclusion that Dark Deeds Are Afoot since it isn't ?

Keep_pedalling

There is no need to itemise every single item, and usually everyday house contents are lumped together. Even if you have a collection of valuable items they don!!!8217;t need to be listed individually. So if I had 10 first addition books, they could be lumped together on the inventory.

Items mentioned in the will however, should go on the inventary regardless of value.

SevenOfNine

getmore4less wrote: »

The "inventory an account" is what an administrator used to track all the assets and what happens to them.

There is no legal requirement to give(submit) it to anybody unless told to by the court.

estates administration act 1925(with amendments) s.25

As the court will always say do an inventory and account if asked it is common practice to create one and distribute it to the interested parties(like residual beneficiaries) anyway.

This should contain all known assets as soon as they are known about, there is no reason to leave anything off until later this includes the share of those passed by survivorship.
The inventory should also include debt and credits.

The account(ing) tracks the assets and cash to their final destination, expenses,tax, distribution etc.

How detailed an inventory needs to be is left to the discretion of the Administrator and often items are grouped, eg personal belongings may be sufficient or broken down with more detail or only valuable items singled out. eg.
mink coat £4,000
other clothes 50p

The IHT return that goes with the probate application can include information that does not have to be included on the inventory but can impact the IHT due suitable records to account for the IHT bill if any also need to be kept should a full detailed account be requested.

the inventory used for the IHT forms can be very different to the full estate administration one, although in many cases they are close.
The administrator may be happy for the IHT return to use "household good £XXXX"
The beneficiaries may want a more detailed list as things are allocated to different people.

A clear explanation. :beer:

Isn't the full history of this is an extremely contentious one, & perhaps OP is referring to a full inventory of all the items in/on the property, not necessarily only those which fall within the estate? Eg "watches", wasn't that a case of valuable watches belonging to OP?