NS&I and Probate
Discussion
My father passed away recently, I was hoping someone could give me advice on sorting out his national savings.
The will is very straightforward, he left everything to my Mum with me and my brother as executors. We've pretty much sorted everything out now with regards to financial affairs apart from NS&I. He has a significant amount in there and they are insisting on us going through probate.
They are the only organisation who have asked for this, I didn't think any of that process was necessary if everything was going to the surviving spouse. I'd rather not have to do it as the form is massive.
Is it necessary or have they got the wrong end of the stick?
If it is necessary do I have to give exact values of the estate or will best guesses do? The value would be less than the inheritance tax threshold even if any needed to be paid, which I believe it doesn't.
Thanks for any advice
The will is very straightforward, he left everything to my Mum with me and my brother as executors. We've pretty much sorted everything out now with regards to financial affairs apart from NS&I. He has a significant amount in there and they are insisting on us going through probate.
They are the only organisation who have asked for this, I didn't think any of that process was necessary if everything was going to the surviving spouse. I'd rather not have to do it as the form is massive.
Is it necessary or have they got the wrong end of the stick?
If it is necessary do I have to give exact values of the estate or will best guesses do? The value would be less than the inheritance tax threshold even if any needed to be paid, which I believe it doesn't.
Thanks for any advice
Probate certs are often going to be needed by stuff like banks etc, so it isn't that unusual.
There two main groups of probate forms, the easy one if you are going to be under IHT thresholds which is just like a sworn statement that there isn't much. The one where IHT is payable is a lot more involved obviously.
Best guesses are allowed, for stuff like a house, just look up similar houses selling in the area, and for the rest of the house stuff, you can take the household insurance amount and add on anything else, cars or bigger stuff etc.
There will need to be an interview too, and then you'll get everything rubber stamped and free for the executor to distribute.
https://www.gov.uk/wills-probate-inheritance/apply...
That's where to get the probate form and the IHT forms, and it's £215 + something like 50p for each extra copy.
edit- two main groups of IHT forms, and one probate form, but they all get sent off together.
There two main groups of probate forms, the easy one if you are going to be under IHT thresholds which is just like a sworn statement that there isn't much. The one where IHT is payable is a lot more involved obviously.
Best guesses are allowed, for stuff like a house, just look up similar houses selling in the area, and for the rest of the house stuff, you can take the household insurance amount and add on anything else, cars or bigger stuff etc.
There will need to be an interview too, and then you'll get everything rubber stamped and free for the executor to distribute.
https://www.gov.uk/wills-probate-inheritance/apply...
That's where to get the probate form and the IHT forms, and it's £215 + something like 50p for each extra copy.
edit- two main groups of IHT forms, and one probate form, but they all get sent off together.
matt666 said:
They are the only organisation who have asked for this, I didn't think any of that process was necessary if everything was going to the surviving spouse. I'd rather not have to do it as the form is massive.
Sorry for your loss.I'm going through something similar but it's in Scotland. Do you mind if I ask what the other banks etc did - did you just present them with the will and death certificate and then they transferred the funds to your mother (or removed your fathers name from their joint accounts/bonds etc)?
If probate is anything like the Scottish equivalent then yes it is a pain in the arse - like you I am dealing with a situation where everything is going to the surviving spouse yet the form filling still has to be done. And only after the courts issue the certificates can funds be released.
Anything in joint accounts automatically goes to the surviving spouse. If your Father had savings in NS&I in his sole name then you will have to go through probate and obtain a grant and a mighty fine PITA it is as well. You could just pay a solicitor to do it all for you but that will end up costing the thick end of £1k even for a simple activity.
Having said that, I found that once I had the grant (I have just finished off Executor activities for my Mum's Will) then NS&I were straightforward and quick - electronic transfer into the Executor account within days.
Having said that, I found that once I had the grant (I have just finished off Executor activities for my Mum's Will) then NS&I were straightforward and quick - electronic transfer into the Executor account within days.
Thanks for the replies. Looks like we'll have to go through probate then, what a pain.
There's a bit more than a fiver in NS&I otherwise I'd have told them to shove it!
BlackLabel said:
Sorry for your loss.
I'm going through something similar but it's in Scotland. Do you mind if I ask what the other banks etc did - did you just present them with the will and death certificate and then they transferred the funds to your mother (or removed your fathers name from their joint accounts/bonds etc)?
If probate is anything like the Scottish equivalent then yes it is a pain in the arse - like you I am dealing with a situation where everything is going to the surviving spouse yet the form filling still has to be done. And only after the courts issue the certificates can funds be released.
The banks have been pretty good, that just took a meeting armed with the death cert and will and the accounts were just transferred over.I'm going through something similar but it's in Scotland. Do you mind if I ask what the other banks etc did - did you just present them with the will and death certificate and then they transferred the funds to your mother (or removed your fathers name from their joint accounts/bonds etc)?
If probate is anything like the Scottish equivalent then yes it is a pain in the arse - like you I am dealing with a situation where everything is going to the surviving spouse yet the form filling still has to be done. And only after the courts issue the certificates can funds be released.
There's a bit more than a fiver in NS&I otherwise I'd have told them to shove it!
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