Query re probate/inheritance delay

doodle-bug_2

My father had not been well for some time and died just over a week ago. 

His brother died last year suddenly and my father has received an inheritance - 50% interim payment already received, the other 50% due in September.

I am my dad's executor and I have informed his bank etc and am opening an account to put funds into before probate/distribution etc.

I have not yet applied for probate but hope to be doing this very soon.

I'd like to know if I can apply prior to September (as I know that the other 50% inheritance is definitely due to him), or do I need to wait until it is actually in his account before I can apply?

The estate is a simple one - couple of insurance policies and bank accounts, no property.

I hope that someone can help/advise me if I can apply earlier than September.

I had planned to contact the Probate Office but have been on hold for ages so thought I'd try here before I try ringing back again.

Keep_pedalling

You can apply, but you will need to use an estimated value on the IHT forms for the outstanding inheritance. 

You should make sure your uncles executor is aware that you are administrating your father’s estate. 

doodle-bug_2

Keep-pedalling - many thanks for this.  I am planning to contact them within the next couple of days to see what my options were - if they had to pay 2nd portion into my father's account or into the executor's account.

BooJewels

I'm not an expert by any means - but do you actually need Probate if there's no property to sell?  I realise some bank accounts and investments will require it for sums over their particular thresholds, but if it's simple, do you still need it - because you don't always - so you might be able to save yourself a job if not?

To answer your original question, I had a modest amount still outstanding on my father's affairs and put an estimated number on the form - I seem to think there was a box specifically for monies owed.  I overestimated a little to be on the right side of it.

doodle-bug_2

BooJewels - thanks for your comments.  Unfortunately my dad's bank are insisting on probate before releasing any funds.  But your comment re: monies owed is very helpful!

BooJewels

doodle-bug_2 said:

BooJewels - thanks for your comments.  Unfortunately my dad's bank are insisting on probate before releasing any funds.  But your comment re: monies owed is very helpful!

Fair enough if they're actually asking for it, but worth pointing out, as some may not realise that you don't automatically need it.  I've only had to apply because there's a property to sell - the banks weren't troubled, due to balances below their thresholds.

Keep_pedalling

doodle-bug_2 said:

Keep-pedalling - many thanks for this.  I am planning to contact them within the next couple of days to see what my options were - if they had to pay 2nd portion into my father's account or into the executor's account.

The will need to pay it to the executor, your father’s accounts should fe frozen.

Keep_pedalling

Even if the bank did not need it, the administrator of the OP’s uncle’s estate would be likely to require it unless we are talking about a small sum.

BooJewels

That's a good point @Keep_pedalling - I hadn't thought that it might be necessary in respect of the other estate.

xylophone

 50% interim payment already received, the other 50% due in September.

In your position, I would contact  your Uncle's  executor and advise him of your father's death.

You can ask him for an estimate of the final amount due in September and this can be used on the IHT forms.

Explain that you will be seeking probate of your father's will,   subsequently opening an account for his estate and that the September payment may either be made direct to this account (details to be advised) or sent by means of a cheque drawn in your favour as your father's executor.