Probate and reporting the value of an estate.

[Deleted User]

My wife passed away in April leaving everything to me in her will so all very simple. All monies were in joint accounts so they were all changed to a sole account very easily without probate.
Today her Credit Union called to say that because the value is over £20000 I need to apply for probate before they release the money.

When I go to apply online for probate it asks "Has an Inheritance Tax (IHT) form been filled in. 
What form is it I need to fill in?

Thanks.

SiliconChip

Sorry for your loss.

You say that all accounts were joint, is that also the case for the Credit Union account? If it is then I can see no reason why it wouldn't become a sole account in your name, but even if it didn't as a joint account holder you'd be able to access the money anyway, so if they're being awkward just withdraw all the funds and deposit them elsewhere.

If it was a sole account in your wife's name then probate may well be required, in which case the answer to the question is surely No (i.e. no IHT form has been filled in).

[Deleted User]

SiliconChip said:

Sorry for your loss.

You say that all accounts were joint, is that also the case for the Credit Union account? If it is then I can see no reason why it wouldn't become a sole account in your name, but even if it didn't as a joint account holder you'd be able to access the money anyway, so if they're being awkward just withdraw all the funds and deposit them elsewhere.

If it was a sole account in your wife's name then probate may well be required, in which case the answer to the question is surely No (i.e. no IHT form has been filled in).

The account was in her sole name and after the life insurance payment and death benefit were added it took it over the £20000 limit. Having gone through the online application for probate answering that I'd already done the Inheritance Tax form I came up against a bit that stated if we married after the will was signed, which we had, I would need to see a solicitor. Looks like I will be getting outside help to sort it out.

Savvy_Sue

[Deleted User] said:

SiliconChip said:

Sorry for your loss.

You say that all accounts were joint, is that also the case for the Credit Union account? If it is then I can see no reason why it wouldn't become a sole account in your name, but even if it didn't as a joint account holder you'd be able to access the money anyway, so if they're being awkward just withdraw all the funds and deposit them elsewhere.

If it was a sole account in your wife's name then probate may well be required, in which case the answer to the question is surely No (i.e. no IHT form has been filled in).

The account was in her sole name and after the life insurance payment and death benefit were added it took it over the £20000 limit. Having gone through the online application for probate answering that I'd already done the Inheritance Tax form I came up against a bit that stated if we married after the will was signed, which we had, I would need to see a solicitor. Looks like I will be getting outside help to sort it out.

Does the will say that it was written 'in contemplation of marriage'? If it did, I'm not sure why you'd need to see a solicitor. If it didn't, you might be looking at applying for letters of administration, because the marriage may have cancelled the will. 

The end result is likely to be the same, unless you had children. 

Keep_pedalling

[Deleted User] said:

SiliconChip said:

Sorry for your loss.

You say that all accounts were joint, is that also the case for the Credit Union account? If it is then I can see no reason why it wouldn't become a sole account in your name, but even if it didn't as a joint account holder you'd be able to access the money anyway, so if they're being awkward just withdraw all the funds and deposit them elsewhere.

If it was a sole account in your wife's name then probate may well be required, in which case the answer to the question is surely No (i.e. no IHT form has been filled in).

The account was in her sole name and after the life insurance payment and death benefit were added it took it over the £20000 limit. Having gone through the online application for probate answering that I'd already done the Inheritance Tax form I came up against a bit that stated if we married after the will was signed, which we had, I would need to see a solicitor. Looks like I will be getting outside help to sort it out.

Why was that money paid into an account that should have been frozen? 

[Deleted User]

Keep_pedalling said:

[Deleted User] said:

SiliconChip said:

Sorry for your loss.

You say that all accounts were joint, is that also the case for the Credit Union account? If it is then I can see no reason why it wouldn't become a sole account in your name, but even if it didn't as a joint account holder you'd be able to access the money anyway, so if they're being awkward just withdraw all the funds and deposit them elsewhere.

If it was a sole account in your wife's name then probate may well be required, in which case the answer to the question is surely No (i.e. no IHT form has been filled in).

The account was in her sole name and after the life insurance payment and death benefit were added it took it over the £20000 limit. Having gone through the online application for probate answering that I'd already done the Inheritance Tax form I came up against a bit that stated if we married after the will was signed, which we had, I would need to see a solicitor. Looks like I will be getting outside help to sort it out.

Why was that money paid into an account that should have been frozen? 

I would assume they are just adding the 3 amounts together to give a final pay out amount which they won't release. 3 separate cheques would be a lot simpler.