Estate valuation and Probate - chicken and egg?

moominyak

Linton said:

An executor can get account values and bank statements on request.  You only need probate to withdraw the money.

Thank you so much, this is the key bit of info that I was so clearly missing along the way!!  The more I've read, the more confused I have got myself I think.

moominyak

Thanks to everybody for their responses.  I now understand that the Executor can request balances, statements etc, and that Probate is only required to physically move/transfer the money, shares, or whatever it may be.  Thank you all so much.

RAS

Is there any reason that the executor can't give you basic power of attorney? I presume that they have an LPA in place, but this is really just a signed witnessed letter granting you the power to act on their behalf regarding specific acts.

You may find some providers have their own nomination forms?

moominyak

RAS said:

Is there any reason that the executor can't give you basic power of attorney? I presume that they have an LPA in place, but this is really just a signed witnessed letter granting you the power to act on their behalf regarding specific acts.

You may find some providers have their own nomination forms?

Good morning I eventually stumbled across form PA11 which looked to be the very thing we needed, allowing us as attorneys to act on Executor's behalf but without the Executor actually relinquishing the role.

Further reading led me to realising that the LPA we already have in place would probably be sufficient. Of course the solicitor has the original, but I've signed up on gov.uk to get that activated online, so fingers crossed that will do the job once it's been sorted.  Kicking myself for not realising this sooner!

If the existing LPA isn't sufficient (can't remember whether or not it can be used while the donor still has mental capacity), then PA11 appears to be the way to go - seems like a very simple form that just needs to be completed and witnessed, no solicitors involved (I hope I've understood it correctly, it seems too straightforward to be true!).

Keep_pedalling

An LPA to to allow you to handle the financial affairs of the donor, it does not cover the administration of an estate you need to use PA11.

moominyak

Keep_pedalling said:

An LPA to to allow you to handle the financial affairs of the donor, it does not cover the administration of an estate you need to use PA11.

According to Gov.uk website:

"Appoint someone to apply on your behalf

You can appoint someone to apply for you if either:

• you’re the only executor named in the will
• there are other executors named in the will, but all of them are either holding ‘power reserved’ or have given up their right to apply permanently

Fill in form PA11 to appoint someone to apply for you.

Alternatively, you can appoint an attorney to apply for you using a signed enduring power of attorney (EPA) or a registered lasting power of attorney (LPA)."

So it seems the already-registered LPA will be sufficient as long as it can be used whilst Executor still has mental capacity (pretty sure it can, but will find out for sure once I can access it online).  I have spoken to the bank this morning and they have confirmed that LPA will enable me to access sole accounts (only to establish balances, but that is all we require at this stage).

But yes, if all else fails then we will get a PA11 in place.