Probate and solicitors/specialists

noclaf

p00hsticks said:

noclaf said:

I have family members who I think are fairly "on the ball" with this kind of stuff.
One question, let's assume I am fairly confident that I am aware of all of my father's financial assets but have some niggling doubts e.g: there could be bank account/policy/investment I am not aware of (albeit high unlikely in my father's case). Is there any way that we can check for other bank accounts just to be certain we haven't missed anything? 

Apparently there's a free service run by the UK Banking organisations to track down lost and dormant bank accounts

https://www.mylostaccount.org.uk/

Thanks will take a look if we need to use it.

hjd

noclaf said:

One question, let's assume I am fairly confident that I am aware of all of my father's financial assets but have some niggling doubts e.g: there could be bank account/policy/investment I am not aware of (albeit high unlikely in my father's case). Is there any way that we can check for other bank accounts just to be certain we haven't missed anything? 

If he completed a tax return then check all income to make sure you have included the accounts involved.

noclaf

hjd said:

noclaf said:

One question, let's assume I am fairly confident that I am aware of all of my father's financial assets but have some niggling doubts e.g: there could be bank account/policy/investment I am not aware of (albeit high unlikely in my father's case). Is there any way that we can check for other bank accounts just to be certain we haven't missed anything? 

If he completed a tax return then check all income to make sure you have included the accounts involved.

Highly unlikely he ever filled in a tax return...in the last 20-25 years anyway as he was either in hospital or a care/nursing home. I have no sight over his bank accounts, I may have a rough idea on incoming pensions funds but no idea at this stage of exact balances.

noclaf

Just on a separate topic, if my father's LA were acting as "Appointee's", is there any role they would need to play or any reason I need to confirm/close out with them? As far as I am aware they managed his care benefits and likely state pension too as a top-up for nursing care fees.

xylophone

as a top-up for nursing care fees.

Are you sure that he was paying any such top up?  Given his state of mental and physical health, was he not entitled to continuing care from the NHS?

noclaf

xylophone said:

as a top-up for nursing care fees.

Are you sure that he was paying any such top up?  Given his state of mental and physical health, was he not entitled to continuing care from the NHS?

This is purely an assumption. the LA previously confirmed (a few years back) they weren't charging fees due to "aftercare" obligations placed on the LA and that I would be informed if that changed. So it's possible no funds were taken but others seem to think the LA would typically use state pension as a top-up. He received FNC (This is confirmed so 100% on this) but not CHC which I think you are referring to...unless my abbreviations are completely incorrect!

xylophone

The executors will need to clarify the position with the LA.

noclaf

I have some further questions and would welcome some thoughts/advice:
For any cash that's held in my father's bank accounts, is there an amount threshold above which it is a legal requirement to have a solicitor or any other legal specialist involved? Or can the executor simply continue with probate without need for solicitors? Aside from AML and risk of fraud what other legal implications need to be considered for the process of a bank dispatching funds to the executor? Too many words sorry..in layman's terms what does a bank need before releasing funds to the executor and does the amount of funds involved make the process any more complicated or longer?
Next question: where multiple beneficiaries are listed in the will and assuming that the value of the estate and/or financial assets being distributed are not of the same value is it the responsibility of each beneficiary (and/or executor?) to ensure their IHT obligations are completed and taxes paid where applicable? What is the IHT threshold...is it 325k or more? Also where a share of a property is moving to one of the beneficiaries does the tenancy type (joint Vs in common) of the house affect IHT?
Thanks for all the input so far it's been v helpful and apologies if repeating any questions already answered. 

xylophone

On previous posts you mentioned that a Local Authority was appointee for your father and dealt with his financial affairs - there then seemed to be some question of your becoming deputy for him.
Did this ever happen?

Either way, presumably all financial institutions/pension administrators/DWP etc have been advised of your father 's death?

You mentioned in previous posts that your half sibling and another family member have been appointed as exors of your late father's will.

There is no need for them to appoint a solicitor to obtain the Grant if they are happy to proceed themselves.

They will need to make arrangements to pay any IHT due before the Grant is issued.

https://www.gov.uk/inheritance-tax

It would appear that no gifts were made by your father for many years before he died so no question of failed PETS.

Once the grant is obtained,  your relations can open an exors' account to gather in monies due to the deceased's estate and to pay any bills/legacies etc in accordance with the terms of the will.
Should there not be enough money so to do, they will need to check out  abatement.

https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm12086

With regard to the property, there seemed to be some question as to how it was held - as you state 
in another recent thread

Just to add: parents are divorced and property was owned as 'tenants in common'.

presumably this was resolved?

According to the terms of the will you inherit your father's beneficial interest.

Do you now have deputyship for your mother? 

noclaf

xylophone said:

On previous posts you mentioned that a Local Authority was appointee for your father and dealt with his financial affairs - there then seemed to be some question of your becoming deputy for him.
Did this ever happen?

Either way, presumably all financial institutions/pension administrators/DWP etc have been advised of your father 's death?

You mentioned in previous posts that your half sibling and another family member have been appointed as exors of your late father's will.

There is no need for them to appoint a solicitor to obtain the Grant if they are happy to proceed themselves.

They will need to make arrangements to pay any IHT due before the Grant is issued.

https://www.gov.uk/inheritance-tax

It would appear that no gifts were made by your father for many years before he died so no question of failed PETS.

Once the grant is obtained,  your relations can open an exors' account to gather in monies due to the deceased's estate and to pay any bills/legacies etc in accordance with the terms of the will.
Should there not be enough money so to do, they will need to check out  abatement.

https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm12086

With regard to the property, there seemed to be some question as to how it was held - as you state 
in another recent thread

Just to add: parents are divorced and property was owned as 'tenants in common'.

presumably this was resolved?

According to the terms of the will you inherit your father's beneficial interest.

Do you now have deputyship for your mother? 

He passed away whilst was the application for my deputyship was awaiting approval so it was never granted.
All the pension providers, banks and insurance providers have been informed.
Once we know value of estate executors can sort out the IHT if any is due.
Property is tenants in common so I think that should be straightforward.. hopefully
I already have deputyship for my mother.