Re: Probate

Muddy beat me to it, with saying probate is required only above £5,000.

Mum had the foresight to include me on her bank accounts so effectively the money was mine when she died, so as sole Executor of her Will I didn't go to Probate. I just divided up all the money between us four siblings.

When I did my Will recently I Paid an extra sum of money that provides unlimited changes to the Will, storage, and more importantly the help with Probate, at no more extra cost. My sister and niece just talk to the one company for the Will and help with the process. And should I be a named Executor on two other Wills, they have the same benefit.

(1). If they'd have gone to a solicitor they'd have lost a percentage of the Estate, and the process can be drawn out, and (2) I don't think either of them has the time or ability to do the process themselves.

Of course as time goes on I may have to choose other Executors but that's something for the future. For the time being, I and my family have peace of mind. All I haven't done is pay upfront for funeral costs! Lol.

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When my late wife passed away I took a `fixed price` deal. I have no complaints whatsoever. They were not overly expensive and did everything.

One less thing to sort when one is upset.

Re: Probate

Don't get me started

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That does look like the best option for me OG, this forum and thread has been one hell of a learning experience for me, although I have found info on the internetwebby thing, the actual knowledge and experiences of posters on here has put meat onthe bones.
Thank you to everyone for your advise and help, it has been appreciated and it will certainly help

Re: Probate

Have you made your daughter an executor of your Will Rehab? That's the best thing to do I would think, both for simplicity and cost. If you make a solicitor your executor it could cost an arm and a leg and I think it can complicate what should be a relatively simply matter of passing on your estate to your daughter. Your daughter who, as you say, will be main (or only) beneficiary can be both executor and beneficiary and she can apply for probate or she can get a solicitor to do it. I definitely would not employ a solicitor to act as executor - particularly if your daughter is the only beneficiary as your Will is not complicated by other beneficiaries. If your daughter feels capable enough she can apply for probate herself and just about everything you need to know (including all the forms required) are available on the tinternet. She will probably have to take the inventory of assets anyway, although you could help her with the bulk of that yourself (before you kick your clogs and I sincerely hope that won't be for a long time yet). HM Government site has all the information and forms necessary for obtaining probate and in reality it is simply a matter of going through it, step by step.
http://www.probateforms.info/wp-cont...te-leaflet.pdf This link is a good place to start and can lead into all you need to know about the d.i.y of obtaining probsate.

When my mum died, my sister and I were the only two beneficiaries and were also executors. I found it relatively easy to obtain probate and execute her will without the necessity of a solicitor and she had a house and other assets to take care of. I surprised myself at how easy it was once I got into it. Once all assets are tallied up and the forms are completed and probate is applied for, the executor/s then go to make the declaration and probate is granted. The interview is not at all an intimidating process.

Once probate is obtained your daughter will be able to execute the Will according to your wishes, which in your case would mean that she is free to do what she wants with the house, etc. and discharge any debts there may be.
It is only my opinion, but I do think a lot of solicitors make a meal of this business, when in reality for people like yourself and your daughter - where things are relatively straight forward - there is nothing much that the average person cannot do for themselves- even if capital gains tax is involved. Hopefully you will have already done your best to ensure that any capital gains tax which might be due has already been minimised (and for doing that it is probably best to employ an accountant who is expert in these things).

Do a bit of research Rehab and talk to your daughter about it - after all it is her who will be doing the work (with or without a solicitor).

Re: Probate

Thanks Aerolor, that certainly helps, a brilliant post and thanks for the links. Daughter is our one and only executor, so she will inherit the house, investments etc. I shall be touching base with here re probate this weekend. She is aware of what we are doing and now has Lasting Power of Attorney for myself and my good lady.

I am a bit concerned about her mentioning Windy Willows retirement Home for the Terminally Confused in The Gambia though she says I will like it

Re: Probate

It might be an idea , if at all possible to hand over cash, thus avoiding 40%
death duties . Perhaps I am wrong.

Re: Probate

Death duties What? Tell me more

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You must be aware if your estate is worth over a certain sum , the goverment will clobber you for 40%. Bluudy cheek . Nowt you can do about it .

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It's not that easy to do Apricot. It wouldn't affect you if you were dead, but it could well affect any beneficiaries if HM Government suspected ITax evasion.

It was probably a bit naughty but we took advantage of something called the seven year rule and gave money away. However, you have to be confident (or gamble) that you live longer than seven years from when the gift/s are made, otherwise the tax folks will call for tax to be paid, even if it is proportionate to the amount of time left out of the seven years.
https://www.gov.uk/inheritance-tax/gifts