Probate / Will / Executor

RAS

Was your dad single (never married), divorced (previously married) or still married at the time of his death? That affects the IHT liability.

Sarahspangles

peteyh said:

Spresdsheet idea good.for accounts for own peace of mind, but do i need publish this anywhere? Ie sent to hmrc? Or can I just keep A Spresdsheet for my own record. 

One thing why do thr banks need the will I assumed they would only care about the death certificate.? Or is jt to prove I'm the executor? 

I'm. Not too worried abiut iht yet but just trying to get my head around if I will have to complete some form of. iht form for the hmrc at some point after the probate form? 

You might amend/update the IHTcalculation after the initial submission but the first pass at it precedes the application for probate.

The run order is:

• Calculate if IHT is due
• Submit IHT form (if it is, or in some other circs e.g. high value estate)
• Apply for probate.

The gov.uk ‘what to do when someone dies’ pages walk you through this. https://www.gov.uk/when-someone-dies

It’s why you need to show the death certificate and will to financial institutions - it allows them to give you the information you need for IHT/probate. Later when you’ve got probate that allows them to release funds. Some organisations will pay over small sums on sight of the will alone which helps if the estate has costs - for example the fee to apply for probate.

Section 5 has an Inheritance Tax Checker - this isn’t submitted so you can play with estimated figures and then in the end if you don’t need to submit IHT forms you can use it to generate the figures for the application for probate.

Everything you submit to HMRC/HMCTS will be via form - and mostly online - so the spreadsheets are your own records. There’s a specific type of beneficiary who is entitled to see a formal set of accounts but you may want to show them to other executors and beneficiaries anyway. During and after the process it helps to have a good record in case of queries.

p00hsticks

peteyh said:

One thing why do thr banks need the will I assumed they would only care about the death certificate.? Or is jt to prove I'm the executor? 

Yes - before you get the grant of probate, a copy of the will, together with proof of your Id, shows you are executor, and can be enough to allow organisations to deal with you and even get funds released prior to actually getting probate. 

One point on this - the original will is precious, and will need to be sent to the probate office when you submit the probate application. Keep it safe, and if there aren't already any copies around, take at least one both for your reference, to show to others as needed and in case when it comes to it the original gets lost in the post. When taking a copy, take great care NOT to move or remove any staples or anything else holding the pages together, as doing so could be queried and delay the probate process. 

(If you have access to a printer / scanner, I scanned each page in turn to give me an electronic copy on my computer which I could then refer to and print off as required.)  

peteyh

RAS said:

Was your dad single (never married), divorced (previously married) or still married at the time of his death? That affects the IHT liability.

He was single, divorced many years ago... So from what's been said I'm assuming the500k limit is relevant to him.. So anything over that is taxed at a %??

Let's just say it equates to £10k 20k or more.. does that amount need to be paid before probate? How can you until you sell the home if he or I do not have the sufficient funds? This was my concern. I'm confused how this wouldn't be the very last thing you pay post all costs etc 

peteyh

OK so 
1. Tell. Bank (will. And death certificate and my Id) 
2. Pre calculate IHT and submit IHT Form? (I think I'm looking at 500k property and 100k max bank account so above IHT Threshold from what's been said ) 
3.do I then have to pay IHT? Not sure how if at that point
4.Request probate online 
5. Set up new current account and Get access to an initial amount of unds from dad's bank account transferred. 
6. Pay bills costs etc
7. Await probate. 6 months?
8. Put house up. For sale at some point
9. Probate confirmed 
10. Officially house sale goes through 
11. Officially get bank funds all transferred along with old bank account monies
12. Pay any final bills 
13 write final accounts 
14. Send beneficiaries their % of thr final total
15 Have a drink!

Part 3 may not be where I put it.? 

Thanks again for any responses