Only child, executor and only beneficiary

jcuurthht

Hello. I have been reading through the what to do when someone dies guide and I'm confused by the order of  19: Who sorts out the deceased's finances?

If some institutions require a grant,  and a grant is only provided after inheritance tax is paid,  and to pay inheritance tax I need to value the estate,  and to value the estate I need access to the institutions, who may need a grant...I am going in circles. So I assume I am misunderstanding  something.

Perhaps the institutions can tell me how much money is held if I provide them proof that I am executor and a death certificate. But to actually  manage the funds, I may need a grant.

Thanks for any enlightenment.

PennyForThem_2

Large institutions have specialist death/deceased departments.  For instance banks, pensions, investments.  Contact them, not your average call centre person.  

Yes, will want a copy of death certificate and possibly will saying you are executor and proof of your ID possibly.  Some may need probate before will release money. 

BUT you need to contact first -  suggest a notebook or similiar to record what is needed and when and who you talked to, date and time.

theoretica

jcuurthht said:

Perhaps the institutions can tell me how much money is held if I provide them proof that I am executor and a death certificate. But to actually  manage the funds, I may need a grant.

Exactly this - they will part with information first but may require probate to release the funds.

thegreenone

jcuurthht said:

Perhaps the institutions can tell me how much money is held if I provide them proof that I am executor and a death certificate. But to actually  manage the funds, I may need a grant.

That's generally how it works.  There may be the odd company who will only pay out after they've seen the grant, as I found out with my late Mum's shares but that was fine.

Gather all the information and then, if you feel out of your depth employ a solicitor.  I employed my late Mum's solicitor to carrying out the HMRC/Probate and conveyancing as I hate forms, was worried out getting it wrong and they held her Will and Deeds.

However, others on here will tell you it's all easy.  Yes, it's not very MSE to engage a solicitor but, if like me, it scares you, do it.  There's no right or wrong way.

Sorry for your loss.

jcuurthht

theoretica said:

jcuurthht said:

Perhaps the institutions can tell me how much money is held if I provide them proof that I am executor and a death certificate. But to actually  manage the funds, I may need a grant.

Exactly this - they will part with information first but may require probate to release the funds.

OK that is what I thought.

thegreenone said:

jcuurthht said:

Perhaps the institutions can tell me how much money is held if I provide them proof that I am executor and a death certificate. But to actually  manage the funds, I may need a grant.

That's generally how it works.  There may be the odd company who will only pay out after they've seen the grant, as I found out with my late Mum's shares but that was fine.

Gather all the information and then, if you feel out of your depth employ a solicitor.  I employed my late Mum's solicitor to carrying out the HMRC/Probate and conveyancing as I hate forms, was worried out getting it wrong and they held her Will and Deeds.

However, others on here will tell you it's all easy.  Yes, it's not very MSE to engage a solicitor but, if like me, it scares you, do it.  There's no right or wrong way.

Sorry for your loss.

Thanks.  I did this all when my dad died a few years ago.  The estate all went to my mum so it was very straight forward.  I'm hoping given the circumstances,  it's straightforward this time also.

SiliconChip

You definitely don't need a grant to value the estate, it's not possible to even apply for it without valuing the estate. The organisations you need to contact will give you a valuation of assets and debts, some will just tell you while others will want to see the death certificate (and of the ones I contacted after my mum died just 1 wanted to see a certified copy of the will). Once you have all of this then you'll be in a position to fill in the IHT and Probate forms after which you'll receive the grant so that the organisations still holding funds will be able to release them to you.

If you find that IHT is due it appears that it's one of the things that banks will pay before a grant of probate is made, which may be useful if it's taking a while as IHT has to be paid by the end of the 6th month after death.

Flugelhorn

Agree re speaking to the bereavement teams at the various palaces, they are usually very helpful and have done all this many times before.  I have had banks just produce bank statements, values of assets just on sight of a death cert. 

YBR

Yes, I helped my mum go through this after dad died.
You write to each company/institution, enclosing the death certificate asking for the value of the shares/assets on the date of death. They should reply and return the death certificate. As a PP says, some may want to prove that you're the executor also.
Then you have the values for filling in forms.

Once Probate is complete you write and ask them to release the funds or put them into the name of the beneficiary.

rjandhl

Check their websites as many have an online bereavement reporting service.  Nat West will freeze the account, advise the balance, allow upload of death cert and later on the grant of probate, no need to visit a branch or speak to them on the phone.