Seeking advice on Probate

Keep_pedalling

hamer said:

Hi RAS,
Residency is England and he and his wife are owner occupiers of their house so with what you said, I assume that there wouldn't be a need to pay inheritance tax on the house. Would that be the same for the joint funds in the bank?
Regarding executor there isn't a will involved. As I previously explained, I am dealing with the different processes and my sister-in-law is authorizing/signing anything relevant. So, there isn't an executor as such.

There will be no IHT as anything inherited by a spouse is exempt. If your sister in law does not have a will that is something she should sort out ASAP.

hamer

RAS,
How do I go about checking if it's tenants in common or joint tenancy?

Flugelhorn

hamer said:

RAS,
How do I go about checking if it's tenants in common or joint tenancy?

Go onto the Land Registry site and download the title for the property - it will cost you £3 and if it just has two names then it is joint but if there are restrictions ( No disposition by a sole proprietor of the registered estate (except a trust corporation) under which capital money arises is to be registered unless authorised by an order of the court") .listed then that indicates tenants in common

Dox

hamer said:

RAS,
How do I go about checking if it's tenants in common or joint tenancy?

See https://www.gov.uk/joint-property-ownership

xylophone

I spoke with Lloyds Bank yesterday to arrange for their joint savings and current accounts to be changed solely to his wife's name. 

Are all the accounts joint accounts?

https://www.citizensadvice.org.uk/family/death-and-wills/dealing-with-the-financial-affairs-of-someone-who-has-died/#:~:text=Joint%20bank%20accounts,to%20the%20other%20joint%20owner.

Joint bank accounts

Couples may also have joint bank or building society accounts. If one dies, all the money will go to the surviving partner without the need for probate or letters of administration. The bank may need the see the death certificate in order to transfer the money to the other joint owner.

Probate or letters of administration may still be needed if there are other assets that are not jointly owned.

https://www.lloydsbank.com/assets/media/pdfs/help_and_guidance/ask_the_experts/lloyds-banking-savings-guide.pdf

What happens to the Banking and Savings accounts?

Any joint-named banking and savings accounts will be transferred into the sole name of the remaining named party and will remain open. 

hamer

Xylophone,
Yes the accounts are joint accounts. I am just reading your comment, coincidentally, my daughter has sent me the same link earlier. Thanks

Keep_pedalling

hamer said:

Xylophone,
Yes the accounts are joint accounts. I am just reading your comment, coincidentally, my daughter has sent me the same link earlier. Thanks

In which case probate should not be required. Are you talking to the bank’s Dedicated bereavement team?

On a side point that is a lot of money to hold in cash accounts earning BA interest. Some long term financial planning should be looked in the not too distant future.

hamer

KP,
I haven't spoken to the bereavement team yet. My initial contact has been with a local branch representative set up as a telephone meeting via the bank's call centre. She has sent me an email with instructions to forward a copy of the death certificate and photo ID to the bereavement team who will then contact me within a couple of weeks. It was this representative that suggested the probate necessity. She also stated that my sister-in-law can still use the accounts, as normal, in the meantime.
So, as a result of all the great help from yourself and the other contributors to this post, I will send off the required info and wait for the bereavement team to contact me and hopefully change the accounts solely to my sister-in law's name.
I will then stress to her the need to move the funds somewhere more beneficial and to also make a will. 

hamer

Just as a follow on to my last post, If the funds are moved to accounts with more favorable returns ie. fixed term, what would access to these accounts be in the instance of executing the proposed will at a future time ie. would the terms of notice for withdrawal have to be adhered to. 

xylophone

The terms and conditions of fixed rate accounts will usually state what happens in the event that the account holder dies during the fixed term.
https://www.thisismoney.co.uk/money/experts/article-2553764/What-happens-fixed-rate-savings-holder-dies-maturity.html
A relative was the exor of  a will where the testator had a  fixed rate account and died during the term - the institution released the funds to the Exor account after the Grant of Probate was exhibited in the branch.