What is an Asset ??

[leclerc]

Re: What is an Asset ??

We are having a discussion on Probate and Susiec has stated that probate was not required so I think we don't have to have the discussion on probate as we are kinda forgetting to read the posts that has already been made.

[susiec]

Re: What is an Asset ??

LC
there is no PPI as Graeme didnt belive in it !
The bank (Lloyds) advised that the acoount would not need to be frozen and changed it into my sole name . their advice not my request I would add.
I seem to have opened a can of worms here......
Both CC Companies have asked for a statement detailing Graemes assets & liabilities. The forms state Assets in the deceaseds sole name only but then ask for details of property solely/jointly owned.??? I really am srtuggling to understand what I should tell them. They have asked for a bank statement as at his date of death and that shows an overdraft of £1200 so in truth he had no cash assets. Thay also ask about Life assurance but that is the clincher. As the terminal Illness clause had been invoked and agreed to be paid on his death date was the Life Insurance in force ???
Im sorry that this is so messy.
Susie

[Garlok]

Re: What is an Asset ??

Frankly I would believe one of the largest and reputable solicitors practices in the Midlands area than I would any CAB advice. And that is bitter experience as well.

get on with it-- I was asked by another member if I had any ideas to come back and I put in experiences I have had to deal with on the ground. You are very obviously the world's leading expert on just about everything ( there is an old saying about bankers and accountants knowing the price of everything and the value of nothing) I won't bother again to come back and try and help someone with the arrogance and rudeness you have displayed.

Garlok

[WendyB]

Re: What is an Asset ??

Ok that's enough guys, take the arguments elsewhere please. Thanks for coming in when I asked Garlok, I do appreciate it.

Anyway, to get back to the matter in hand.......


Susie, as the terminal illness clause had been invoked then I think you can truthfully tell them he had no life assurance.
I'm not sure they can legally ask for a bank statement, and anyway the bank was in joint names so I'm sure you could probably refuse. Just tell them he didn't have a sole bank account.
As to the property, I really don't know.

I know you say probate isn't needed, but maybe a call to the probate Office might answer the question about the property, they must know more about legal stuff than I do

[susiec]

Re: What is an Asset ??

Garlok
I do hope that your last post was not directed at me.
I came here in desperation at a very bad time in my Life and did not expect to become part of an argument.I will not post agin but thank you to all who have tried to help.
regards
Susie

[leclerc]

Re: What is an Asset ??

Garlok, I am definitely arrogant and I can definitely come across rude on the forums. That is the way I write and I doubt anyone will disagree with you on that point.
However, Susiec stated in her second post: "I did speak to a Probate solicitor who advised that I would not need to apply for Probate as he had no sole assets."

That is why I said we need to move on(I would add that I will concede that there are circumstances in which a bank account in joint names will need to be frozen but this is not the case).
Garlok, you aren't the first to state the post I have written comes across as rude and arrogant and won't be the last. There's nothing I can do once I hit the post reply button.

Back to the OP, Life insurance is nothing on assets and I believe property is the same since the house reverts back to you and Garlok has already stated that the life insurance is not an asset of the estate.
------------------------------- merged -------------------------------

Garlok
I do hope that your last post was not directed at me.
I came here in desperation at a very bad time in my Life and did not expect to become part of an argument.I will not post agin but thank you to all who have tried to help.
regards
Susie

Susie, it was directed at me so please do not take offence. Garlok is helping you and as you might see from my signature under the post I am an ex banker(most people take the B and replace it with a w at the start of the second word )

[WendyB]

Re: What is an Asset ??

Susie, no it wasn't directed at you, just a bit of handbags at dawn between Leclerc and Garlok

[susiec]

Re: What is an Asset ??

Thank you Wendy.
Garlok and Leclerc please dont argue on my account. Handbags down ok.LC I wouldnt dare to replace B with W.........lol !
I am grateful and thankful for all your sound advice.
Susie x

[susiec]

Re: What is an Asset ??

Probate officially proves the validity of a will.

A grant of probate is proof that the person named in it is entitled to collect and distribute the assets of the deceased and this should be produced to the relevant organisations, such as banks and insurance companies.
However a grant of probate is not needed in every circumstance.
For example, HM Courts Service website states: 'It may not be necessary to obtain a grant where a home is held in joint names and is passing by survivorship to the other joint owner.
'You will typically need a grant to transfer or sell a property held only in the deceased's name.
'Where a joint bank or building society account is held, production of a death certificate may be sufficient for the monies to be transferred to the joint holder.
'Certain institutions may release monies without a grant being produced if the amount held by the deceased was small. Apply to the institutions to see if they will release monies without a grant.'
Further information: HM Courts Service.
Other stories:
Hi All
I found this info from the link provided about changing the deeds to the house.
Thank you again for your help.
Susie

[leclerc]

Re: What is an Asset ??

susiec, in post 2 you have already stated that you spoke with the probate office and they stated that probate was not required. Can I clarify if that position has changed because I am getting confused here?

Garlok has stated that the life insurance is not an asset so that bit is irrelevant.
The property transfers to you and so I would suspect that the question about property relates ONLY to property in his name only.

[susiec]

Re: What is an Asset ??

LC
I spoke to a Probate Solicitor via SAGA who advised that as the Will was simple and left everything to me then Probate wasnt required. I only posted the excerpt from the link in case it was of interest....sorry.

[leclerc]

Re: What is an Asset ??

LC
I spoke to a Probate Solicitor via SAGA who advised that as the Will was simple and left everything to me then Probate wasnt required. I only posted the excerpt from the link in case it was of interest....sorry.

No probs, so on the bank issues, nothing on Life insurance and nothing on property.

They should write off the loans and credit cards providing you were not a joint loan or secondary card holder on the CC's

[susiec]

Re: What is an Asset ??

Definately not a joint loan or Cardholder.
When I complete the forms from the CC Companies requesting details of 'Sole Assets of the Deceased' it says' Property solely/jointly owned. But they are asking for Sole Assets to be detailed. Am I being a bit thick here ? Do I need to put down the house ?

[WendyB]

Re: What is an Asset ??

Well I think you're sorted, Susie. The life assurance is not an asset, the house was not in your husbands sole name, and he had no bank account in his sole name. Advise the CC and Loan people of this, then see what they come back with, if anything.

[charitynjw]

Re: What is an Asset ??

Hi susie.

Condolences on your recent loss - it must be difficult enough without having to deal with this!

However, an excellent thread, & a 'robust' discussion is sometimes needed to sort things out.
& with Wendy on hand to spank bot.....er, referee where necessary, a lot of useful info was aired in a public arena.