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My Question Is Regarding Probate?

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Stargazer | 00:40 Tue 05th Feb 2019 | Law
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What exactly does the term mean and is there a time limit on how long it may take to obtain probate especially if the estate comes below the threshold of £325,000 and £425,000 if the property is being left to ones children? What determines the time limit if there is one? I would like my home to remain unsold for as long as my two children wish to keep it. What is the Capital Gains situation as they both own their own houses?

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Hi probate is the process of your executor gaining the authority to act on your estate. It will depend on how quickly they get their finger out to do all the paperwork. Are your children going to be the executors? If so it'selling the house was ill depend depend on how qu icily they want to realise the money. Not much point in them sharing an empty house if they both already have homes. They'll need to probably pay council tax and insurance and utilities etc.
Probate doesn't usually take long- in my experience only 4-6 weeks from start to finish provided the forms are filled in correctly and it's below the IHT threshold, but if you want to delay it or drag it out for a year or so I don't see a problem except that without it other aspects may not be able to be progressed- eg closing bank accounts
As FF says if you do not get probate, your executor cannot wind up the rest of your Estate, Bank accounts, any investments etc. The Executor can just have the house transferred into your childrens names giving them time to decide what they want to do with it. CGT will be determined by the value of the house when inherited and what they sell it for, but they will have their annual allowance of £11700 (current tax year.) Any profit over that sum would be taxed.
altho I am not keen on ABers not answering the question and then asnwering something else

I think you should go to a will-writer, tell him what you want, get a will, and er wait
generally you should minimise what you bind your successors to do when you are gone

for the CGT calculation as Ubasses ( my fave ! hi Ubass!) has said, it is the value on the day of your death against the later sale value, - divide between heirs - knock off £11500 or the then CGT allowance and pay tax on the marginal rate of each one ( 18% for lower rate payers and 28% for higher rate) - they will be liable for that - your estate will be liable for IHT if any
I dont see that it is your role to minimise their CGT

[in my case someone said - your heirs are waiting for you to die and then sell everything at a market value loss and geet their hands on the moolah as soon as poss! I very nearly said - how true! how true!]

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