Executor. do's and dont's

[wales01man]

Re: Executor. do's and dont's

What about letters of administration for estates over 5k as stated on probate registry website?

[des8]

Re: Executor. do's and dont's

Letters of administration apply where there are no executors named (or surviving) in the will.
That is essentially proof to third parties that the person named has the authority to settle the deceased's estate.

[wales01man]

Re: Executor. do's and dont's

Is there a will the OP does not mention a will in so many words still think something is wrong here ?

[des8]

Re: Executor. do's and dont's

OP mentions executor.
Executors are named in will.
She has used a technical term.
What else should we surmise?
Letters of administration are required for a person to deal with an estate in excess of £5000.
Probate is only required for estates that include real estate or shares (which includes ISAs)

Going to bed now Night Night:tinysmile_grin_t:

[stevemLS]

Re: Executor. do's and dont's

Des, you have misunderstood. The .gov website is also misleading. Look at the statutes.

It is also irrelevant whether HMRC are satisfied, Probate is in the jurisdiction of the High Court - the Court will normally only issue a Grant where it can be shown that any tax due has been paid.

A Grant of Probate is given to an Executor where the deceased left a will.

Letters of Administration are given to an Administrator where the deceased died without a will.

It has nothing to do with the value of the estate.

Collectively, Probate and Letters of Administration are Grants of Representation.

[leclerc]

Re: Executor. do's and dont's

Does the OP have a copy of the will as they are named as recipient?

Have all debts to the estate now been paid? If so then clearly the dispersal of funds should be done.

When it comes to siblings I am sure this is a difficult matter but I guess I would simply say hopefully it does not drive a wedge between you all. Good Luck.....

[des8]

Re: Executor. do's and dont's

Assuming the estate does not include real estate or shares you only need a grant of probate to convince holders of the assets to release those assets. Many , but not all, will only release amounts less than £5000 (using 1965 Act as a guideline).
In dealing with recent will we were told by one bank branch they could release up to £30000 if they were satisfied of the genuineness of the will.

The following quote from the government website:http:"//www.hmrc.gov.uk/inheritancetax/intro/probate-process.htm#2" indicates the grant of probate is only to satisfy holders of the deceased assets

When you might not need a grant of representation

A grant may not be needed if the estate:

• is a low-value estate - generally worth less than £5,000 (some organisations may use a higher or lower figure in deciding whether or not a grant is needed) - and doesn't include land, property or shares
• passes to the surviving spouse/civil partner because it was held in joint names

When you contact the deceased's bank or other financial institutions, they will either release the funds or tell you to get a grant of representation (or confirmation) first. Some banks and financial institutions may insist on a grant before giving you access to even a small amount of money.
When a grant of representation is usually needed

You will almost certainly need a grant if the estate includes:

• assets generally worth more than £5,000 in total (though again this figure varies)
• land or property in the sole name of the deceased, or held as 'tenants in common' with someone else
• stocks or shares
• some insurance policies