Do I need probate? And inheritance tax for my situation.

7 Posts

Hi everyone,
My father recently passed and didn't leave a will. I'm calling solicitors at the moment and being qouted £5000 + which is alot of money for us at this time.
Trying to see of we can perhaps do the probate ourselves to bring the costs down, but honestly still griefing and need some advice from normal folk and share their experiences and perhaps get some perspective in regards to inheritance tax and potential pitfalls to navigate.
Here are the details in brief:
1) My father’s second wife and four children (including me) survived him.
2) By the terms of the divorce settlement, half of the matrimonial home was recorded in 1993 as belonging to myself(tenets in common) was, held in trust, but never transfered over. Thus, only my father’s name appears on the legal title.
3) I estimate the property is worth in excess of £700,000.00. There is no mortgage.
4) My father also held approximately £10,000.00 in a bank account and a car.
5) We hope to split the home between the 4 children and my mother will I'm effect relinquish her part. However it depends what works better for us in regards to tax etc.
Thanks for any advice and feedback everyone.
My father recently passed and didn't leave a will. I'm calling solicitors at the moment and being qouted £5000 + which is alot of money for us at this time.
Trying to see of we can perhaps do the probate ourselves to bring the costs down, but honestly still griefing and need some advice from normal folk and share their experiences and perhaps get some perspective in regards to inheritance tax and potential pitfalls to navigate.
Here are the details in brief:
1) My father’s second wife and four children (including me) survived him.
2) By the terms of the divorce settlement, half of the matrimonial home was recorded in 1993 as belonging to myself(tenets in common) was, held in trust, but never transfered over. Thus, only my father’s name appears on the legal title.
3) I estimate the property is worth in excess of £700,000.00. There is no mortgage.
4) My father also held approximately £10,000.00 in a bank account and a car.
5) We hope to split the home between the 4 children and my mother will I'm effect relinquish her part. However it depends what works better for us in regards to tax etc.
Thanks for any advice and feedback everyone.
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IHT is not an issue as his estate is covered by spousal exemption and his NRB.
Apprently my father should have executed the transfer of the deed to me when I turned 18, but it didn't happen. So now th Estate will go to his spouse, so it up to my step-mum to do that. Again not sure what tax implications that will have for us. Anyone able to clarify, that would be much appreciated. Also been told by 1 solicitor, we don't need probate... Whilst the others have included that when qouteing me the £5000+ fees they charge. Lucky we have all the paperwork... But still so confusing..
Do you have a good relationship with your step mother? If so it is probable best to work together on winding up the estate and getting financial settlement formalised.
A just to clarify again, the solicitor is helping with the title deeds and my father's estate, who didn't leave a will. Thanks
Whereas HMRC are far less likely to argue with a RICS survey.
Phone around and get prices: we found someone (part of an estate agency) who did probate valuations for free, because he didn't like to charge in this situation. Obviously he hoped we'd send the business his way in due course. But prices may well vary.
Also this is a valid charge to the estate, which could be reclaimed as soon as any liquid assets are available.
If there is a living legal owner grant not required to deal with the property.
The benefitial interests will be determined by the terms of the trust set up.
If there was a life interest that will complicate the tax situation.