This forum is so full of knowledgeable, experienced and helpful people that I find myself, yet again, asking for some advice...
My father passed away last Monday and left a will declaring my mum as executor. She has had very little to do with the household finances and has asked me to handle things. My sister is also helping, but she's up the wall with a house move. We're a close family and are in constant communication, so I envisage no disagreements.
The will states everything goes to my mum, apart from the house. From discussions I had with my dad before his death and reading his will, his half has gone into trust for me and my sister (I believe this was a way to protect half of the property from care home fees). It's written in the will that my mum can live there as long as she wants; not that we would ever even consider, never mind ask, that she sell-up so we get access to money.
The house is worth in the region of £220k and mortgage free.
He had a car, worth about £7k, (no finance) but my mum can't drive and after a few family discussions, my mum will probably pass this over to my sister (I have no issue with this).
My dad had three life insurance policies amounting to £12,500.
He had three pensions, and my mum will be getting a widows pension on these - 50% I think - less than £4k pa.
All his other belongings just pass to my mum.
I'm yet to look at his bank accounts, but understand from my mum they only amount to a few thousand pounds.
All in all, it comes in at under the IHT threshold. So, do I need to apply for a 'grant of probate' if all the people I need to talk to, e.g. bank, insurance, pensions, etc don't ask for it?
My father passed away last Monday and left a will declaring my mum as executor. She has had very little to do with the household finances and has asked me to handle things. My sister is also helping, but she's up the wall with a house move. We're a close family and are in constant communication, so I envisage no disagreements.
The will states everything goes to my mum, apart from the house. From discussions I had with my dad before his death and reading his will, his half has gone into trust for me and my sister (I believe this was a way to protect half of the property from care home fees). It's written in the will that my mum can live there as long as she wants; not that we would ever even consider, never mind ask, that she sell-up so we get access to money.
The house is worth in the region of £220k and mortgage free.
He had a car, worth about £7k, (no finance) but my mum can't drive and after a few family discussions, my mum will probably pass this over to my sister (I have no issue with this).
My dad had three life insurance policies amounting to £12,500.
He had three pensions, and my mum will be getting a widows pension on these - 50% I think - less than £4k pa.
All his other belongings just pass to my mum.
I'm yet to look at his bank accounts, but understand from my mum they only amount to a few thousand pounds.
All in all, it comes in at under the IHT threshold. So, do I need to apply for a 'grant of probate' if all the people I need to talk to, e.g. bank, insurance, pensions, etc don't ask for it?
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