Assets/Shares and Insurance help on form HIT205

MayQueen

I'm a bit confused about where to put Commonwealth Bank of Australia shares on the form HIT205. Box 9.5 Assets outside the UK or Box 11.3 Stocks and shares quoted on the Stock Exchange?
Also, my dad had taken out a life assurance policy which has paid out automatically to my mum. Is that a jointly owned asset? Do I need to put the amount in Box 11.5?
Can anyone help please, as I'm trying to do probate myself?

Savvy_Sue

Was the life assurance policy written 'in trust' for your mother? because if it was it falls outside the estate altogether.

Keep_pedalling

As those shares are not listed on the London S.E. It needs to go in box 9.5.

MayQueen

Keep_pedalling said:

As those shares are not listed on the London S.E. It needs to go in box 9.5.

Thank you so much for giving me the answer, much appreciated. I suppose that if the 11.3 question said 'London' Stock Exchange, it would have been clear to me! Thanks again.

MayQueen

Savvy_Sue said:

Was the life assurance policy written 'in trust' for your mother? because if it was it falls outside the estate altogether.

Hello Savvy Sue. Thank you for your reply. I cannot find anything in the paperwork to show that it was written 'in trust'. Just 'Ordinary Life Assurance' with my mum as 'Grantee'. 

Keep_pedalling

MayQueen said:

Savvy_Sue said:

Was the life assurance policy written 'in trust' for your mother? because if it was it falls outside the estate altogether.

Hello Savvy Sue. Thank you for your reply. I cannot find anything in the paperwork to show that it was written 'in trust'. Just 'Ordinary Life Assurance' with my mum as 'Grantee'. 

The insurance company will know, just ask them.

xylophone

with my mum as 'Grantee'. 

See http://www.dontshopalone.co.uk/life-insurance.htm

 But if a wife buys a policy on her husband's life, she is the owner and he is the insured. The owner of the policy is called the grantee (he or she will be the person who will pay for the policy).

Is this the case with the policy in question?

Old_Lifer

This was a policy taken-out by your mother on the life of your father.   Although your father was the Life Assured, your mother was the Grantee, which means that your mother was the owner of the policy.  Since the policy belonged to your mother, it does not form  part of your father's  Estate. 

I expect the policy would have paid-out quickly, perhaps within a couple of weeks.   If  instead,  the policy  had belonged to your father and as it was not written in trust, it would have formed part of his Estate it may have taken 2 or 3 months or longer before a pay-out was made.

MayQueen

Old_Lifer said:

This was a policy taken-out by your mother on the life of your father.   Although your father was the Life Assured, your mother was the Grantee, which means that your mother was the owner of the policy.  Since the policy belonged to your mother, it does not form  part of your father's  Estate. 

I expect the policy would have paid-out quickly, perhaps within a couple of weeks.   If  instead,  the policy  had belonged to your father and as it was not written in trust, it would have formed part of his Estate it may have taken 2 or 3 months or longer before a pay-out was made.

Thank you so much for your help and clarification, I will omit this from the form. Yes, the policy did pay out quickly.
If you don't mind, I have another question. My father was paid a small monthly pension from an Annuity Bond  'Staff Pension Scheme', which I have closed and is not paying anything to my mum. As this is an occupational pension and not a bought annuity do I need to include this on the  HIT205?

Keep_pedalling

MayQueen said:

Old_Lifer said:

This was a policy taken-out by your mother on the life of your father.   Although your father was the Life Assured, your mother was the Grantee, which means that your mother was the owner of the policy.  Since the policy belonged to your mother, it does not form  part of your father's  Estate. 

I expect the policy would have paid-out quickly, perhaps within a couple of weeks.   If  instead,  the policy  had belonged to your father and as it was not written in trust, it would have formed part of his Estate it may have taken 2 or 3 months or longer before a pay-out was made.

Thank you so much for your help and clarification, I will omit this from the form. Yes, the policy did pay out quickly.
If you don't mind, I have another question. My father was paid a small monthly pension from an Annuity Bond  'Staff Pension Scheme', which I have closed and is not paying anything to my mum. As this is an occupational pension and not a bought annuity do I need to include this on the  HIT205?

No, annuities and final salary pensions do not form part of his estate.

MayQueen

Help needed please with another question. My parents purchased their council flat back in the 1980's as joint tenants/proprietors.
In 2010 they made a SEV Form A restriction. Does this mean the entry on Form HIT205 should be made as Tenants in Common? or should my mum now cancel the Form A?