Should probate amounts include interest?

janeke
janeke Posts: 100 Forumite
in Deaths, funerals & probate
I am compiling my late father`s financial information which I will then hand to the solicitor to complete the Probate forms. TSB, Cov Building Society and Kent Reliance have all given me a date of death valuation which includes up to date addition of interest.
The Post Office have given me an "approximate amount" which does not include interest. They say they will give me a final settlement value once they have received the Grant of Probate. Surely I need the final settlement value before I can apply for Probate ?!

Comments

  • Keep_pedalling
    Keep_pedalling Posts: 16,585 Forumite
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    Income paid after death does not need to be included in probate. It is subject to income tax so you may also need to complete a tax return to cover any tax owed or claim a refund on tax already paid.
  • Linton
    Linton Posts: 17,120 Forumite
    Name Dropper First Post First Anniversary Hung up my suit!
    I believe probate and IHT is at date of death. Any change after that point may give rise to income tax and cgt payable by the estate. The information from the banks and BSs should specify interest accrued at date of death.
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    janeke wrote: »
    I am compiling my late father`s financial information which I will then hand to the solicitor to complete the Probate forms. TSB, Cov Building Society and Kent Reliance have all given me a date of death valuation which includes up to date addition of interest.
    The Post Office have given me an "approximate amount" which does not include interest. They say they will give me a final settlement value once they have received the Grant of Probate. Surely I need the final settlement value before I can apply for Probate ?!
    If you have done all the donkey work why not do the probate yourself? Unless you are into IHT territory an exact figure is not needed.
  • janeke
    janeke Posts: 100 Forumite
    Yorkshireman99 wrote: »
    If you have done all the donkey work why not do the probate yourself? Unless you are into IHT territory an exact figure is not needed.

    There is a Trust involved which has to be wound up which makes it more complicated. Also, my brother has done Bu---r all to help and I`m not prepared to do more than I have to which will benefit him!
  • Yorkshireman99
    Yorkshireman99 Posts: 5,470 Forumite
    janeke wrote: »
    There is a Trust involved which has to be wound up which makes it more complicated. Also, my brother has done Bu---r all to help and I`m not prepared to do more than I have to which will benefit him!
    Noted and understood. You have done the right thing.
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