Dealing with a dead person's estate. Some quesions.
Discussion
BlackLabel said:
matchmaker said:
The latter. You would ask the Sheriff Clerk for certificates of confirmation for each item. You then send the certificates to the company (via a stockbroker if necessary) to either encash the shares or transfer then to the name of the beneficiary.
You couldn't do that if all the shares were lumped together.
Many thanks, you've been very helpful.You couldn't do that if all the shares were lumped together.
One last question - would the same apply to different bank accounts at the same bank? For example would 4 certificates of confirmation be needed if there were 4 fixed term savings accounts at bank X?
And finally (I promise), what happens if a savings certificate turns up X months after confirmation has been granted and this was not on the initial inventory - do we need to re-apply for this one item?
Some of you are probably shouting ffs seek legal help however the wife took very little interest in the financial affairs (apart from signing documents) of the family and whilst almost everything is in joint names she doesn't seem to know exactly what they had savings wise. Every time I go over to the house another file pops up with an additional savings account at a bank. Nonetheless, lots of progress is being made with the inventory.
And the widow is still 'not ready' (fair enough we all grieve differently) to have meetings with accountants, banks etc so even if we did go down the legal route she would not meet them yet and they would not discuss the specifics with me as I'm not the executor.
Anyway I promised I'd help so I'll follow through with it.
If something turns up later you don't have to put in an amended inventory form with the item added. You put in an "Eik" to the original application which contains only the new item.
http://www.scotlandspeople.gov.uk/Content/FAQs/Que...
matchmaker said:
Ideally, you'd itemise the items separately.
If something turns up later you don't have to put in an amended inventory form with the item added. You put in an "Eik" to the original application which contains only the new item.
http://www.scotlandspeople.gov.uk/Content/FAQs/Que...
Really? This suggests you are incorrect - http://www.hmrc.gov.uk/manuals/ihtmanual/IHTM05092...If something turns up later you don't have to put in an amended inventory form with the item added. You put in an "Eik" to the original application which contains only the new item.
http://www.scotlandspeople.gov.uk/Content/FAQs/Que...
This is the form on which addition(s) are notified - https://www.gov.uk/government/uploads/system/uploa...
If the estate is excepted the form should be sent to the Sheriff Clerk: if not then to HMRC.
Obviously care will be needed if the additional item(s) mean that the estate not longer qualifies for exception.
No form: no Eik.
Thanks for the helpful comments chaps.
This is quite a simple case (100% to wife + he left a will) - I'd hate to imagine the paperwork involved when there are multiple beneficiaries, IHT due or if there are debts etc or worse still when people are fighting over assets and contesting a will.
It must also be a nightmare when someone loses a loved one and is in desperate need for the money asap (a mother, with a young family perhaps, who has lost a husband) because the process can be quite time consuming.
This is quite a simple case (100% to wife + he left a will) - I'd hate to imagine the paperwork involved when there are multiple beneficiaries, IHT due or if there are debts etc or worse still when people are fighting over assets and contesting a will.
It must also be a nightmare when someone loses a loved one and is in desperate need for the money asap (a mother, with a young family perhaps, who has lost a husband) because the process can be quite time consuming.
Red Devil said:
matchmaker said:
Ideally, you'd itemise the items separately.
If something turns up later you don't have to put in an amended inventory form with the item added. You put in an "Eik" to the original application which contains only the new item.
http://www.scotlandspeople.gov.uk/Content/FAQs/Que...
Really? This suggests you are incorrect - http://www.hmrc.gov.uk/manuals/ihtmanual/IHTM05092...If something turns up later you don't have to put in an amended inventory form with the item added. You put in an "Eik" to the original application which contains only the new item.
http://www.scotlandspeople.gov.uk/Content/FAQs/Que...
This is the form on which addition(s) are notified - https://www.gov.uk/government/uploads/system/uploa...
If the estate is excepted the form should be sent to the Sheriff Clerk: if not then to HMRC.
Obviously care will be needed if the additional item(s) mean that the estate not longer qualifies for exception.
No form: no Eik.
Gassing Station | Speed, Plod & the Law | Top of Page | What's New | My Stuff