Executor questions

Pennylane

Doshwaster said:

Don't think there is any need for a special executor account. I'm just using a spare personal bank account which had been dormant for a while to keep everything separate from my own finances until everything is settled and then I will distribute to the other beneficiaries. 

Same here. I asked at Barclays and they told me I didn’t need an Executor account. 

eddyinfreehold

Just to confirm what others have said, list all the chattels as just that, at PROBATE value, not replacement or market.

When my father died about 5 years ago we had a very nice local Estate Agent/Auctioneer registered with RICS who was supremely qualified to do this sort of work. We asked him to meet me at such and such a time at the property. He did, and spent 3 hours going from room to room with a pencil and a copybook. Then he had a look in the garage and walked the garden. We had a cup of tea and a chat for 15 mins and he left. I drove 200 miles home Three 3 days later we received a probate valuation of the property which was pretty much what we expected. Also a description of each room, size and contents, then a full list of all the items he thought significant and their values. At the end were some photographs of the property inside and out. Eight pages of closely typed detail which we transferred onto the particular IHT forms as required. He also sent a bill for £250 plus VAT.

During the whole business of getting Probate, that was probably the most satisfying £300 we spent. I sent the cheque by return.

SiliconChip

@eddy, thanks for that suggestion, it's not something I've heard before, it seems similar to engaging an expert to do the snagging on a new build. I probably won't do it as we have almost completed valuing the items apart from a few things which need to be looked at by specialists, but I'm sure it would be useful for other people in the future.