During and after probate granted.

Froglet

I have been reading all the posts on this board since last year when Mum went into a care home,but sadly passed away in September.Having dealt with the financial assessment forms back then,I felt able to do the probate myself,which I sent off 2 weeks ago.

I have 2  sisters and Mum's bungalow once sold,and the small amount that came from her bank account will be split 3 ways .So fairly simple and there will be no IHT to pay.But what got me wondering,and it's purely a matter of interest,but how do the Probate people actually know I am being truthful with the value of the property,and the amount of her savings ? You don't have to send any sort of statement or valuation ,would that come later ?

And when it's all done,and Probate is granted,are there any checks made on how the will is carried out,and the beneficiaries given their rightful inheritance ? If not,what is to stop someone who is dishonest not carrying out the wishes of the deceased ?
I know the will is made public after Probate,but if someone didn't know they were left something,then they wouldn't actually check.

Sorry if they seem silly questions but never having to deal with this before,it does seem to go a lot on trust.unless I'm wrong.

Alter_ego

Shhh, yes it's all a matter of trust.

Keep_pedalling

It’s HMRC who are interested in the value for tax purposes, and they do have visibility of peoples bank accounts and investments. House sales prices are in the public domain, so if you declare a value a lot lower than it sells for expect a challenge.

Froglet

Keep_pedalling said:

It’s HMRC who are interested in the value for tax purposes, and they do have visibility of peoples bank accounts and investments. House sales prices are in the public domain, so if you declare a value a lot lower than it sells for expect a challenge.

Thanks,yes of course,if she paid tax then they would expect a larger estate I suppose.So do you think it unlikely that they will ask for a bank statement,not that it's  a problem,I was just surprised that I didn't have to send in more evidence.The financial assessment for the adult social care local authority contribution was far harder and needed all sorts ot proof.Made probate a doddle in  comparison !

Flugelhorn

I know what you mean - they give you the grant of probate and you just get on with it, trusted to do what is defined in the will and no-one (official) checks on it.  I remember thinking "is that it?"


Occasionally people do discover years later that they were left something in someone's will but most of the time it had been mentioned by the testator during their life and not actually followed through on paper.

Froglet

Flugelhorn said:

I know what you mean - they give you the grant of probate and you just get on with it, trusted to do what is defined in the will and no-one (official) checks on it.  I remember thinking "is that it?"


Occasionally people do discover years later that they were left something in someone's will but most of the time it had been mentioned by the testator during their life and not actually followed through on paper.

When my Aunt died a few years ago,her solicitor was executor and she left money here there and everywhere.As myself and several other relatives were left a sum of money,we were sent the accounts detailing everything.I assumed I would have to.do the same,even though our Mum's will is simple compared to it.

But as we are a close family,and Mum trusted me to.do things right,and because I loved her I would never even think of doing anything dishonest.It saddens me to think anyone in the same position would betray their loved one,but sadly I know it happens.

p00hsticks

Alter_ego said:

Shhh, yes it's all a matter of trust.

 

Mainly, but there may be a few checks . As other have pointed out, as part of the probate process the value of any property has to be declared to HMRC, and they would also be aware if the property sold for a considerably different value afterwards.

I've also found out that the major charities appear to check wills lodged with the probate office to see if they are mentioned (I know this because I received a letter from a particular charity that had been mentioned in a will I was executor of shortly after probate had been granted but before I was ready to communicate with them to distribute the estate).

An executor also has a responsibility to provide estate accounts to the residual beneficaries.

SeniorSam

"You don't have to send any sort of statement or valuation ,would that come later ?"

You need to explain how you have reached the valuation, either with a surveyors value or examples of similar property. If the actual sale price differs by much and there is an inheritance tax liability concern, then as Executor you need to advise of the change. If inheritance tax is not a concern then it doesn't really matter as it is the overall value of the estate after allowances, that would determine this.

Froglet

SeniorSam said:

"You don't have to send any sort of statement or valuation ,would that come later ?"

You need to explain how you have reached the valuation, either with a surveyors value or examples of similar property. If the actual sale price differs by much and there is an inheritance tax liability concern, then as Executor you need to advise of the change. If inheritance tax is not a concern then it doesn't really matter as it is the overall value of the estate after allowances, that would determine this.

Thank you.We have had it valued by a local estate agent who I know and trust and we will be selling through them.I have it in writing,so can send if need be but it will still not be anywhere near the the IHT allowance,even with the value of the rest of the estate.