Probate

[rizel23]

Could i please seek some advise and opinions on the above please.

My Grandfather died aged 91 one month ago.

My Grandmother is still alive aged 90.

He left a will which is not disputed at all between family members. Only family members are listed in it.

All his assets including his house (debt free) and investments and bank account have obviously been left to my Grandmother in his will.

They break down as follows:

House - 200K - Title & Deeds registered solely in his name.

Investments - £60K - Still going through them, solely in his name, mostly from the likes of Pearl & Halifax Shares.

Bank Account - 35K - In joint names of himself and my grandmother.

I'm totally new to this situation.

I had a meeting with Barclays Bank who would charge 1.06% of the total estate + other fees advised to be £450. This is through a company called ITC.

HSBC bank have quoted me 4% of total estate value + various other fees around £1K.

The difference in fees is high for what i would presume to be a simple non disputed process.

Can anyone offer any advise on the situation and of what parts need to be included i the estate (i.e is a Joint Bankaccount included).

Obviously we want to minimise the fee's but also the stress the process can likely cause.

Thanks

[ahoogah]

Re: Probate

When it comes to probate, the high street banks (and solicitors) will always charge you high street prices, and progress will be slow. Banks are more interested in seeing how much fees they think they can get away with and play heavily on the bereavement card. This policy is prevalent with most marketed brands of probate and estate administration services.

Their disbursements are never declared at the outset, and their bill will invariably come as a nasty shock which puts a big dent in the estate. This is all on top of the % charge over the whole estate - and to top it all - its all plus VAT 20%. The death industry is riddled with wolves and this is where many families lose their fortunes.

If you want it done quickly. use a specialist probate company, one that does not have a huge marketing budget or relies on charging inflated hidden disbursements. or even cheaper, do it yourself.

Do it yourself its just the £110 fee for the application. To apply for grant of probate, complete and return a Form PA1 and IHT205 to the Probate Registry at their Holborn address and it takes about 8 weeks to get the Grant. http://www.direct.gov.uk/en/Governme...on/DG_10029716

If you dont want to brave it yourself, post back and I'll tell you who does it without high street prices and hidden disbursements. I recommend a 'grant assist' service, rather than a full-blown solicitors of cost is an issue. Grant assist is about £700 inc VAT and includes a home visit, filling in the forms, processing the application and in most cases, attending with you to the probate interview. This way you know how much it costs and it never goes up.

[Streetwise]

Re: Probate

Could i please seek some advise and opinions on the above please.

My Grandfather died aged 91 one month ago.

My Grandmother is still alive aged 90.

He left a will which is not disputed at all between family members. Only family members are listed in it.

All his assets including his house (debt free) and investments and bank account have obviously been left to my Grandmother in his will.

They break down as follows:

House - 200K - Title & Deeds registered solely in his name.

Investments - £60K - Still going through them, solely in his name, mostly from the likes of Pearl & Halifax Shares.

Bank Account - 35K - In joint names of himself and my grandmother.

I'm totally new to this situation.

I had a meeting with Barclays Bank who would charge 1.06% of the total estate + other fees advised to be £450. This is through a company called ITC.

HSBC bank have quoted me 4% of total estate value + various other fees around £1K.

The difference in fees is high for what i would presume to be a simple non disputed process.

Can anyone offer any advise on the situation and of what parts need to be included i the estate (i.e is a Joint Bankaccount included).

Obviously we want to minimise the fee's but also the stress the process can likely cause.

Thanks

I there is a section for probate on the forum see( bereavement and end of life issues) at the bottom of the page .

[rizel23]

Re: Probate

thanks, can a mod please move this for me?

[rizel23]

Re: Probate

I have done some reading into this this afternoon, and it seems fairley stright forward. However is anyone able to confirm the following;

1. Money in joint accounts

From what i read this does not have to be included in Probate as it automatically transfers to the surviving partner listed on the joint account and listed in the will?





2) I'm confused by this:



"There are certain ‘exemptions’ which allow you to pass on amounts
during your lifetime or in your Will without any inheritance tax being due:

❚ If your estate passes to your husband, wife or civil partner and you are both living in the UK there is no inheritance tax to pay - even if its valueis above the current inheritance threshold"


As this will pass to my Grandmother does the house value form part of the estate?



thanks

[enaid]

Re: Probate

2) I'm confused by this:



"There are certain ‘exemptions’ which allow you to pass on amounts
during your lifetime or in your Will without any inheritance tax being due:

❚ If your estate passes to your husband, wife or civil partner and you are both living in the UK there is no inheritance tax to pay - even if its valueis above the current inheritance threshold"


As this will pass to my Grandmother does the house value form part of the estate?



thanks[/QUOTE]


Anything passing to the surviving spouse or civil partner is entirely exempt from inheritance tax. In other words, it’s a 100% tax relief.

The relief applies equally to gifts left in a will, entitlement under the laws of intestacy, and property owned as “joint tenants”, so long as the recipient is the surviving spouse or civil partner.

The exemption also applies where assets are passing to a trust for the benefit of the spouse or civil partner.

Ordinarily, there is no upper limit. For example, if a very wealthy man leaves the entirety of his £30 million estate to his wife, it will be entirely inheritance tax free.''''




"House - 200K - Title & Deeds registered solely in his name."

If the deceased held property in their sole name, and they left a valid will dealing with the property, the property will usually pass in accordance with the will.

[ahoogah]

Re: Probate

1. Money in joint accounts

From what i read this does not have to be included in Probate as it automatically transfers to the surviving partner listed on the joint account and listed in the will?

Correct. it transfers to the other joint owner.

2) I'm confused by this:



"There are certain ‘exemptions’ which allow you to pass on amounts
during your lifetime or in your Will without any inheritance tax being due:

❚ If your estate passes to your husband, wife or civil partner and you are both living in the UK there is no inheritance tax to pay - even if its valueis above the current inheritance threshold"


As this will pass to my Grandmother does the house value form part of the estate?

Its common to put the property into a trust, so check the Will.

There is no IHT payable because inter-spousal transfers are exempt. IHT is only payable on 2nd death. You need to complete a PA1 and IHT205 and get the Grant of Probate. The guidance notes leaflet IHT206 will show you how to complete Form IHT205, and there is a probate helpline.