Which is Best

pattycake

My brother and I applied for probate for our late father very easily and at minimum cost.  My mother had predeceased my dad and we let a solicitor do the work.  Took over a year and cost several thousand pounds for a very simple estate.

Lesson learnt, which was why we undertook the task ourselves when dad died.  The only thing I would add to what others have said is to take your time.  Dad died in early October and we didn’t even attempt to sort out the paperwork until well after Christmas.  Emotions are running too high in the immediate bereavement period.

Of course, we ensured the family home was secure and insured but the clearing out of decades of possessions is an unenviable task.  Condolences on your loss.

carlbhoy

Thank you all for your reply’s, still undecided, I need to have a serious think about it all

getmore4less

carlbhoy said:

Thank you all for your reply’s, still undecided, I need to have a serious think about it all

For the sake of a few hours have a go and see where you end up.
(as said even if you employ someone you will do 90% of the legwork anyway so not wasted time)

Start with IHT205 and do a dry run, if you need IHT400, go though those as well

https://www.gov.uk/government/publications/inheritance-tax-return-of-estate-information-iht205-2011
read the IHT206.

Don't get distracted too much by bits you don't understand, make a note(form No. and Question No. and words) and go back when you have a list work through it, ask here and google.


If you end up with IHT400 there are loads of schedules but most will not be needed

As said it is fairly basic process which has an output of an Inventory and account and IHT forms.

You make an inventory of everything, use the forms as the guide to how you categorise assets.

where necessary you make enquiries to get numbers 
eg. value of an account and interest accrued to DOD.


When you think you have everything you fill in the forms.

It can be helpful to make a spreadsheet(paper is fine I start with that) that contains the details, values

Have a filing system for all communications(make copious notes of calls you will forget). 

For a house, a few accounts and  investments it will probably drop out.


What I found helpful was to break things down into sub units and deal with things in parallel

eg (not exhaustive list

house.- valuation at DOD  (think about what's going to happen to it)
house - insurance
utilities - balance(credit or debt),
(decide which to terminate and keep on) 

each bank account with a list of tasks. find  balance, interest 

investments (valuation  dividend status, think about what to do,  I kept my parents, sis got cash)

car - if one



There can be quite big gaps of time when you start communications.

There is no rush 

the I&A will end up with a list of assets with values and then where the asset/money goes.

funeral, expenses, etc.  and final distributions of what's left.



95% of dealing with an estate is drudge work but quite satisfying, can help with closure a lot.

Only a few bits get hard(you might not have any) but there are  loads of trivial bits to get your head round at a difficult time just takes time for the picture to form.

I also had a read of a couple of books from the library to get the bigger picture(just beware they may not be 100% up to date refer back to the forms).

One thing in most cases DIY is a lot quicker as you only have one estate to deal with a professional will be juggling  loads you can reply to a communication quickly, solicitor may take a week for it to get to the top of their pile.


Is there a predeceased spouse?

First job is tot up the rough total and see where it fits.
<£325k  probably simple single nil rate band.
£325-£500k  residential or transferable come into play
>£500k  both residential and transferable might be needed.

If there are 3 of you there is the option to share out the work.
One person collects all the details for the forms.
One deals with the house, if getting sold they can be the primary interface to the EA
etc.