8k Probate quick question

verely

Hi All,

I am sole executor of my mums will in Northern Ireland , and have been sorting funeral bills etc .

She left her house to myself and brother , which was transfered into both our names many years ago.

She has 8k in a credit union account that needs probate as her funeral insurance kicked in and raised the amount over probate amount .

Her other account was below probate amount and was split between myself and brother.

So as the house is my brother and my  name, and other account has been dealt with .

Am i correct in assuming i am only applying for probate for the 8k and and dont need to mention anything else ?

As in it should be straight forward ? is there a time frame involved , i have put this off for 7 months or so now .( im new to all this )

Many Thanks

DE_612183

How long ago did the house move to you and your brother?

Probate is for the whole estate - not just the bits that are under ( my understanding ).

Your biggest fear here could be Inheritance Tax - but will depend on the value of the property and when it was moved to you and your brother.

Don't forget if you now sell that property you will be subject to capital gains tax - which could be worse that the inheritance tax you would have paid.

fwor

verely said:

Am i correct in assuming i am only applying for probate for the 8k and and dont need to mention anything else ?

No, that's not correct. Probate is the settlement of the entire estate, including all debts and assets. You can't choose some of the assets of the estate and overlook others.

Marcon

verely said:

I am sole executor of my mums will in Northern Ireland , and have been sorting funeral bills etc .

She left her house to myself and brother , which was transfered into both our names many years ago.

If she went on living there and didn't pay a commercial rent, it's classed as a 'gift with reservation'. See the relevant section: https://www.probateni.com/news-updates/gifting-property-to-your-children#:~:text=The%20'gifts%20with%20reservation%20of,of%20the%20donor's%20death%20estate.

verely

DE_612183 said:

How long ago did the house move to you and your brother?

Probate is for the whole estate - not just the bits that are under ( my understanding ).

Your biggest fear here could be Inheritance Tax - but will depend on the value of the property and when it was moved to you and your brother.

Don't forget if you now sell that property you will be subject to capital gains tax - which could be worse that the inheritance tax you would have paid.

House was signed over agust 2017 she passed Nov 2023.

The house isnt massive way below 100 k maybe 

verely

fwor said:

verely said:

Am i correct in assuming i am only applying for probate for the 8k and and dont need to mention anything else ?

No, that's not correct. Probate is the settlement of the entire estate, including all debts and assets. You can't choose some of the assets of the estate and overlook others.

Hi if the house was signed over in 2017 the only assets is the 8k ?

verely

Marcon said:

verely said:

I am sole executor of my mums will in Northern Ireland , and have been sorting funeral bills etc .

She left her house to myself and brother , which was transfered into both our names many years ago.

If she went on living there and didn't pay a commercial rent, it's classed as a 'gift with reservation'. See the relevant section: https://www.probateni.com/news-updates/gifting-property-to-your-children#:~:text=The%20'gifts%20with%20reservation%20of,of%20the%20donor's%20death%20estate.

Marcon said:

verely said:

I am sole executor of my mums will in Northern Ireland , and have been sorting funeral bills etc .

She left her house to myself and brother , which was transfered into both our names many years ago.

If she went on living there and didn't pay a commercial rent, it's classed as a 'gift with reservation'. See the relevant section: https://www.probateni.com/news-updates/gifting-property-to-your-children#:~:text=The%20'gifts%20with%20reservation%20of,of%20the%20donor's%20death%20estate.

Thats great thanks will have a read. Yes she lived there until last year

RAS

In which case it was a gift with reservation. So you need to apply for probate including the house, although it doesn't look like you are anywhere near IHT territory.

verely

RAS said:

In which case it was a gift with reservation. So you need to apply for probate including the house, although it doesn't look like you are anywhere near IHT territory.

Thank You.

DE_612183

Does CGT kick in though if they decide to sell?