quick question on death intestate

[bb41]

I've had a look at gov help sites but no definitive answer so thought I'd ask here.
FIL died 2 months ago intestate... sizeable property , presume in joint names with his wife (I say presume as the deeds haven't come back from the bank yet) , over 10k in own bank accounts .. approx same in a joint bank.
Eldest son wants to do probate himself against advice as the property has an AG tie on it .

Questions are : will it be necessary to get a valuer in to value the house even as we may think it is in joint names with wife .

He has transferred money From joint acc into his mothers acc, is this allowed without any form of administration just death certificate (over 10k) ?

Will IHT for still need to be filled in if in joint names.

Land not registered so when can it be transferred solely into MIL name
I'm sure someone will come good as usual xx

[Peridot]

Re: quick question on death intestate

Hi BB41,

Sorry to hear about your FiL.

Ok any joint property transfers automatically to the co-owner (your MiL) although if a Grant were required, the value of any joint property is included in the IHT forms although only the 1/2 share is included in any IHT calculation.

From the sounds of it a Grant may not be necessary, provided the property is in joint names. Although I don't know what an AG tie is if you could clarify for me.

If the property is in your FiL name only then a Grant of Letters of Administration may be necessary depending on the value of the property. If a Grant is required then I would suggest getting 2-3 estate agent valuations for the date your FiL passed away (It is the date of death market value that is needed for the IHT forms necessary to apply for the Grant).

I would wait for the deeds to see how the property is held. The joint account doesn't matter it having been transferred to MiL as this is usual with joint accounts. It will still be possible to find the date of death values if needed for IHT forms in the future.

As the land is not registered, it will be a first registration situation which if your MiL wishes the property to be transferred to her sole name from joint owners, would need to be completed. There is a fee for this and further information can be found on gov't website about this: https://www.gov.uk/registering-land-...the-first-time

I would say that if in the future the property is to be sold then it may be sensible to get the first registration dealt with now. It can significantly delay sales and can sometimes put purchasers off. However the value of the property may dictate who it is transferred under the intestacy rules.

Wait for the deeds and then you'll know what you're dealing with. You can always pop back for more pointers once you have the further information.

[bb41]

Re: quick question on death intestate

Excellent advice and clarity as usual... many thanks... I believe probate will be required as there is approx 30k in bonds and I think to get them transferred NS and I will require the grant .. or am I wrong ?

PS AG is an agricultural tie

[Peridot]

Re: quick question on death intestate

Hi again,

Here is the NS&I leaflet what to do after a death: https://www.nsandi.com/files/publish...s-brochure.pdf
Page 4 indicates that if no Grant is needed then the next of kin can deal although then goes on to say of the value of the investment is over £5k then they MAY need to see a Grant. I would suggest contacting them directly as it isn't clear.

Once you know if you need to obtain a Grant then you can deal with them. The premium bonds can be left for a year after the death to be included in any future prize draws anyway so no rush.

[bb41]

Re: quick question on death intestate

My big concern is that the brother and mother think the house is worth approx 800k ..I know with an agricultural tie it's worth considerably less .. If they put the value of the estate at such a high level , then when MIL passes how would they argue that the property has devalued by such an amount since death of FIL and then IHT maybe payable

[Peridot]

Re: quick question on death intestate

Hi again,
Thanks for clarifying AG. This may help: https://www.gov.uk/guidance/agricult...nheritance-tax

I have not dealt with AG ties personally but I would assume that rather than estate agent valuations it would be necessary to obtain a specialist valuation before anyone can say what the value is. In addition I suspect that you will need to obtain a Grant and therefore valuations of all assets. Don't panic about the joint account however as I mentioned above this would pass to MiL anyway and the figures at the date of death can be clarified when necessary.

You may need to obtain some legal advice on this even if only a free half hour of reduced fee initial assessment. Maybe go with the son if he is willing? Sorry I can't be more helpful. There may be others on here with more AG knowledge. If I find any further info I will post it for you though.

[bb41]

Re: quick question on death intestate

you have been more than helpful thank you x