Taking steps to avoid probate

ahfat41

Will taking these steps during my life time help my executors to avoid probate on our deaths. Elderly couple created an immediate post death interest in their will.  On first death 50% goes in a trust and the trustees and beneficiaries are the two adult children.  I have contacted all the institutions regarding the probate threshold.  Barlcays and Nationwide are £50,000 and NSI £5000.  Life insurance will release money below £50,000 so will Hargreaves and Landsdown.  In this scenario as we do not know which one will go first I just make sure the amount of money we keep in sole account are below the threshold.  We have aslo have joint accounts.  We will be below £325,000 for IHT. So there will be no need to apply for probate if the instituions are happly to release the money with the usual documents required.  For land registry to contact a solicitor to remove deceased spouse name and surviving spouse add the two names of trustees who are also beneficiaries .  The title deed will now show three owners.  On the death of life tenant and end of trust the beneficiaries contacted LR and ask for the deceased name to be removed leaving the adult children as legal owners.  Going through this route I do not think LR will ask for probate on second death.  If the estate is well below £325,000 and the institutions are happly to release any money and closed the deceased account. Will it be necessary to apply for probate on second death.  Does this make sense or am getting myself in a muddle.  I am at that age when I am thinking a lot before foggy brain set in and want to facilitate my executors.  I am well organised and have kept records of my financial transactions for past 7 yrs.  I know my daughter when I discussed with her she said she will get a solicitor to handle it not only they are expensive as the estate is simple enough to administer and she will have to provide the info.  If we can avoid probate that will be something less to worry.  My understanding of probate if there is property involved and need to change tittle deed, then probate is needed.  Also if the institutions will not release any money belonging to the death person.  If you are below the IHT threshold I might be wrong and hope more knowledgeable members will put me right. Thanks.

Mojisola

ahfat41 said:

I know my daughter when I discussed with her she said she will get a solicitor to handle it not only they are expensive as the estate is simple enough to administer and she will have to provide the info. 

If we can avoid probate that will be something less to worry.

Why are you worried about what happens after you are dead?

If your daughter is your executor and she chooses to use a solicitor, it's not going to cost you anything.

Perdwee

What’s the point? To save £215 and a few forms? The thresholds with the banks for probate aren’t definite anyway, if they want to request that probate is provided to release funds they can do that on any amount. 

The best thing you can do for any family members if provide a clear will, correctly witnessed and stored with a solicitor so that probate can be issued swiftly and without fuss when the time comes. 

Sorcerer2018

Agreed with the others you are worrying about nothing let the executers sort this out when the time comes. 

Keep_pedalling

I would go as far as saying the whole idea is totally nuts. One other issue with this ‘plan’ is that you will be forced to hold savings in cash earning a pittance in interest. No option of holding equities in any form.