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8 Nov 21, 11:37 AM |
#1
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Imagineer
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Advice from Probate experts please.
My SIL died near the beginning of January this year. My DH is an executor along with a solicitor from the same practice that is carrying out the work on the probate. We knew she wasn’t poor but we did not know that the estate would be worth nearly half a million pounds! There are about six or seven cash assets and a property which sold for £15,000 more than the valuation.
An IHT form to amend the valuation (I am guessing) was sent to the IR last week. Am I assuming correctly that the assets could be gathered (but not distributed) in whilst waiting for the IR? And if you could hazard a guess at the time frame for payout from now we would be in your debt forever, a tricky one I know. Thank you for reading. |
8 Nov 21, 07:52 PM |
#2
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Imagineer
Join Date: Jun 08
Location: Lake District
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Just this evening my brother has emailed to say probate has been granted on my mother's estate. Similar monetary wise to the one your DH is sorting.
As my hubby was joint executor we sent off the forms to the tax office the end of August. We got a letter last week saying they were happy and today we got the email. I can't give more information than that as I truly don't understand it! |
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8 Nov 21, 08:05 PM |
#3
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slightly serious Dibber
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I would love to know this too
My DH uncle passed away last Christmas and probate was issued in July and we have heard nothing since and wondered how long it takes. Unfortunately the executor is his cousin and she is being very very cagey about the whole thing and refusing to keep him in the loop.
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8 Nov 21, 08:15 PM |
#4
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Imagineer
Join Date: Jun 08
Location: Lake District
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8 Nov 21, 09:03 PM |
#5
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slightly serious Dibber
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This is what I’m worried about
There was no will so it’s all being done intestate (I think that’s the correct term) and we assumed the solicitor would have been in touch by now to declare DH as one of the beneficiaries. It would just be good to have an idea of how long it should take before it’s sensible to contact the solicitor
__________________
The Caffreys do Disney...Again ! The Wyndham 2005, Grand Plaza 2006, Pop Century 2007, Pop Century 2008, Pop Century 2009, Caribbean Beach Resort 2010, AKL 2012, Pop Century 2013 and 2014, Cabana Bay 2015 & 2016, Coronado springs 2017, Cabana Bay again in 2018 and finally Caribbean Beach 2019 |
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8 Nov 21, 09:05 PM |
#6
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slightly serious Dibber
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Sorry I have hijacked the post ☺️
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The Caffreys do Disney...Again ! The Wyndham 2005, Grand Plaza 2006, Pop Century 2007, Pop Century 2008, Pop Century 2009, Caribbean Beach Resort 2010, AKL 2012, Pop Century 2013 and 2014, Cabana Bay 2015 & 2016, Coronado springs 2017, Cabana Bay again in 2018 and finally Caribbean Beach 2019 |
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8 Nov 21, 09:15 PM |
#7
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Imagineer
Join Date: Mar 16
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I believe if probate is granted you can see the Will if there is one, or letters of administration.
Cousins are well down the list of beneficiaries gov.uk/guidance/make-a-c...ur-entitlement |
8 Nov 21, 09:17 PM |
#8
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Imagineer
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My Nan died in December 2019. My sister is the executor and I have been helping her. We are just about to start to pay out, so nearly 2 years.
It took about 10 months to get the probate issued. We didn’t sell her house straight away as wanted to tidy it up a bit. But to answer your question, I’m not an expert but yes form to Hmrc to update the estate value. They will reply with what tax is due, once all the assets are together and the any debts to the estate paid (inc the tax) then the estate can be paid out. As to time frame, hmrc were very quick to reply. I over valued her house so I wouldn’t have to update. But her estate was well under the inheritance tax threshold. We exchanged on her house in October so really only a month or two to pay out from house sale. Edited at 09:19 PM. |
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8 Nov 21, 09:18 PM |
#9
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Imagineer
Join Date: Mar 16
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I believe the solicitor will be collecting in all the assets ready for distribution, so writing to the banks, cashing in shares/premium bonds etc as well as dealing with property sales.
I believe IHT has to be settled before any distribution of assets. As an Executor your DH should get regular updates so just needs to ask the solicitor. |
8 Nov 21, 10:10 PM |
#10
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Imagineer
Join Date: Mar 12
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Is the cousin the child of his Uncle? If so, I thought everything would go to the cousin, and your DH will not be a beneficiary if there is no will?
Edited at 10:27 PM. |
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