Executor of Parent's Will - How to proceed

MarSeven

I know this is probably bread and butter stuff to some you more seasoned forum members, but I am looking for some basic advice on how to deal with my mum and stepdad's joint will. Mum died one year ago and stepdad died this weekend. On her death everything passed to him, on his death everything passes in five equal shares to his two adult children and mum's three adult children of which I am one. I am the executor of the will. They have about £160k in the bank, plus a house of value approx £500k. There will be some usual fees to be paid involving the house (gas, electric, water), plus a valuation, estate agent and solicitor fees as the house is to be sold as per the will. Not forgetting the inheritance tax. Are these tasks straightforward enough for me to carry out myself or should I appoint:
a) a tax advisor;
b) a solicitor;
c) both of the above;
d) somebody else.
I have no experience of any of this but I am reasonably competent and can follow a decent plan. Some of my family members are already hostile and we haven't even registered the death yet.
What do you suggest?
Thank you for any practical solutions you can share especially with the order of operations and the inheritance tax.

nom_de_plume

Sorry for your loss.


With the help of this forum I can say the answers to a), b) and c) and probably d) are no.

Are you the sole executor? If so and easy for you to do, make sure the house is secure and, possibly, change the locks. If you're a joint executor, I'd still do the same but with the agreement of any other executors.


Were mum and step dad married? If so, on the face of it, there's no IHT likely to be due.


Read the sticky post at the top of this forum..

TonyMMM

It sounds like a straightforward estate, which you could easily deal with (it really is quite a simple process).

But take your time, there is no rush to do everything immediately. I would just concentrate on registering the death and dealing with the funeral arrangements.

From what you say - if your mum left everything to your stepdad (and they were married), then her nil rate band (and residence allowance) are transferable to his estate and no IHT may be payable.

As executor, you have the legal authority to deal with the estate- make that clear to the rest of the family from the outset to avoid later issues, and keep good records of all assets and expenses of the estate to deal with any queries later.

Flugelhorn

Agree take your time, ensure house secure and insured and do the "family" things first

Then start on getting probate - there are plenty of people + stickies to advise on here.

Last year I became an executor - hadn't a clue before I started but with help from here etc it all worked out fine.

Yorkshireman99

MarSeven wrote: »

I know this is probably bread and butter stuff to some you more seasoned forum members, but I am looking for some basic advice on how to deal with my mum and stepdad's joint will. Mum died one year ago and stepdad died this weekend. On her death everything passed to him, on his death everything passes in five equal shares to his two adult children and mum's three adult children of which I am one. I am the executor of the will. They have about £160k in the bank, plus a house of value approx £500k. There will be some usual fees to be paid involving the house (gas, electric, water), plus a valuation, estate agent and solicitor fees as the house is to be sold as per the will. Not forgetting the inheritance tax. Are these tasks straightforward enough for me to carry out myself or should I appoint:
a) a tax advisor;
b) a solicitor;
c) both of the above;
d) somebody else.
I have no experience of any of this but I am reasonably competent and can follow a decent plan. Some of my family members are already hostile and we haven't even registered the death yet.
What do you suggest?
Thank you for any practical solutions you can share especially with the order of operations and the inheritance tax.

You MUST register the death ASAP like today. You also need to notify her bank.

Owain_Moneysaver

Secure the house.
Insure the house - if vacant an insurer is likely to require weekly inspections.
Register the death.
Empty the fridge and freezer.

in that order.

Make initial funeral arrangements. Have a look through paperwork in case there was a prepaid plan in place.

Notify the bank(s) and any private pension providers. Notify the utilities, get closing readings and new accounts in the name of the executor. The banks and utilities often have a specialist bereavement department to sort these things out. Consider if you still need a phone line if the house will be vacant.

Register at Mailing Preference Service. This will eventually stop a lot of addressed junk mail, catalogues etc. Obtain a Special Redirection Form from the Post Office if you need deceased's mail forwarded.

Return any loaned living aids to social work or health board, care alarm providers etc.

There will now be a delay of several weeks as you wait for people to reply to your enquiries about closing balances etc.

Get the PA1 probate application form, the IHT205 form, and the IHT217 Transfer of Nil Rate Band forms.

Sit down with the paperwork and a pile of poly-pockets, one for each section of the form. File the paperwork into the right sections, then start completing the form in draft. If you PM me I can send you a blank Excel spreadsheet of the forms.

If you don't have it, get a copy of mum's grant of probate from the probate registry. You will need it to complete the IHT217.

Everything is actually quite straightforward, you just need to be organised and patient. Explain to the other beneficiaries it is likely to be at least six months before any bequest can be paid out, as you need to wait for confirmation from HMRC that there is no outstanding tax due, or any other debts due from the estate.

Once you have grant of probate you can instruct an estate agent and solicitor to handle the house sale.

Flugelhorn

When you get the MCCD (death certificate from doctor) then you need to make appointment with the registrar - hopefully they will be able to fit you in soon.

Sorry to hear that family members are hostile - is there likely to be a specific problem over the wishes in the will or is it expressing grief?

Yorkshireman99

Flugelhorn wrote: »

When you get the MCCD (death certificate from doctor) then you need to make appointment with the registrar - hopefully they will be able to fit you in soon.

Sorry to hear that family members are hostile - is there likely to be a specific problem over the wishes in the will or is it expressing grief?

The beneficiaries should be told that probate will take a least six months and that the will be no payouts until it is complete. Take your time ado not be bullied!

MarSeven

Thank you, we registered my mother's death last year without any problems and closed all her affairs down with ease. Dad had dementia and went into a care home, his bank account has been paying for this for a year. The hostility is starting to appear from his son. I hope we will get through it when they see (hopefully) that I know what I am doing and am not out to defraud the four of them/him. He seems to think I should be able to wrap it all up in a few weeks at no cost to the estate to minimise any loss of inheritance. I doubt it will be as quick as he would like. He has also mentioned paying the existing money in the account out immediately but I am not sure whether to keep everything intact, add the funds from the sale of the house when everything is finalised, and then split the collective funds five ways. I don't know when the inheritance tax should be paid, ie, on everything together once the house is sold or on the funds in the bank first to facilitat a payout or what. Any advice would be gratefully received so that I can go to them with a plan that they cannot refute after the will is read and action is required from me.

MarSeven

Thank you, we registered my mother's death last year without any problems and closed all her affairs down with ease. Dad had dementia and went into a care home, his bank account has been paying for this for a year. The hostility is starting to appear from his son. I hope we will get through it when they see (hopefully) that I know what I am doing and am not out to defraud the four of them/him. He seems to think I should be able to wrap it all up in a few weeks at no cost to the estate to minimise any loss of inheritance. I doubt it will be as quick as he would like. He has also mentioned paying the existing money in the account out immediately but I am not sure whether to keep everything intact, add the funds from the sale of the house when everything is finalised, and then split the collective funds five ways. I don't know when the inheritance tax should be paid, ie, on everything together once the house is sold or on the funds in the bank first to facilitat a payout or what. Any advice would be gratefully received so that I can go to them with a plan that they cannot refute after the will is read and action is required from me.

Yorkshireman99

MarSeven wrote: »

Thank you, we registered my mother's death last year without any problems and closed all her affairs down with ease. Dad had dementia and went into a care home, his bank account has been paying for this for a year. The hostility is starting to appear from his son. I hope we will get through it when they see (hopefully) that I know what I am doing and am not out to defraud the four of them/him. He seems to think I should be able to wrap it all up in a few weeks at no cost to the estate to minimise any loss of inheritance. I doubt it will be as quick as he would like. He has also mentioned paying the existing money in the account out immediately but I am not sure whether to keep everything intact, add the funds from the sale of the house when everything is finalised, and then split the collective funds five ways. I don't know when the inheritance tax should be paid, ie, on everything together once the house is sold or on the funds in the bank first to facilitat a payout or what. Any advice would be gratefully received so that I can go to them with a plan that they cannot refute after the will is read and action is required from me.

Make it very clear to him there will be NO payouts until probate is obtained and all debts are paid. You should keep the funds until the house is sold and paid for. You wil need funds for all sorts of things. He needs to be told, in writing along with the others. Do NOT allow him to,pressure ot bully you.