Executor of Parent's Will - How to proceed

TonyMMM

As before - you are the executor, make that clear to all concerned.

There will be costs to the estate, even if you deal with things yourself, and it will take time.

Probate will be needed to sell the property, and probably to access the bank accounts (depending on the balances), there is a probate fee to pay and there will be costs associated with selling the house.

You would be foolish to pay anything out, and it would put you at personal liability, until you know exactly what the financial position of the estate is. There will be tax owed/owing, possible debts and bills to settle (and the funeral costs) and benefit/pension payments or over-payments to consider and sort out.

There is no need to officially "read" the will - that is for films.

It doesn't sound like IHT will be an issue.

Post #6 (above) gave a good guide to what needs to be done.

Yorkshireman99

Yorkshireman99 wrote: »

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.

If he will not listen, and as a last resort, and keeps pestering remind him that any attempts will be regarded a harassment and reported to the police.

p00hsticks

Yorkshireman99 wrote: »

If he will not listen, and as a last resort, and keeps pestering remind him that any attempts will be regarded a harassment and reported to the police.

Perhaps a just as effective but less aggressive stance would be to tell him that if he is not happy with the way you are acting you will seek a solicitors advice, but that these fees will be coming out of the estate and therefore reducing his inheritance.

Car_54

AFAIK there is no such thing as a "joint" will. For that reason alone I'd take legal advice. Otherwise it seems straightforward.

Mojisola

Car_54 wrote: »

AFAIK there is no such thing as a "joint" will. For that reason alone I'd take legal advice. Otherwise it seems straightforward.

Joint wills are very rarely used these days - it's more likely that the couple made mirror wills.

MarSeven

Thank you to all who have contributed and encouraged me to see this through to the end. My mum and stepdad were married for 38 years and the will was a mirror will as correctly stated above by Mojisola. Such detailed and clear advice from all of you which I will print off and use as my guide. The death is being registered tomorrow and then we have appointments at the solicitors and bank. I will check the insurance which I know is in place and get a valuation done early next week. I will then start contacting the other agencies you have listed. What a great forum this is, made possible only by you stalwarts freely sharing your experience, knowledge and time.
If I think of anything further I will comment again, so for now, best wishes and thanks to you all.

Tom99

Owain_Moneysaver wrote: »

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

Assets are £660,000 so if funeral costs and debts at least £10,000 won't IHT400 be required?

Owain_Moneysaver

Tom99 wrote: »

Assets are £660,000 so if funeral costs and debts at least £10,000 won't IHT400 be required?

I think £450k allowance for leaving home to child (RNRB), and £350k unused nil rate band transferred from mum to stepdad = £800,000. The IHT205 will flag up if IHT400 is required. which it will be if you need to use the Residence Nil Rate Band

Anyway, the IHT400, although it looks massive, isn't that complicated and most simple estates will not need most of the additional forms. If there is a question, I'd start with the IHT400 and additions, as it's easy to simplify that back to the IHT205 if relevant.

Tom99

Owain_Moneysaver wrote: »

I think £450k allowance for leaving home to child, and £350k unused nil rate band transferred from mum to stepdad = £800,000. The IHT205 will flag up if IHT400 is required.

I think you need to start with IHT400 if you want to claim the RNRB.

Owain_Moneysaver

Tom99 wrote: »

I think you need to start with IHT400 if you want to claim the RNRB.

Yes, IHT205 if both of the following apply:

- The gross value of the estate is less than twice the applicable IHT nil rate band.
- 100% of the unused IHT nil rate band from a late spouse or civil partner can be transferred to the deceased

To claim transferable nil rate band in an excepted estate you can complete the IHT217 and attach it to the IHT205.

However, if you also want to claim residence nil rate band and/or transferable residence nil rate band, you will have to complete an IHT 400 and

IHT402 - claim transferable nil rate band
IHT435 - claim residence nil rate band
IHT436 - claim transferable residence nil rate band

as the IHT205 hasn't been updated to include RNRB as an 'excepted estate'.