Probate.

[Raj]

It was my dads funeral yesterday and although it's still raw I've got to sort out the execution of the will and probate.

I'll start this in a couple of weeks, but any advice anyone has would be very welcome.

Thanks in advance Raj

[indierich06]

1 hour ago, Raj said:

It was my dads funeral yesterday and although it's still raw I've got to sort out the execution of the will and probate.

I'll start this in a couple of weeks, but any advice anyone has would be very welcome.

Thanks in advance Raj

Sorry for your loss mate.

[Bellend Sebastian]

Sorry to hear that.

 

I've never had to deal with it myself but I don't believe it's too difficult, but that will depend on the complexity of Dad's affairs, as it were. What do you actually need, chap?

 

If you just cannot face doing it yourself or it gets to the point where you think you need some help I know a good solicitor who specialises in probate 

[nnfox]

Sorry for your loss.

 

My step-father died last November, my mum and a step-sister are executors for the will and they've used a solicitor to sort it all out.  There have been delays from the start for one reason or another and it's only now that the solicitor has applied for probate to be granted and he said that it can take anywhere between 2 and 20 weeks!  Although it's taken time, it was one stress in the whole situation that my mum was happy to pass on.

 

If you do go with a solicitor, do try to negotiate a fixed fee for the whole thing.  Lots will charge a small(ish) fixed fee PLUS a percentage of the estate which seems like daylight robbery for me.  Most are willing to have a conversation around a fixed fee only which will usually be taken from the estate - but they're not cheap.

 

I don't know your circumstances or how complicated the estate is going to be but here's a link to the gov.uk site which might help point you in the right direction.  https://www.gov.uk/probate-estate

[weller54]

2 hours ago, Raj said:

It was my dads funeral yesterday and although it's still raw I've got to sort out the execution of the will and probate.

I'll start this in a couple of weeks, but any advice anyone has would be very welcome.

Thanks in advance Raj

Sincere condolences 😢

[Raj]

Thanks guys.

 @Bellend Sebastian

It seems quite straightforward in hindsight and I've heard some solicitors take extortionate  fees which I'm not willing to pay.

Dad had a will with my sister and me as joint executors.

Hes only got a property and some saving.

No other investments or private pensions, funds etc so ot sounds straightforward.

I just read conflicting things a

Bout inheritance tax (apparently  0 if it goes to direct kids/ grandkids if its upto 500k,but its abit confusing)

I know it's something  I need to do and might keep my mind occupied, but I dont want to feck anything up and be done for fraud!

Edited 12 August 2022 by Raj

[deep blue]

I had to do this 20 years ago when my dad died.  I just carefully followed all the procedures and was methodical in recording everything so I could present a coherent set of accounts to me co-heirs.i It was straightforward.

 

On the one hand, I've heard bad stories of solicitors handling probate - being very tardy, sometimes making mistakes, over-complications and, of course, large fees. (My mum once worked in a solicitor's office and I remember her saying that solicitors don't charge a lot for making wills but get the money when they act as executors).

On the other hand, my dad's financial affairs were very straightforward.  I don't know how complicated they have to get before you might decide you need professional help.

 

I was also helped by the co-beneficiaries (my brother and nephew) trusting me completely throughout the process and never questioning a thing.  I can imagine other scenarios wh rich would make the job much more tricky.

[Bellend Sebastian]

46 minutes ago, Raj said:

Thanks guys.

 @Bellend Sebastian

It seems quite straightforward in hindsight and I've heard some solicitors take extortionate  fees which I'm not willing to pay.

Dad had a will with my sister and me as joint executors.

Hes only got a property and some saving.

No other investments or private pensions, funds etc so ot sounds straightforward.

I just read conflicting things a

Bout inheritance tax (apparently  0 if it goes to direct kids/ grandkids if its upto 500k,but its abit confusing)

I know it's something  I need to do and might keep my mind occupied, but I dont want to feck anything up and be done for fraud!

I wouldn't worry too much about being done for fraud, you'd have to mess up massively for it to even LOOK dodgy.

 

The 500k figure is made up of the standard nil rate band of £325,000 plus £175,000 the resident's nil rate band for those that own a property - that's the bit that only applies if the property is going to kids or grandkids.

 

Is your mum still with us?

[Raj]

40 minutes ago, Bellend Sebastian said:

I wouldn't worry too much about being done for fraud, you'd have to mess up massively for it to even LOOK dodgy.

 

The 500k figure is made up of the standard nil rate band of £325,000 plus £175,000 the resident's nil rate band for those that own a property - that's the bit that only applies if the property is going to kids or grandkids.

 

Is your mum still with us?

No mum passed away 12 years ago.

So what inheritance  tax you reckon is applicable ?

 

Edited 12 August 2022 by Raj

[PAULCFC]

As long as all assets don't total up to more than £325,000 then their is no inheritance tax to pay i believe.Going through the same thing at the moment,but got a solicitor involved as i didn't have a clue what i was doing!

[Bellend Sebastian]

49 minutes ago, Raj said:

No mum passed away 12 years ago.

So what inheritance  tax you reckon is applicable ?

 

Don't take this as gospel (you don't need to,  it's all easily found on the web if you know what you're looking for) but I believe the situation will be this:

 

Assuming your Mum's estate went to your Dad (it usually does) the interspousal exemption means her nil rate band and (I believe) RNRB are still available as she died after 2007.

 

So that's a combined estate of £650,000 and another £350,000 of a main residence on top of this, which is why you've got you to be pretty wealthy generally to worry about IHT.

 

There are loads of worked examples on the. Gov website, and places like pruadviser.co.uk

[Alf Bentley]

4 hours ago, Raj said:

Thanks guys.

 @Bellend Sebastian

It seems quite straightforward in hindsight and I've heard some solicitors take extortionate  fees which I'm not willing to pay.

Dad had a will with my sister and me as joint executors.

Hes only got a property and some saving.

No other investments or private pensions, funds etc so ot sounds straightforward.

I just read conflicting things a

Bout inheritance tax (apparently  0 if it goes to direct kids/ grandkids if its upto 500k,but its abit confusing)

I know it's something  I need to do and might keep my mind occupied, but I dont want to feck anything up and be done for fraud!

 

Sorry for your loss, Raj. In my experience, while a gap remains, the rawness of the loss does disappear over time.

 

I did my Dad's probate about 6 years ago without using a solicitor. I was fine with it - and then found dealing with the solicitor and estate agent over the sale of his flat much more stressful.

Probate was time-consuming, but not difficult (and I did have to deal with Inheritance Tax as the threshold was lower back then, the Residence Nil-Rate Band didn't exist and Dad's flat was in London).

So long as there are not major complications like foreign property and complex investments, it's just a lot of documents to obtain, forms to fill and simple arithmetic (basic sums and percentages), no need for advanced maths or legal knowledge.

It takes time, but you can just work your way through it over a few weeks, between doing other stuff. I can't remember if there's a set deadline, but if so you have plenty of time to do it.

 

HMRC also provide good advice notes with the forms - and there's a helpline, which I found to be very helpful the couple of times I called them.

 

Of course, if there are complications or you find basic sums or bureaucracy stressful, you might prefer to get a solicitor to do it - but from everything I heard, they do normally charge many thousands of quid for the service (unless you can negotiate a fixed fee as @nnfoxsuggests, but I've no idea how feasible that is). Also, I had bad experiences with the solicitor who handled the simple conveyancing of my Dad's flat, so it could've been very stressful coping with such delays during probate.

 

My understanding of how Inheritance Tax works is as @Bellend Sebastiandescribes, though the Residence Nil-Rate Band didn't exist when I did it (2016). As Bellend says, your Mum's tax-free band is added to your Dad's if her estate simply transferred to him (this was the case with my Mum, who predeceased my Dad) - but if she left money/assets to anyone else (e.g. other family members), that will reduce the nil-rate band transferred. The same applies to any significant gifts made to others during the last 7 years of life - this was about the only complication in my Dad's case as he and my Mum had given a few gifts to family members, mainly my nephew, which had to be accounted for as HMRC wanted all bank statements for about 7 years....though I'm not sure if this applies if you aren't liable for Inheritance Tax? 

 

Based on my experience, if things are as straightforward as you suggest and you're OK with a few sums and forms and have no relations who are likely to get on your back, I'd be inclined to do it myself. Good luck, either way. 

[Bellend Sebastian]

7 minutes ago, Alf Bentley said:

 

Sorry for your loss, Raj. In my experience, while a gap remains, the rawness of the loss does disappear over time.

 

I did my Dad's probate about 6 years ago without using a solicitor. I was fine with it - and then found dealing with the solicitor and estate agent over the sale of his flat much more stressful.

Probate was time-consuming, but not difficult (and I did have to deal with Inheritance Tax as the threshold was lower back then, the Residence Nil-Rate Band didn't exist and Dad's flat was in London).

So long as there are not major complications like foreign property and complex investments, it's just a lot of documents to obtain, forms to fill and simple arithmetic (basic sums and percentages), no need for advanced maths or legal knowledge.

It takes time, but you can just work your way through it over a few weeks, between doing other stuff. I can't remember if there's a set deadline, but if so you have plenty of time to do it.

 

HMRC also provide good advice notes with the forms - and there's a helpline, which I found to be very helpful the couple of times I called them.

 

Of course, if there are complications or you find basic sums or bureaucracy stressful, you might prefer to get a solicitor to do it - but from everything I heard, they do normally charge many thousands of quid for the service (unless you can negotiate a fixed fee as @nnfoxsuggests, but I've no idea how feasible that is). Also, I had bad experiences with the solicitor who handled the simple conveyancing of my Dad's flat, so it could've been very stressful coping with such delays during probate.

 

My understanding of how Inheritance Tax works is as @Bellend Sebastiandescribes, though the Residence Nil-Rate Band didn't exist when I did it (2016). As Bellend says, your Mum's tax-free band is added to your Dad's if her estate simply transferred to him (this was the case with my Mum, who predeceased my Dad) - but if she left money/assets to anyone else (e.g. other family members), that will reduce the nil-rate band transferred. The same applies to any significant gifts made to others during the last 7 years of life - this was about the only complication in my Dad's case as he and my Mum had given a few gifts to family members, mainly my nephew, which had to be accounted for as HMRC wanted all bank statements for about 7 years....though I'm not sure if this applies if you aren't liable for Inheritance Tax? 

 

Based on my experience, if things are as straightforward as you suggest and you're OK with a few sums and forms and have no relations who are likely to get on your back, I'd be inclined to do it myself. Good luck, either way. 

One of the bits I'm unsure of is whether an RNIB is available for the first of a married couple to die even if that occurred BEFORE it was introduced. Some of the wording I've seen suggests that it does, as long as the second death occurs after it came in.  Worth checking if relevant!

[PAULCFC]

Another thing is that when you have gotten probate,it's quicker to get all the bank stuff,investments etc sorted than it is to sell the house in my experiance.So if you do go with a solicitor there is no harm asking for an interim payment from the funds that are just sitting in their bank.My dad died Dec 2020,the probate took about 2 months to come through and the funds from savings etc were with the solicitors a couple of weeks later.......Despite putting the house straight up for sale and interest in it straight away we are still waiting to get a completion date!Just bear in mind what i said about interim payments,because the Electricity/gas will still expect the bills to be paid.

[Big Dave]

Sorry for your loss.  It is always a difficult time.

 

I had to do this about 2 years ago after my mum passed away.  Probably was a fairly simple procedure.  We had a house to sell and some savings, so fairly straightforward.  I did it all myself and just completed all forms on line.  I think I did have to then post a certified copy of the will.  If you dont have one already, fairly simple to certify.  I used the Solicitor that was holding the will, however you could use the solicitor that will be dealing with the sale of the house.  Its always best to use local solicitors and agents if you can - makes it much easier, and worth the extra few pounds they may cost.Do you use an accountant?  It may be worth speaking to one about the inheritance tax (the Solicitor may also be able to advise - they come across it all the time).

Do you have power of attorney for any of your dads finances?  It makes things easier.  If others are reading this, it is always worth looking at power of attorney with elderly parents (although difficult yo broach).

Good luck,  Its not quite as scary as it may seem.

[Raj]

10 minutes ago, Big Dave said:

Sorry for your loss.  It is always a difficult time.

 

I had to do this about 2 years ago after my mum passed away.  Probably was a fairly simple procedure.  We had a house to sell and some savings, so fairly straightforward.  I did it all myself and just completed all forms on line.  I think I did have to then post a certified copy of the will.  If you dont have one already, fairly simple to certify.  I used the Solicitor that was holding the will, however you could use the solicitor that will be dealing with the sale of the house.  Its always best to use local solicitors and agents if you can - makes it much easier, and worth the extra few pounds they may cost.Do you use an accountant?  It may be worth speaking to one about the inheritance tax (the Solicitor may also be able to advise - they come across it all the time).

Do you have power of attorney for any of your dads finances?  It makes things easier.  If others are reading this, it is always worth looking at power of attorney with elderly parents (although difficult yo broach).

Good luck,  Its not quite as scary as it may seem.

Me and my sister luckily done the powers of attorneys and have that covered and like you say definitely  worth doing.

 

Dont have an accountant but I'm now nearly sure I'm covered by the 500k inheritance threshold due to the estate passing directly down the bloodline.

 

I'm currently  getting the house valued so might look again at doing it myself as alot of you say lur example is  fairly straightforward.

 

 

[Alf Bentley]

1 hour ago, Big Dave said:

Do you have power of attorney for any of your dads finances?  It makes things easier.  If others are reading this, it is always worth looking at power of attorney with elderly parents (although difficult yo broach).

Good luck,  Its not quite as scary as it may seem.

 

My understanding is that powers of attorney cease all validity when the person dies. This doesn't affect Raj's ability to act as he's made clear that he has executor status. I just mention it in case someone else is in a different position: e.g. they have power of attorney but are not named as executor in the relevant will. 

 

But I do agree that lasting powers of attorney (LPA) are very helpful when someone is very old or in decline. The 2 types of LPA (property/finance & health/welfare) operate a bit differently, as I recall: the health & welfare one only becomes valid when the person is incapable of taking their own decisions (e.g. dementia, coma), whereas the property/finance becomes valid immediately.

 

As you say, it's difficult to broach but worth doing. My parents had actually raised the issue with me a couple of years before my Mum died, but I didn't want to push for it in case it seemed hurtful and insensitive. I only did so after my Mum died fairly suddenly, leaving my Dad already in decline - he was quite happy with the suggestion and signed up. 

 

Technically, I was never in a position to use the health/welfare LPA, as my Dad never became fully incapable of taking decisions. But it was still useful as it meant health professionals were more inclined to reveal information and listen to input on occasions when my Dad told me "do what you think best" (as he sometimes did) or when things got complex. He had Parkinson's and mild dementia in his last couple of years, though I was mostly able to discuss health options with him, get his opinion - and sometimes he'd simply refuse to co-operate with particular treatments or to see particular medics, as was his right. The property/finance LPA worked as a sort of mirror image of that - technically I was fully entitled to take any decisions on his finances, but always consulted him over anything important, even if he sometimes came out with his "do what you think best" line.

[Diggler90]

Hi @Raj

 

Sorry for your loss.

 

I know I am a bit late to this post but I am an IFA so if you are struggling with any of the IHT or financial aspects then I would be happy to help - providing you haven’t already sorted it yourself.

 

Also important to add I wouldn’t be looking for any remuneration for this, just happy to help out a fellow fox in a time of need.

 

If you want to take me up on my offer, send me a PM.

 

Cheers

[Raj]

Oh @Diggler90 god bless you my friend

Thanks so much.

I've used my nieces solicitors firm in Birmingham who charged £700+vat.

I know I might gave been able to do it myself, other firms in Leicester  quoted me 3 to 5000...yes UPTO  5THOUSAND PONUDS!!!

I could have taken the hassle of doing it myself but I might DM if I need advice on land registry etc.

Thanks again buddy.

Top man...P.S can you manage a Premier league football club  by any chance!!!?

[Diggler90]

1 hour ago, Raj said:

Oh @Diggler90 god bless you my friend

Thanks so much.

I've used my nieces solicitors firm in Birmingham who charged £700+vat.

I know I might gave been able to do it myself, other firms in Leicester  quoted me 3 to 5000...yes UPTO  5THOUSAND PONUDS!!!

I could have taken the hassle of doing it myself but I might DM if I need advice on land registry etc.

Thanks again buddy.

Top man...P.S can you manage a Premier league football club  by any chance!!!?

Glad you have managed to get sorted. That’s not a bad price and sadly I am not at all surprised at some of the fees you were quoted! Of course if there are any issues you want assistance with the offer remains open, just PM me (as long as I haven’t taken Brendan’s job by then!)

[ithuriel]

Condolences on your loss

[Mickyblueeyes]

On 12/08/2022 at 07:24, Raj said:

It was my dads funeral yesterday and although it's still raw I've got to sort out the execution of the will and probate.

I'll start this in a couple of weeks, but any advice anyone has would be very welcome.

Thanks in advance Raj

Condolences mate. Sorry, I’ve just read this and now seen you have instructed solicitors. If you need any advice or feel it isn’t getting anywhere give me a shout. Private client isn’t my area but I know enough and have good friends I can recommend. 

[Raj]

5 minutes ago, Mickyblueeyes said:

Condolences mate. Sorry, I’ve just read this and now seen you have instructed solicitors. If you need any advice or feel it isn’t getting anywhere give me a shout. Private client isn’t my area but I know enough and have good friends I can recommend. 

God bless. Thank you very much for the offer.

Will let you know if anything messes up.