Death Notification Service

SonOf

Apodemus wrote: »

Is the limit for probate not applied to the total value of the estate, regardless of how it is split up?

If you had £300k with a bank or single investment then probate would be required. If you had 10 lots of £30k with different banks/providers then probate would not be required. Some banks/providers will go much higher. I had a case recently that Std Life Elevate was £75k but Prudential was £35k.

If one institution needs probate then all must be supplied with it.

Malthusian

Keep_pedalling wrote: »

If he has anything like P2P savings I would certainly look at trying to liquidate those now. I did that with my mum’s RateSetter account as they want probate regardless of how much is in it.

I would emphatically agree with this. Anyone considering estate planning (not just those with awful news) should be getting out of P2P while there is still new money flowing in. It could be a severe headache for the executors (even an Inheritance Tax issue) if there is a liquidity crunch and the estate can't realise the investment.

Bear in mind that everything done with the POA has to be for the donor's benefit, not to make the executor's life easier. However, there's no problem with cashing in a P2P account or consolidating accounts to simplify paperwork - all of that is objectively to the donor's benefit.

I agree with the general consensus that there isn't much point in consolidating the bank accounts now. The OP either closes them now as POA or closes them later as executor. On the face of it it makes little odds. And as others have said, closing them now risks making it more difficult to access the funds due the bank requiring probate.

xylophone

Is your father the sole owner of a property? If so, probate will be required anyway.

SeniorSam

So sorry to hear about your father.

If your father is in agreement, have the bank account in your joint names. When he dies you at least have that account that you can continue to access. Moving other accounts into the same joint one would very much simplify matters and help you to sort things out, but do get all details you can about all of his assets and he may wish to give you authority to access those accounts before he passes on.

He can write to them explaining the position and giving your details.
I do hope all goes well and feel sure that he would wish to help simplify matters for you by tajing action.

Keep_pedalling

Malthusian wrote: »

I would emphatically agree with this. Anyone considering estate planning (not just those with awful news) should be getting out of P2P while there is still new money flowing in. It could be a severe headache for the executors (even an Inheritance Tax issue) if there is a liquidity crunch and the estate can't realise the investment.

Bear in mind that everything done with the POA has to be for the donor's benefit, not to make the executor's life easier. However, there's no problem with cashing in a P2P account or consolidating accounts to simplify paperwork - all of that is objectively to the donor's benefit.

I agree with the general consensus that there isn't much point in consolidating the bank accounts now. The OP either closes them now as POA or closes them later as executor. On the face of it it makes little odds. And as others have said, closing them now risks making it more difficult to access the funds due the bank requiring probate.

In my attempts to simplify our finances P2P is the one thing that still bugs me. I have run down some quite easily, but I still have very small amounts stuck in Assetz and FC. As these are bad debts I have no idea when I can finally close my accounts it could be years.

It would be nice if there was an option where you could simply write them off allowing any future recoveries to go to charity.

talexuser

I used the government death noification service for my Mum, and for all government departments it worked ok. I had a small amount of state pension to repay so keep that bank account for a while for that eventuality. As far as probate is concerned, as said, it depends on the amounts, some banks and building socs just needed a death certificate (be sure to get as many as you need at the registration because afterwards they are more expensive). I used our solicitor because probate was required and my will updated.

Uxb1

Keep_pedalling wrote: »

It would be nice if there was an option where you could simply write them off allowing any future recoveries to go to charity.

That's exactly what I did as executor
There were some shares in liquidation held in a nominee account
I signed off as executor that if anything was realised (it wont be) it would go direct to charity.
This enabled the nominee administrator to close the account and send in the remainder of ths funds
They seemed to have this system all sorted as a method of dealing with this "problem"..as if this solution was an every day event for them.
I had full probate.

Reaper

Uxb1 wrote: »

I signed off as executor that if anything was realised (it wont be) it would go direct to charity.

But surely you don't have the power to do that. If the will says, for example, half to my wife and half to my daughter then don't you have to retrieve all the money and split it as instructed? You can't arbitrarily decide to donate some to charity.

LobsterMemory

You could value them at zero, distribute zeroes to both beneficiaries and go ahead as above

Meester_W

Thanks for the advice.

Dad owns a bungalow worth approx £180,000 - also has around £100,000 in savings. I live with my father, aside from some months away, officially I've lived in the same bungalow since I was born, 1975. So, I guess that means it will go to probate?