Heads spinning

Worried_and_concerned

She was in fact widowed and I believe there was no need for probate on my father's death as they had mirror wills, if his allowence is included then at least that's a little light at the end of the tunnel, all your advice has been warmly welcomed and it would appear that I shall have to go the probate route not only for the house but am I correct in assuming the bank will not release her money until so? Obviously after all debts are cleared would be approx 60/70 thousand remaining

lisyloo

Normally banks would not release that amount without probate but will pay for funeral expenses.

maman

pip895 wrote: »

Going through the process myself at the moment - the only fly in the ointment re taking your time is that there are changes to probate fees coming in "sometime soon" - should have come in back in April but didn't get the parliamentary time so got delayed.

The effect would be the fee changing from £215 to possibly thousands depending on the size of the estate.

Also does anyone know how patient the tax man is? My dad used to pay tax by instalments - one is due now I think, but at the moment the bank is sitting on the available cash??

Many condolences on your loss. I agree with others that at the moment you just need to focus on the practical arrangements and offering emotional support to each other.

What has confused me a little is your tax query about your father . Did you mean your mother? Had she inherited your father's pension or other income of her own that meant she was paying tax?

Keep_pedalling

Marcon wrote: »

That assumes her late husband (if any) left everything to her, so no IHT allowance used up...

That’s why I said up to. The residential NRB will be fully transferable, so somewhere between £625k and £950k depending on the amount of unused NRB.

Keep_pedalling

lisyloo wrote: »

Normally banks would not release that amount without probate but will pay for funeral expenses.

Depends if it is all in one bank or spread around, Each bank has its own rules on how much they will release without probate, with Barclays it is £30k, and I think Lloyd’s will go to £50k.

Keep_pedalling

maman wrote: »

Many condolences on your loss. I agree with others that at the moment you just need to focus on the practical arrangements and offering emotional support to each other.

What has confused me a little is your tax query about your father . Did you mean your mother? Had she inherited your father's pension or other income of her own that meant she was paying tax?

Yes that has me puzzled as well. If we are talking income tax, then the executor will need to complete a return for the deceased, but this is likely to produce a rebate rather than a demand as 3 months into the final year.

pip895

Keep_pedalling wrote: »

Yes that has me puzzled as well. If we are talking income tax, then the executor will need to complete a return for the deceased, but this is likely to produce a rebate rather than a demand as 3 months into the final year.

Sorry I really wanted to suggest to the OP that post the funeral it may be worth getting on with probate rather than waiting because of the fee issue. I was told to "get a wiggle on" in another post!

The tax thing is an aside - and probably not relevant to the OP. Dad survived Mum by nine years and had a couple of defined benefit pensions and one from Holland which has gone up in value a lot in the last few years, So he was actually into paying 40% tax in retirement. I have to do his 2018-19 tax return as well as the 2019-20 one. I think I'm panicking unnecessarily as he seems to only pay tax in January and he made a payment this year so I have plenty of time.

lisyloo

Keep_pedalling wrote: »

Depends if it is all in one bank or spread around, Each bank has its own rules on how much they will release without probate, with Barclays it is £30k, and I think Lloyd’s will go to £50k.

Yes correct.
I was assuming one account but that might not be correct.

getmore4less

What exactly does the will say about the house.

What did the fathers will say.

There could be an issue with the "buy a house for disabled son if house sold".

It probably sets up a trust.

nom_de_plume

getmore4less wrote: »

What exactly does the will say about the house.

What did the fathers will say.

There could be an issue with the "buy a house for disabled son if house sold".

It probably sets up a trust.

One would certainly hope the Will sets out the facts with far more detail than suggested in the OP.

She has left the house to all 3 of us but stipulates if the house is sold my disabled brother is to have a home brought and the rest split between us

Without knowing much more about the family dynamics, the OP's personal situation, etc., etc., etc., it's hard to comment usefully but, speaking personally, I'd probably want to settle things fully and finally sooner rather than later. I.E. sell the house and sort brother out his new home.