Why do i need probate on a very simple will?

gbhxu

My sister and I are executors to my late Father's will. 

Everything is just split between us 50-50 with a clause that I can remain in the family home until I decide to leave. There is no Inheritance Tax to pay.

Unless we do probate ourselves a solicitor wants to charge us about £1400!

[Deleted User]

I think that you have your answer!

https://www.citizensadvice.org.uk/family/death-and-wills/dealing-with-the-financial-affairs-of-someone-who-has-died/

It really isn’t that complicated. 

thegreenone

The property.  Please do probate otherwise it could get messy in future.

74jax

gbhxu said:

My sister and I are executors to my late Father's will. 

Everything is just split between us 50-50 with a clause that I can remain in the family home until I decide to leave. There is no Inheritance Tax to pay.

Unless we do probate ourselves a solicitor wants to charge us about £1400!

Just do it yourself.

You are paying for a solicitor's time, to input what information you give them. 

p00hsticks

gbhxu said:

My sister and I are executors to my late Father's will. 

Everything is just split between us 50-50 with a clause that I can remain in the family home until I decide to leave. There is no Inheritance Tax to pay.

Unless we do probate ourselves a solicitor wants to charge us about £1400!

Are you and your sister on good terms ?

You say it's a simple will but the clause about remaining in the family home complicates matters.

For example, does the will cover who pays for the maintentance of the home etc whilst you remain living in it ?

Is there enough money in the estate for the 50-50 split to enable your sister to have the money and you have the house, or is your sister going to have to wait for her inheritance ?

But I agree with 74jax that you should be able to do the probate yourselves.

xylophone

Everything is just split between us 50-50 with a clause that I can remain in the family home until I decide to leave. 

The testator has left the property in to her two children as tenants-in-common in equal shares but has granted one of them a lifetime (if required) right to reside?

This could have IHT implications for for your estate. 

https://communities.lawsociety.org.uk/private-client-section-commentary/accidental-interests-in-possession/6000705.article

Was your mother's will  drafted by a solicitor?

Marcon

gbhxu said:

My sister and I are executors to my late Father's will. 

Everything is just split between us 50-50 with a clause that I can remain in the family home until I decide to leave. There is no Inheritance Tax to pay.

Unless we do probate ourselves a solicitor wants to charge us about £1400!

Your question is headed '

Why do i need probate on a very simple will?'

The answer is very simple: if you don't get probate, you're heading for all sorts of complications further down the line. Given how simple you think the will is, why are worried about doing probate yourselves?

I do hope the will was professionally drafted - that clause about 'remaining in the family home until I decide to leave' needs to be very carefully worded. 

£1400 looks pretty good value if you do decide to use a solicitor - but bear in mind most of the basic legwork is still down to you. You can't just hand over the will and say 'get probate' and expect them to deliver with absolutely no background.

NBLondon

As my mother and I found out on the death of my father - some financial institutions insist on probate to transfer funds or close down accounts - even when in his case there was no will and widow inherits all by default.

maman

I've applied for probate and found the process quite straightforward. It was a few years ago with paper forms and a visit in person to the probate office but I anticipate now it won't be that much different in principle although people are reporting delays with Covid.

In our case it was a very simple will which involved realising all assets including the house , paying off any outstanding bills and then completing a sort of simple balance sheet. I was then able to to share everything with my two siblings as per the will.

Yours doesn't sound quite that simple though as, if you plan to stay in the house, then your sibling can't realise her inheritance other than to perhaps receive an ongoing rent from you. But that's for you two to resolve not, I believe, anything probate can do for you.

So, I'd say it's perfectly possible to do DIY probate if you feel confident enough and as @NBLondon points out you may have to have it to release certain funds.