Mother Dying - Can we do the probate?

Twointhebush

My wife's mother is terminally ill. Is it a good idea for us to sort out the probate without a solicitor? Or at least partly without a solicitor? Is any saving worthwhile?

Thanks

Ms_Chocaholic

Depends on what her estate consists of, is it complicated.
Aren't you being a bit premature btw. I had an uncle who's mother was dying, the funeral was almost arranged, she recovered and lived for several more years.

Dox

If you are competent to sort out the estate without professional help (a comment which refers more to the possible complexity of the estate rather than your abilities!), then yes, there could be a substantial saving.

Robin9

So sorry to hear of your MIL's illness.

Have you been able to have a discussion with her as to what her funeral/cremation wishes are ? Details of hymns/readings etc.

I had this discussion with the MIL shortly before she died and it made the necessary arrangements much easier when there is so much else going on.

SevenOfNine

We have done this 3 times now (1 probate, 2 LoA - no will). Twice with houses to sell. Totally without solicitors (except to swear the oath, cost £5, but I think perhaps even that isn't required now)

Yes, it was 'easy' surprisingly so, though none were over the inheritance tax threshold. Not a lot of actual skill involved other than being organised & able to keep a relatively simple spreadsheet for income/expenditure & tying it in with all the relevant paperwork.

Probate & tax forms come with step by step instructions which we found very helpful, read & follow! Sticky at the top of this page will help more.

As for "any saving worth it", TBH it was more about time for us. Solicitors have 2 speeds, slow & stop. Every call, every email chasing them up will add to the cost. DiY can wrap an estate up much faster, assuming it's not too complex. Depends if you have some time & the inclination.

katiepoppycat

Sorry to hear about this. I'm dealing with my Nana's estate. It was a straightforward will, 2 bequests and 2 residual beneficiaries; a couple of bank accounts and a house. It was under IHT threshold. As others have said above if you are a practically minded organised person you can do it yourself and the online probate process is straightforward and holds your hand. As far as I can tell, you'd have to do the donkey work of gathering up all the info for a solicitor to do the actual forms anyway. I found it really helped me to have something practical and useful to do.

Boleyn19

So sorry to hear this and I hope she recovers. But it is wise to get her last wishes, find the will and other financial documents.

Also if IHT will be due try and make sure there is enough liquid assets to pay it even if it means her cashing in investments and putting into a cash account.

Apodemus

Boleyn19 wrote: »

So sorry to hear this and I hope she recovers. But it is wise to get her last wishes, find the will and other financial documents.

Also if IHT will be due try and make sure there is enough liquid assets to pay it even if it means her cashing in investments and putting into a cash account.

It is well worth getting everything simplified as far as possible in advance as well, to reduce the complexity of the IHT and Probate/confirmation forms. There is a risk, though, of incurring Capital Gains tax on a rushed realisation of assets only for this to be followed by IHT on the cash realised.

Savvy_Sue

What does Mother's will say? If it has appointed executors, then you'd have to negotiate with them.

But no, no reason not to DIY on an uncomplicated estate.

Sea_Shell

Apodemus wrote: »

There is a risk, though, of incurring Capital Gains tax on a rushed realisation of assets only for this to be followed by IHT on the cash realised.

Just on this point, if i may...

Would capital gains tax become payable anyway, if probate needed to liquidate investments? or are they exempt from CGT once the investor has passed away, so only IHT to pay on the estate, where relevant? Many thanks.

Apodemus

Sea_Shell wrote: »

Just on this point, if i may...

Would capital gains tax become payable anyway, if probate needed to liquidate investments? or are they exempt from CGT once the investor has passed away, so only IHT to pay on the estate, where relevant? Many thanks.

I’m no expert but that is my understanding of it: Only IHT is due on the value of the estate at death. Then Income tax on any estate income and CGT on any uplift in capital value between death and granting of probate (but the estate has no Income Tax or CGT personal allowances, so chargeable on all gains between death and probate).

So, selling investments just before death can result in a higher tax charge, than selling just after death. Of course, this might be mitigated at least in part, if the estate then has the cash to quickly pay the IHT and avoid loans or interest on late payment.