Do I need probate to transfer from deceased father to mother?

itm2

My father died at Christmas. He left a will with my mother (his wife) as the only beneficiary apart from a designated inheritance to my nephew. My father had accounts, savings and investments with 11 different institutions in his own name only. The value of the assets falls well below the IHT threshold.
My question is: do I need probate to arrange for transfer of his assets from those companies to my Mum?
The companies in question are:
HSBC (current and savings accounts)
Coventry Building Society (ISA)
Nationwide (ISA)
Virgin Money (ISA)
National Savings
M&G (ISA)
Barclays (ISA)
Centrica (shares)
Barclays (shares)
Royal Dutch Shell (shares)
BT (shares)

Stenwold

Each financial institution will have their own thresholds regarding their probate limit; usually it's anywhere between 20k-50k.


That said, from past experience, even if you fall under the probate threshold then some places are obligated to ask for sight of the probate document if they know you are applying for it anyway.


Hope this helps. Sorry for your loss, Christmas is the worst time to lose someone.

TonyMMM

Holdings of shares will definitely require a grant of probate to sell or transfer.

getmore4less

I would get it anyway it
It will be good practice for the next time when it will have to be done
It documents with HMRC the estate and the level of transferable nil rate bands.

itm2

Thanks. I've just discovered that Virgin Money do require probate (for any amount) so it looks like I have no choice :0(

Rodders53

^^^ Wot getmore4less said.

IIRC NS&I wanted it and the Mother in Law only had a relatively small amount with them. They "may require" a grant if >£5k is held in savings. But we needed it for her death anyway.

EDIT: Don't forget the ISAs can be inherited to stay tax-free - but not all institutions have inheritance ISAs... (catch 22?)

xylophone

Re spouse inheritance of ISA allowance

https://www.gov.uk/individual-savings-accounts/inheriting-an-isa-from-your-spouse-civil-partner

Each provider will have guidance - example

https://www.nationwide.co.uk/support/support-articles/manage-your-account/isa-inheritance/isa-inheritance-about

itm2

Ah yes I was wondering what happened to ISAs - thanks. I'll have to start scouting around for the best cash inheritance ISAs for Mum

Keep_pedalling

Rodders53 wrote: »

^^^ Wot getmore4less said.

IIRC NS&I wanted it and the Mother in Law only had a relatively small amount with them. They "may require" a grant if >£5k is held in savings. But we needed it for her death anyway.

EDIT: Don't forget the ISAs can be inherited to stay tax-free - but not all institutions have inheritance ISAs... (catch 22?)

It’s not catch 22, his widow can open her own ISAs to replace those of her husband, as she will have an additional permitted subscription allowance.

Not that I would bother replacing cash ISAs with another one.

badger09

itm2 wrote: »

My father died at Christmas. He left a will with my mother (his wife) as the only beneficiary apart from a designated inheritance to my nephew. My father had accounts, savings and investments with 11 different institutions in his own name only. The value of the assets falls well below the IHT threshold.
My question is: do I need probate to arrange for transfer of his assets from those companies to my Mum?
The companies in question are:
HSBC (current and savings accounts)
Coventry Building Society (ISA)
Nationwide (ISA)
Virgin Money (ISA)
National Savings
M&G (ISA)
Barclays (ISA)
Centrica (shares)
Barclays (shares)
Royal Dutch Shell (shares)
BT (shares)

Sorry for your loss

I won't cover what others have said but would add my recommendation to contact the dedicated Bereavement Teams at the banks, building societies & NS&I. Their staff are trained to deal with your situation, whereas branch & call centre staff are not.

Of those listed, I dealt with HSBC and NS&I and found them to be very helpful.

itm2

badger09 wrote: »

Sorry for your loss

I won't cover what others have said but would add my recommendation to contact the dedicated Bereavement Teams at the banks, building societies & NS&I. Their staff are trained to deal with your situation, whereas branch & call centre staff are not.

Of those listed, I dealt with HSBC and NS&I and found them to be very helpful.

Thanks for the advice.
I haven't contacted Dad's bank yet as all of the household bills are being debited from Dad's account and I don't want Mum's bills to go unpaid until I've transferred everything over to her account.