Re: Probate

Yes George Osbourne made some complicated ruling that the family home up to the value of £1million can be passed on free of IHT to immediate family but its not as straightforward as it sounds .

Re: Probate

Now that figures but thanks for the input everyone, some good advice, lots of links to look at and further research to be done...on the other hand I could just have a ball and spend the lot

Re: Probate

Want any help?

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Pretty confident of the wifes intentions then

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Pretty sure, I have her locked and chained in the cellar

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The £1m is what it will finally be. It's going up in stages each year until 20/21. You currently have £650k. I think it's an extra £200k from April 17, then 50k increase each year (up to the 350k in 2021). The extra is only applicable to offset against the main residence (im not quite sure how the maths for that bit works in practice).

In terms of probate make sure you have all the original share certificates and recent valuations filed away so your daughter doesn't have to request them from the issuer. Share data can be quite a pain to gather, particularly obtaining recent valuations.

Re: Probate

I just saw this thread as I was about to post my own. Some good answers here and they go a fair way to answering my own questions but this is my own story...

My mother passed away a week ago and since my dad died of dementia complications six years ago, my sister took on Power of Attourney to look after my mum's accounts, money from the sale of the house etc as she herself succumbed to dementia also and was placed into a care home.

So the "P of A", which is controlled by the Court of Protection, then gave my sister a cheque book to cover any expenses plus my mum's pension and we were asked for twice-annual updates of spending etc.

Like susanm above, I was under the impression that when my mum died, the money left in the account could be split equally for my sister and myself taking into account other bits and bobs detailed in the will. But my sister now says that the bank has frozen the account and it needs to go to probate.

Why is this, how long will it all take to get sorted? Does the tx man take anything (the account is worth approx. 90k.)

I'm asking for advice mainly so I know what I'm going to be talking about when I have a meeting with the bank later this week.

Many thanks

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Sorry to hear that Floydy.....best wishes mate.


Rehab....have you thought of gifting your house to your daughter?

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Sorry for your Loss Floyd

We left it to our solicitor to do Probate , i think it took something like 4 weeks , I dont think the tax man will take anything , you are allowed so much inheritence , ours was a property to the value of £130K we had nothing to pay on that .

Re: Probate

Sorry to hear about you dear Mother, Floydy.
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