what happens when you your inheritance goes to probate?
sadly my mother has passed away, she has various accounts with different amounts of money, she has a few unpaid bills, there is only myself and my brother, he said as the money is over £5000 we would have to go probate.
What does this involve (obvoiusly it must involve tax knowing this country!).
Could someone please tell me waht this entails and how long is the process.
Thank you very much
Applying for probate is to get permission from the court to administer your mother's affairs. If she left a will that is easier than if she didn't.
Go to http://www.hmcourts-service.gov.uk/HMCSCourtFinder/GetForm.do?court_forms_id=735 and download the application form and the guidance notes.
If you need help then go and see Citizens Advice Bureau.
Given the amount of money left by your Mum there should be no tax to pay. However, make sure you maintain records of all money, investments, debts etc that you find so that you can demonstrate this to the tax authorities if they ask. Don't forget that you must inform the pensions service if she was receiving a pension and the appropriate benefit agency if she was receiving any other benefits.
There is a useful book called 'what to do when someone dies' that you should have been given when you registered the death. It's worth reading.
Not a nice job to do but it has to be done. Good luck.
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http://www.hmcourts-service.gov.uk/infoabout/civil/probate/index.htm
References :
Probate is the legal process of settling the estate of a deceased person, specifically resolving all claims and distributing the decedent's property.
When someone dies, issuing the legal document to the executor or other administrator to give them authority to deal with their estate is known as probate. The grant of representation is issued by the Probate Registry. If there is a will but no executor, letters of administration are issued instead.
It is not always necessary to obtain a grant of probate; some organisations, including many insurance companies, banks and building societies, will release funds to the executor of the will without seeing a grant of probate if the amount is small and the situation is not complex.
References :
From a lawyer. The executor of the estate files the will, pays the bills and the judge makes sure that the will is valid and that it's terms are carried out. If there is no will contest, it could be over within a few months. If there is a contest it could take over a year.
References :
Probate is just a court process to determine how and if inheritance can be paid out.
It won't be taxed inheritance tax as it''s such a small amount.
References :
In a small estate it is not all that difficult, especially if no property is involved. Just fill in the formms listing all her assets bank and savings accounts etc. Things like outsranding bills, council tax, utilities, phone etc and rent have to be listed. The comleted forms are senr to the appropriate office and if all is in order probate will be granted. A fee is c harged for this up to £400. The executors then have to settle all theoutstandingbills ( funeral costs could be paid from the estate before probate) The executors can then disdtibute the balance of the assets to the relevant people. Have donetwo myself. A easy one took 5 months, A more complicated one nearly 2 years.Depending on he size of the estate will depend if any tax is involved. But I think inheritance tax starts about 225 000 pounds now.
References :
Applying for probate is to get permission from the court to administer your mother's affairs. If she left a will that is easier than if she didn't.
Go to http://www.hmcourts-service.gov.uk/HMCSCourtFinder/GetForm.do?court_forms_id=735 and download the application form and the guidance notes.
If you need help then go and see Citizens Advice Bureau.
Given the amount of money left by your Mum there should be no tax to pay. However, make sure you maintain records of all money, investments, debts etc that you find so that you can demonstrate this to the tax authorities if they ask. Don't forget that you must inform the pensions service if she was receiving a pension and the appropriate benefit agency if she was receiving any other benefits.
There is a useful book called 'what to do when someone dies' that you should have been given when you registered the death. It's worth reading.
Not a nice job to do but it has to be done. Good luck.
References :
in case the link doesn't work go to:
http://www.hmcourts-service.gov.uk ans click on 'will and probate'
I'm sorry for your loss. Probate is really easy to do yourself and much, much cheaper than paying a Solicitor. You would need to make an appointment at the Probate Office, after which the money or assets can be divided as per her wishes.
References :
http://www.hmcourts-service.gov.uk/infoabout/civil/probate/index.htm