Joint accounts and probate

xylophone

I know what my instructions would have been 

Involving a place where the sun don't shine?

Keep_pedalling

Frogletina said:

Swipe said:

badger09 said:

Swipe said:

Thanks. One of the accounts is just over £51k in Leek United Building Society and they want probate over £20K. There are also a few Lloyds bank shares (probably not worth much now though) My 80 year old mother is the named executor along with the solicitor unfortunately, not me or I'd do it myself. Is there any way around this?

I've checked the other 3 accounts and they all fall under the institutions probate limits. Does this mean that the value of the estate is just £51k plus the few hundred quid of Lloyds shares? So if she appoints the solicitor, they won't be taking a percentage of the total value of the whole estate i.e. house, joint accounts and sole accounts?

Alternatively, could I ask the solicitor to act as an executor but in a supervisory role, leaving me to do the majority of the administration myself?

You could ask the solicitor either to Renounce (give up the Executor role completely) or to Reserve Powers. I've no idea whether they will do either, but definitely worth asking. If they won't, you'll find that your mother, with your help! will probably end up doing most of the work anyway.

As far as valuing the estate goes, you have to include your late father's share of all the joint assets, even though they pass to your mum (so won't incur IHT). If the solicitor is proposing to work on a %fee basis, I would be working very hard to persuade them to Renounce if at all possible.

Thanks for that. I've yet to have that conversation with the solicitor. I was a bit miffed with Leek united having such a low probate threshold until I saw, in typical fashion, Nationwide requires it for over just £5k

I can beat that easily.
Coventry Building Society sent me a letter asking for the sealed grant of representation and signed instructions for a sole account which held £0.57p.

According to their website probate is not required below £30k

https://www.coventrybuildingsociety.co.uk/consumer/help/bereavement/bereavement-FAQs.html

Frogletina

Keep_pedalling said:

Frogletina said:

Swipe said:

badger09 said:

Swipe said:

Thanks. One of the accounts is just over £51k in Leek United Building Society and they want probate over £20K. There are also a few Lloyds bank shares (probably not worth much now though) My 80 year old mother is the named executor along with the solicitor unfortunately, not me or I'd do it myself. Is there any way around this?

I've checked the other 3 accounts and they all fall under the institutions probate limits. Does this mean that the value of the estate is just £51k plus the few hundred quid of Lloyds shares? So if she appoints the solicitor, they won't be taking a percentage of the total value of the whole estate i.e. house, joint accounts and sole accounts?

Alternatively, could I ask the solicitor to act as an executor but in a supervisory role, leaving me to do the majority of the administration myself?

You could ask the solicitor either to Renounce (give up the Executor role completely) or to Reserve Powers. I've no idea whether they will do either, but definitely worth asking. If they won't, you'll find that your mother, with your help! will probably end up doing most of the work anyway.

As far as valuing the estate goes, you have to include your late father's share of all the joint assets, even though they pass to your mum (so won't incur IHT). If the solicitor is proposing to work on a %fee basis, I would be working very hard to persuade them to Renounce if at all possible.

Thanks for that. I've yet to have that conversation with the solicitor. I was a bit miffed with Leek united having such a low probate threshold until I saw, in typical fashion, Nationwide requires it for over just £5k

I can beat that easily.
Coventry Building Society sent me a letter asking for the sealed grant of representation and signed instructions for a sole account which held £0.57p.

According to their website probate is not required below £30k

https://www.coventrybuildingsociety.co.uk/consumer/help/bereavement/bereavement-FAQs.html

Keep_pedalling said:

Frogletina said:

Swipe said:

badger09 said:

Swipe said:

Thanks. One of the accounts is just over £51k in Leek United Building Society and they want probate over £20K. There are also a few Lloyds bank shares (probably not worth much now though) My 80 year old mother is the named executor along with the solicitor unfortunately, not me or I'd do it myself. Is there any way around this?

I've checked the other 3 accounts and they all fall under the institutions probate limits. Does this mean that the value of the estate is just £51k plus the few hundred quid of Lloyds shares? So if she appoints the solicitor, they won't be taking a percentage of the total value of the whole estate i.e. house, joint accounts and sole accounts?

Alternatively, could I ask the solicitor to act as an executor but in a supervisory role, leaving me to do the majority of the administration myself?

You could ask the solicitor either to Renounce (give up the Executor role completely) or to Reserve Powers. I've no idea whether they will do either, but definitely worth asking. If they won't, you'll find that your mother, with your help! will probably end up doing most of the work anyway.

As far as valuing the estate goes, you have to include your late father's share of all the joint assets, even though they pass to your mum (so won't incur IHT). If the solicitor is proposing to work on a %fee basis, I would be working very hard to persuade them to Renounce if at all possible.

Thanks for that. I've yet to have that conversation with the solicitor. I was a bit miffed with Leek united having such a low probate threshold until I saw, in typical fashion, Nationwide requires it for over just £5k

I can beat that easily.
Coventry Building Society sent me a letter asking for the sealed grant of representation and signed instructions for a sole account which held £0.57p.

According to their website probate is not required below £30k

https://www.coventrybuildingsociety.co.uk/consumer/help/bereavement/bereavement-FAQs.html

They obviously don't know their own proceedures!