Probate fees

castle96

"Further in this matter I confirm that I have today received a receipt from HMRC for the inheritance tax paid on this Estate and I have therefore
NOW applied for the Grant of Probate. I will of course let you know as and when I hear from the Probate Registry."

SHOULD they have done this at the same time as sending in the IHT stuff. HAVE they caused delay and possible increased probate fees ? These increases in fees ARE ? definite. From WHEN ?/date (some places say April, some May, but as time is crutial, when exactly

Rodders53

Rich2808 wrote: »

The current system is hardly fair or progressive therefore given an estate worth £5,100 pays the same as one worth £10 million.

The current FEE is one based on the work needed to process and record the documents in the Courts.
That is in my view "fair". (The lower £5k limit where the fee is waived should probably be higher but that's another debate).

The proposed future TAX is a back door increase in Death Taxes. What additional work do the Courts do for the larger estates?:mad:

But it is what it is.
Our elected representatives never debated this change in Parliament though. Is that morally correct? .

sanfly

Read in the paper yesterday about the new probate fees coming soon, it said a married couple would not normally need to apply for probate if the house was co owned, how does that relate to tenants in common when working out assets?

Rich2808

sanfly wrote: »

Read in the paper yesterday about the new probate fees coming soon, it said a married couple would not normally need to apply for probate if the house was co owned, how does that relate to tenants in common when working out assets?

Co-owned means joint tenants - thus when one partner dies the house passes automatically to the surviving spouse as they both owned the house equally and jointly. You simply write to the Land registry using their online form with a copy of the death certificate. Same applies to joint bank or savings accounts - they pass to the survivor.

Tenants in common - where each spouse owes 50% (or whatever split was agreed) separately and in their own right - does need probate however as the 50% could legally be passed to someone else via a will (e.g. a son or daughter) and doesn't pass automatically to the surviving spouse. Probate would therefore be needed - even if the will said it would pass to the spouse Same would apply to savings accounts or other assets held in the deceased's sole name - where probate is needed.

Tom99

Rich2808 wrote: »

Co-owned means joint tenants - thus when one partner dies the house passes automatically to the surviving spouse as they both owned the house equally and jointly. You simply write to the Land registry using their online form with a copy of the death certificate. Same applies to joint bank or savings accounts - they pass to the survivor.

Tenants in common - where each spouse owes 50% (or whatever split was agreed) separately and in their own right - does need probate however as the 50% could legally be passed to someone else via a will (e.g. a son or daughter) and doesn't pass automatically to the surviving spouse. Probate would therefore be needed - even if the will said it would pass to the spouse Same would apply to savings accounts or other assets held in the deceased's sole name - where probate is needed.

Probate is not required if there is a surviving legal owner, it does not matter whether the property was jointly owned as joint tenants of tenants in common.
See here:
https://help.landregistry.gov.uk/app/answers/detail/a_id/125
Note it is either death certificate or probate which is required not both.

Rodders53

Regardless of house, in many cases where savings are separate for tax reasons Probate will be needed because various Institutions demand it to release the funds. NS&I especially.

Journalists: Never let the facts get in the way of a good story.