Valuing an estate

Poppy_1411

Hi, can I ask for some advice regarding valuing an estate and informaing financial institutions?  I have looked at probate and we do need  to apply for it as even though everything is being transferred to my Dad, a couple of accounts are over the probate threshold for that institution and they say they require probate.  I assume this is correct.
But do we value the estate, apply for probate and then when we receive it, do we then deal with the accounts?  Or do we advise the financial institutions now and then value the estate? Sorry, I have tried to look everything up, but I cannot tell if they should be done in an order or simultaneously or what?  
Thanks for any advice you can give.

Stubod

..not sure I understand your question, but it is usual to carry out a valuation then apply for probate. Once probate is received you can then go to the relevant financial institutions with the relevant documentation.

Poppy_1411

Thank you, sorry if I was unclear. We didn't expect to be doing this and are finding it very difficult. 
So, do I advise the financial instititutions of the death, then value the estate and apply for probate, then go back to financial institutions when received probate and deal with accounts. 
Or do we value the estate, apply for probate, then with probate go to financial institutions and advise of death and show probate?

xylophone

You can advise the institutions concerned that your  mother has died.

It is likely that the accounts will then be frozen (no payments in or out - although  as I understand it, some institutions will accept credits).

To value the estate, you need to establish the value at date of death - the institutions concerned will be able to give you the figures.

You can then set about obtaining probate.
https://www.gov.uk/applying-for-probate/apply-for-probate

TcpnT

First step is to contact each institution and inform them of the death and request a valuation at the date of death. You use these values for the probate application. They will freeze the accounts at this point. When you receive probate you go back to them and claim the funds.

Poppy_1411

That is exactly what i need to know.  Thank you ever so much for your quick replies.

AnotherJoe

My condolences. Note that you will likely need to provide a death certificate to get them to give the values to you. 

badger09

From personal experience, the quickest way of doing this is to contact each institutions dedicated bereavement team. They will tell you exactly what their institution needs from you, both initially & when you are in a position to gather in the Estate

Murphy_The_Cat

badger09 said:

From personal experience, the quickest way of doing this is to contact each institutions dedicated bereavement team. They will tell you exactly what their institution needs from you, both initially & when you are in a position to gather in the Estate

Also, from my recent experience, its worth getting several copies of the death certificate (each copy has a cost, but the cost can be passed onto the Estate).   Some institutions are very quick at returning the death certificate after they have done their thing, but others can be very tardy and some didn't return them at all.

macman

You will need to complete and submit the IHT205 form before you apply for probate, whether you think IHT is due or not.

PeterE17

My condolences also. Something that the DIY guides seem to overlook is income tax during the period of administration. So, if the accounts you are dealing with continue to pay interest until you get them repaid, you'll be liable for interest at 20%; go to 
www. gov.uk,  search for self-assessment tax returns, then returns for someone who has died,  
where probably the last section applies to you. It's better to be aware of such a liability now rather than later.