DIY probate advice please

Mistermeaner

Thanks all ;

For jointly owned items I think I value them at 50% of their total value ; in this case that would be half of the house, half of the joint accounts and half of the gift given to brother ?

Re my dads tax planning once everything is transferred I calculate his estate at approx 800k so should be below the threshold for iht when my mums allowance is transferred to him - I think the allowance that transfers to dad is 450 (325 assets + 125 house) LESS mums share it the gift (75k) hence dads iht threshold will be 375 from mums allowance + his sole allowance as calculated at the time ; is this correct ?

getmore4less

Dads should be(from April)

£325k + £150k + (£325k-£75k) + £150k = £875

it will change if the standard nil rate band ever changes as it is a % that is used.

dad gets (250/325) 76.9% of whatever is in place at the time.

badger09

As getmore4less said, IHT205 tells you when to stop & complete IHT400 instead. That's what I had to do with my late sister's estate.

It looks daunting, but not all the schedules are needed. You just need to read the notes thoroughly, take your time and be methodical about it and complete it in the order it tells you;).

It takes a while but as dad has access to substantial funds, there's no need immediate time pressure.


May I ask what dad's solicitor quoted for doing Probate?

Mistermeaner

quote for probate was £550 + VAT; felt alot to me for a few forms so thought i'd have a go myself.

I've filled in IHT205 and it all seemed straight forward enough - only question I have is that I have also filled in PA11 so my dad (as sole executor) may appoint me as his attorney.... at the end of form IHT205 do we both put our names on it and sign it, just me or just my dad?

Thanks

Tom99

Mistermeaner wrote: »

quote for probate was £550 + VAT; felt alot to me for a few forms so thought i'd have a go myself.

I've filled in IHT205 and it all seemed straight forward enough - only question I have is that I have also filled in PA11 so my dad (as sole executor) may appoint me as his attorney.... at the end of form IHT205 do we both put our names on it and sign it, just me or just my dad?

Thanks

You also need to fill in form PA1P.
If your dad appoints you as his attorney only you can then apply for probate, to be granted to you, you cannot both apply.
It may be simpler if you just fill in all the forms needed and your dad signs them.

getmore4less

I feel it is best to have the grant in the name of the person that will be using it, much easier if you ever go in person to get something done.

There is a twist to using the POA option, the grant becomes invalid once the doner dies so if you don't finish the job you might have to apply again.
(chances are those you deal with won't no to care)

Mistermeaner

thanks all ; thinking with dad appointing me attorney is exactly as above - we need to sort out mums ISAs and bank stuff and it will be much easier for us if I am authorised to just get on with that instead of having to get dad to sign stuff or authorise me to do things all the time

I missed form PA1p !! will fill that in as well now!

getmore4less

ISA can be transferred and stay within the wrappers.

badger09

Mistermeaner wrote: »

quote for probate was £550 + VAT; felt alot to me for a few forms so thought i'd have a go myself.

I've filled in IHT205 and it all seemed straight forward enough - only question I have is that I have also filled in PA11 so my dad (as sole executor) may appoint me as his attorney.... at the end of form IHT205 do we both put our names on it and sign it, just me or just my dad?

Thanks

That doesn't sound like they are going to do much work.

As you say, sounds a lot if you (or dad) need to do all the information gathering. You may as well start the process yourself. Lots of helpful people on here.

getmore4less

£550 is right ballpark for a basic estate.

It's not cheap but not everyone is comfortable with the process even though they end up doing the legwork.