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Multiple executors named, power reserved / Tell Us Once

Hi, hoping someone can help me.  My mother passed away earlier this month and I've registered the death this morning.

I have a copy of my mother's Will (not the master copy yet - we won't get that for a couple of weeks) and it appears pretty straightforward: my father is the solely beneficiary as he survives her.  If he had not have, then my sister (and her husband) would have received half, and myself and my wife the other half.

In terms of executorship, the Will states that my father is to be executor and trustee unless he is unwilling or unable.  If he is unwilling or unable, my sister and I are mentioned secondly and jointly to be executors.  

My Dad is very frail with Parkinsons and some neurological issues. My sister has MS and lives a long way away.  Verbally, they have both said they would prefer I handle the executorship. We're on excellent terms.

Questions I was hoping some kind people could help with:

(1) I'm aware of 'power reserved' and Deed of Renunciation. I think power reserved is most appropriate, in case anything happens to me.  How do we document (before probate application) that my father and sister are taking power reserved so I, solely, can ask financial institutions for account values etc? A simple signed letter between the three of us?   Or are they likely to cooperate with a sole 'joint second choice' executor by default?

(2) Does Tell Us Once ask for executor details? If so, should I wait for the master copy of the will or am I safe to assume I'm taking on executorship? And should I list just myself?

(3) If my father and sister take power reserved, I assume it's not recommended/needed for joint bank accounts in which to receive estate assets (whether that's an executor account or a 'normal' bank account)?

Possibly relevant information

  • I have sent holding letters already to financial institutions (but in my capacity as son not executor) to ensure accounts are frozen, mentioning that death certificates will be provided in due course
  • I am likely going to use a solicitor to help handle probate for me (which I believe is needed due to NS&I and one financial institution holding a value greater than their probate threshold). 
  • There are a couple of joint accounts shared between my mother and father (as well as the house which I believe is held as joint tenants) which will be passing under survivorship rules, the rest is savings accounts, small value shares (under £1000) and premium bonds.

 

Thanks so much in advance for any advice in this hugely stressful time.

Comments

  • Flugelhorn
    Flugelhorn Posts: 6,731 Forumite
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    edited 17 January pm31 8:39PM
    Tell us once won't want to know who the exec is, they don't ask about the will -  so just carry on

    If all you need probate for is  NS&I (for premium bonds and savings) and a financial institution then why not do probate yourself? - you will have to find all the info for the solicitor anyway - there is plenty of help available online  and her estate does not sound complicated. (I managed it with help from people on here and elsewhere) 

    I think you will find that financial institutions will give you the info you need on sight of the death cert and the will 
  • Keep_pedalling
    Keep_pedalling Posts: 19,351 Forumite
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    You don’t need to provide any documentation to show the other executors have reserved their powers.

    Does your mother have any sole assets that require probate to release them? If not you won’t actually need probate. 
  • p00hsticks
    p00hsticks Posts: 13,962 Forumite
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    Does your mother have any sole assets that require probate to release them? If not you won’t actually need probate. 
    The OP mentions

    jamesgfc said:
    •  probate for me (which I believe is needed due to NS&I and one financial institution holding a value greater than their probate threshold). 
    and also
    jamesgfc said:
    • , small value shares (under £1000) 
  • jamesgfc
    jamesgfc Posts: 7 Forumite
    Part of the Furniture First Post Combo Breaker
    Thanks all, appreciate the thoughts.

    The Tell Us Once page (once you click 'Start now') mentions the following, which was why I wasn't sure if it was truly needed or not:

    You will need:
    • details of the person or company dealing with the estate (property, belongings and money)
    But I didn't carry on past that to test that requirement as I wasn't sure if, once you started the process, you could cancel and restart it using the unique code again at a later date.

    Yes, I might do DIY probate but have quite a time consuming job and wasn't sure if it would be easier getting help. But, as you say, if I have to do a lot of the legwork for the probate solicitor anyway, it might not be too much extra anyway.
  • badmemory
    badmemory Posts: 9,093 Forumite
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    Your do not need a solicitor to do probate, you can DIY.  I think NS&I have raised the threshhold for probate requirement too so might be worth checking out.  Shares I son't have a clue sorry.
  • Flugelhorn
    Flugelhorn Posts: 6,731 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    jamesgfc said:
    Thanks all, appreciate the thoughts.

    The Tell Us Once page (once you click 'Start now') mentions the following, which was why I wasn't sure if it was truly needed or not:

    You will need:
    • details of the person or company dealing with the estate (property, belongings and money)
    But I didn't carry on past that to test that requirement as I wasn't sure if, once you started the process, you could cancel and restart it using the unique code again at a later date.

    Yes, I might do DIY probate but have quite a time consuming job and wasn't sure if it would be easier getting help. But, as you say, if I have to do a lot of the legwork for the probate solicitor anyway, it might not be too much extra anyway.
    I suspect that all they want at that stage is a contact person to get back to over things in the Tell us Once process
  • kipsterno1
    kipsterno1 Posts: 431 Forumite
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    Sorry for your loss.

    I was in a similar position. My sister opted to have power reserved so when I spoke to any organisations I told them that I was sole executor. None of them wanted to see the will and were only interested that I was the person named on the actual grant of probate. Remember always speak with an organisation bereavement team rather than just a general contact.

    How and where are the shares held? There is often a process for small amounts that might not require probate. 

    Like others have said it all sounds straightforward. I received a lot of help and direction from people that share on here. 

    This might also be a good time to think about the future, do you have POA for your father?

  • jamesgfc
    jamesgfc Posts: 7 Forumite
    Part of the Furniture First Post Combo Breaker
    Sorry for your loss.

    I was in a similar position. My sister opted to have power reserved so when I spoke to any organisations I told them that I was sole executor. None of them wanted to see the will and were only interested that I was the person named on the actual grant of probate. Remember always speak with an organisation bereavement team rather than just a general contact.

    How and where are the shares held? There is often a process for small amounts that might not require probate. 

    Like others have said it all sounds straightforward. I received a lot of help and direction from people that share on here. 

    This might also be a good time to think about the future, do you have POA for your father?

    Thank for again everyone. 

    The shares are some Saga shares help via Equiniti, we're probably only talking a few hundred pounds so good to know probate might not be needed for those. It sounds like it could just be probate for one of the bank accounts (circa £80,000).

    Yes, I hold a property/financial affairs for my father (as I did my mother, which I understand now is expired on death).  I imagine due to his health that he will need to move into a care home sooner rather than later, but would like to try and get some of Mum's affairs sorted before that happens as that's going to be another layer of complexity at this stage.
  • Newly_retired
    Newly_retired Posts: 3,095 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I would think you can DIY Probate. There is lots of help in the Sticky, on the gov.uk website and on this Board. You can always pay for advice from a solicitor on a particular aspect if need be. I got free advice from a solicitor before I started the process, though I paid him to update my will a few months later.
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