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Father in Laws Death
TerryJack
Posts: 2 Newbie
My father in law passed away recently and left his wife as sole beneficiary (after some charitable donations and one payment to his son).
He had various stocks/shares, loan investments, joint accounts, and jointly owned property with his wife - Assets approx £70K and joint property about £100K - We have sent letters requesting up to date vales.
1) As his wife is sole beneficiary, do we still need to go through probate?
2) Do we need to open a new bank account for estate?
3) Do we need to list personal items such as stamp album, rings, coins which are probably worth only £200 or so in total?
4) is there a particulatr format for listing estate and chattels?
Kind regards,
Terry
He had various stocks/shares, loan investments, joint accounts, and jointly owned property with his wife - Assets approx £70K and joint property about £100K - We have sent letters requesting up to date vales.
1) As his wife is sole beneficiary, do we still need to go through probate?
2) Do we need to open a new bank account for estate?
3) Do we need to list personal items such as stamp album, rings, coins which are probably worth only £200 or so in total?
4) is there a particulatr format for listing estate and chattels?
Kind regards,
Terry
0
Comments
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Whether you need probate or not will depend on the sole assets and the amounts. If they will release money without then you don't. Joint assets should just need a death certificate.
You don't need to open an estate account but money should be kept separate so can be useful to have one.
If you need probate then there's a specific form and it includes a box for the total value of possessions.:heartpuls Daughter born January 2012 :heartpuls Son born February 2014 :heartpuls
Slimming World ~ trying to get back on the wagon...0 -
As equities are involved probate will need to be obtained as they will not be able to be sold or transfered without it.
it is not nessesary to list individual items of this low value.0 -
Thank you for information0
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HMRC are happy to take the closing values from the main sites like yahoo or newspapers.
if you want more accurate for large holdings the 1/4 up method is often preferred.
the IHT400 notes explain on pg 67/68.
https://www.gov.uk/government/publications/inheritance-tax-inheritance-tax-account-iht400
here is the yahoo example for BP
https://uk.finance.yahoo.com/quote/BP.L/history?p=BP.L
some like google
http://www.google.co.uk/finance/historical?q=LON:BP0 -
Noted. Thanks.0
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