Simple estate?

SunshineDesserts

My father passed away in October and I haven't started the probate process yet, which I know is getting off to a slow start. His estate primarily consisted of farmland and a farmhouse which are on a single deed in his name. He also had a personal pension. His will appoints my elderly mother as his executor and sole beneficiary. The pension company were notified of his death and have paid the remaining funds to my mother in a lump sum. Having done some initial research the farmland & house are not registered with the Land Registry, probably because it passed directly from his father to him in the 1980s and there was no need to register the land at this time. The farmland and farmhouse value is difficult to assess for certain, but I would estimate in total may be between £800,000 and £1.2 million. (Presumably best to get a rural estate agent to provide a valuation?)

I confess I know very little about probate and find it intimidating - do you think the above estate sounds complicated enough to involve a professional, or could we do it ourselves? Thank you for your help

poseidon1

Yes you will need specialist help with valuation ( rural RICs agent ), and a STEP qualified solicitor ( or accountant - see below)  versed in the arcane subjects of Business Property and Agricultural Property ( BPR & APR)  IHT reliefs, on the assumption that the farm was either  an ongoing business ( prior to your father's death) or the farmland was let to a tenant farmer.

In any event there are special rules related to the IHT APR  treatment of a farmhouse in the context of a working farm, which may or may not be advantageous compared to claiming the residence nil rate band. A specialist can advise on the most advantageous reliefs to claim in the circumstances.

Once the dust settles on probate and winding up the estate, the solicitor should then proceed to get the farm and buildings registered with the Rural Land Register going forward. Sole reliance on paper deeds is unsatisfactory.

I do not see any of these tasks suitable for you to undertake on a DIY basis. If there no one at the firm who drafted the Will are STEP qualified, suggest you find a firm that is. STEP is the Society of Trust and Estate Practitioners.  Non specialist solicitors can be a waste of time and money in this regard.

Finally, if the farm was a working farm did your father have an accountant? If so, and the firm was a member of the ICAEW ( institute of Chartered Accountants) check to see if the firm have any STEP qualified tax practitioners. At a pinch and if suitably qualified the accountancy firm could  advise on the APR and BPR reliefs. Some ICAEW accountancy firms have also become accredited probate practitioners so another potential option - see link below

https://www.icaew.com/regulation/probate-services/probate-consumer-hub/icaew-probate-register