Dealing with estate issues/questions TY

Chatty99

Quick questions for clarity, thank you.
As I understand it as my mother passed away in 2006 and my father passed away recently the total threshold would be £600,000 and since my father's estate was well below that I won't have to declare the estate?
After contacting tell it once, would any outstanding tax be automatically applied/I would be contacted as the executer/beneficiary?
As I am the sole beneficiary, is probate a matter of making things easier? I'm wondering if there is anyway over the process of having to apply for it in this difficult time to acquire assests/accounts/deeds? If I had control of the estate and it was still in my father's name and I never applied for probate, would the consequence be that a judge would just put the estate in my name or possibly something else if I didn't apply for probate?

Thanks

Marcon

Chatty99 said:

Quick questions for clarity, thank you.
As I understand it as my mother passed away in 2006 and my father passed away recently the total threshold would be £600,000 and since my father's estate was well below that I won't have to declare the estate?
After contacting tell it once, would any outstanding tax be automatically applied/I would be contacted as the executer/beneficiary?
As I am the sole beneficiary, is probate a matter of making things easier? I'm wondering if there is anyway over the process of having to apply for it in this difficult time to acquire assests/accounts/deeds? If I had control of the estate and it was still in my father's name and I never applied for probate, would the consequence be that a judge would just put the estate in my name or possibly something else if I didn't apply for probate?

Thanks

I'm sorry you are having such a difficult time.

How much is your father's total estate worth? Did he inherit everything when your mother died, and were they married at the time of her death? Those questions matter, because without knowing that, it's impossible to answer your questions with any degree of accuracy.

You might consider spending £1.99 on this, which has had some very good reviews: https://executorguide.co.uk/?gad_source=1&gbraid=0AAAAA9nIrN5niPBWgt2mibnO6eUikKQQR&gclid=Cj0KCQjw5ea1BhC6ARIsAEOG5pzCO2N9l0e0wA4Bgn-8cBuTVS7p9jieCQx-gXF7AHjoWC80cgxtSvsaAgSvEALw_wcB

Keep_pedalling

Assuming that they were married and your mother’s estate all passed to your father then the combined NRB exemptions would be £650k. As his estate is well below that there is no IHT to pay and you do not need to do a IHT return but you will need apply for probate to deal with his major assets. You can’t sell or transfer his home without it.

It is not a difficult task and the regulars on here can help with any questions you have.

Marcon

Keep_pedalling said:

Assuming that they were married and your mother’s estate all passed to your father then the combined NRB exemptions would be £650k. As his estate is well below that there is no IHT to pay and you do not need to do a IHT return but you will need apply for probate to deal with his major assets. You can’t sell or transfer his home without it.

It is not a difficult task and the regulars on here can help with any questions you have.

...and for other readers of this thread, it could be even higher if there is a property involved and this is left to a direct descendant (eg a child) of the deceased. See https://www.gov.uk/guidance/inheritance-tax-residence-nil-rate-band

kipsterno1

Sorry for your loss. I understand it can be a difficult time but there is no way around it, if probate is required then an application will have to be submitted. If you don't apply things don't just get switched over and who ever has to deal with your estate when the time comes will have to unravel all of this.

Just a point on the tell us once, they will notify HMRC but the process of working out if any tax is owed or due can take some time. Likewise with the DWP. It is worth checking on the government website the departments they inform as any not listed such as private pensions and investments you will have to contact direct. Always use the listed bereavement team contact if they have one.

Finally I found this forum a great source of information when working through a probate application, just ask if you are unsure of the next steps.

Keep_pedalling

One more point on tax - If the death occurred after the end of the last financial year (April 5th) then it is more likely that a refund will be due on income tax rather than any being owned as his annual income will be much lower than the assumed annual earnings for the full 12 months.

Newly_retired

Sorry for your loss.
My husband died at the end of April last year. I used Tell Us Once. Very quickly DWP paid some State Pension money due. HMRC wrote to inform me no income tax was owed. This year in June, ie after the previous tax year had ended, they sent me a refund. Council Tax also adjusted my payments. 

Private Pensions are not covered by Tell Us Once. 

Some banks may require Probate, others don’t.
I hope this helps.