Hello, I am executor of a parents will and understand I have to do some sort of accounts when probate is granted. Do the accounts date from the date of death or do I have to go back further? The reason I am asking is that although the Will says the house is to be sold and the proceeds split between the adult children, my parent went into a care home so we had to sell the house to pay the care home fees. Over several years, this amounted to a huge chunk of money (all of which I have invoices for) but I suspect that one beneficiary will question this and try to cause trouble and delay. Thanks
Estate Accounts
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Valuation provided for IHT prior to requesting a grant of probate is based on the estate assets at the time of passing (plus details of gifts over a certain amount in the 7 years prior)
If possessions mentioned in the will are no longer owned by the deceased at time of passing, some might raise queries, but that is not the responsibility of the executor. Responsibility for matters prior to passing fall to those who possibly had POA or were caring for the person or even the deceased self..
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Originally posted by des8 View PostValuation provided for IHT prior to requesting a grant of probate is based on the estate assets at the time of passing (plus details of gifts over a certain amount in the 7 years prior)
If possessions mentioned in the will are no longer owned by the deceased at time of passing, some might raise queries, but that is not the responsibility of the executor. Responsibility for matters prior to passing fall to those who possibly had POA or were caring for the person or even the deceased self..
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Before you apply for probate you have to report the estate value to HMRC and they will advise if tax is payable
It can all be done online Applying for probate: Apply for probate - GOV.UK (www.gov.uk)
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Originally posted by des8 View PostBefore you apply for probate you have to report the estate value to HMRC and they will advise if tax is payable
It can all be done online Applying for probate: Apply for probate - GOV.UK (www.gov.uk)
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