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Probate application
I have just been told that an application for Probate can take 6 months to obtain.
As the Estate only comprises of a jointly owned private residence (which the surviving
spouse now resides) and one investment in shares as well as a joint bank account, surely
a time period of 6 months is excessive?
I have also been told that we must wait 6 months in any event just in case there are any creditors
who have a claim against the Estate, is this correct?
Also could you tell me if the 'wake' as well as the funeral expenses are an allowable deduction
from the Estate when calculating Inheritance Tax.
Many thanks!
As the Estate only comprises of a jointly owned private residence (which the surviving
spouse now resides) and one investment in shares as well as a joint bank account, surely
a time period of 6 months is excessive?
I have also been told that we must wait 6 months in any event just in case there are any creditors
who have a claim against the Estate, is this correct?
Also could you tell me if the 'wake' as well as the funeral expenses are an allowable deduction
from the Estate when calculating Inheritance Tax.
Many thanks!
Answers
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Who told you that? Nonsense.
You can apply for probate as little as 7 days after death. However, to apply for probate you will need a proper valuation of the estate (assets and liabilities) which can take a couple of weeks to obtain from the asset holders/creditors.
You must wait 6 months from the Grant of Probate to distribute in case there is a claim under the Inheritance (Provision for Family and Dependants) Act 1975. If you distribute within this period and there is a claim, the executors can be personally liable.
There is also the 3 month period under the Trustee Act notices (these are normally published in the London Gazette and one local paper saying "if you are a creditor, please come forwards in 3 months"). Legally the execs do not have to do this, but it protects them personally from claims by a creditor (although it does not protect the beneficiaries) who comes forwards after this time if the appropriate notices are place.
In respect of funeral expenses see here http://www.hmrc.gov.u...manual/ihtm10375.htm. However, they must be reasonable according to the deceased's station in life (ie a famous pop star may end up with a more extragavent wake that Mrs Joe Bloggs). HMRCS are unlikely to allow a great lash up though!
You can apply for probate as little as 7 days after death. However, to apply for probate you will need a proper valuation of the estate (assets and liabilities) which can take a couple of weeks to obtain from the asset holders/creditors.
You must wait 6 months from the Grant of Probate to distribute in case there is a claim under the Inheritance (Provision for Family and Dependants) Act 1975. If you distribute within this period and there is a claim, the executors can be personally liable.
There is also the 3 month period under the Trustee Act notices (these are normally published in the London Gazette and one local paper saying "if you are a creditor, please come forwards in 3 months"). Legally the execs do not have to do this, but it protects them personally from claims by a creditor (although it does not protect the beneficiaries) who comes forwards after this time if the appropriate notices are place.
In respect of funeral expenses see here http://www.hmrc.gov.u...manual/ihtm10375.htm. However, they must be reasonable according to the deceased's station in life (ie a famous pop star may end up with a more extragavent wake that Mrs Joe Bloggs). HMRCS are unlikely to allow a great lash up though!
A wake is not deductable. and the cost has to be born by the person organising it. If they then get the costs back is entirely at the discretion of the executor (and possibly benificaries)
I'n not sure about the cost of interment though it could well be taken into account.
However if there is only one house it my not hit the threshold for IHT. Was the spouse joint owner? if so then the likelyhood of IHT being liable falls.
What was the total value of the deceased half of the matrimonial assests?
If you have a claim against the estate then get it in quick and get updates on progress.
I'n not sure about the cost of interment though it could well be taken into account.
However if there is only one house it my not hit the threshold for IHT. Was the spouse joint owner? if so then the likelyhood of IHT being liable falls.
What was the total value of the deceased half of the matrimonial assests?
If you have a claim against the estate then get it in quick and get updates on progress.
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