Probate,IHT and being an Executor.
Discussion
I am an executor for two family members both ladies in their 90's. I can see their health declining and I want to get my knowledge up on what I am going to need to do .
I would like a book , I have seen some on Amazon and it would be great to have a recommendation please.
My preference is a book rather than reading on line . I travel a bit and read when I do . I see some have checklist and help for on line forms etc .
I would like a current 2026 book . Can you recommend please.
I would like a book , I have seen some on Amazon and it would be great to have a recommendation please.
My preference is a book rather than reading on line . I travel a bit and read when I do . I see some have checklist and help for on line forms etc .
I would like a current 2026 book . Can you recommend please.
Have a look at the thread - 'Probate, what should I know'
https://www.pistonheads.com/gassing/topic.asp?h=0&...
I'm currently acting as joint executor of my mums estate following her death last year.
Ideally you want details of their financial affairs, investments, savings, debts etc, or at least know where to obtain this information following their deaths.
We knew mum was terminal, but she didn't, which made things difficult or us and all she would tell us is that her financial paperwork was in a box in her wardrobe, I sneaked it out of her house to look through it at home and listed every investment and bank account etc. When she died we had a good starting point for notifying all the companies that needed to know
For IHT and probate you'll need to know the values of everything on the day she died. When probate is granted and you start cashing things in, you'll then need values for everything again, as some values will have changed/increased. That night mean more IHT is due etc.
My advice is to document everything you find and do - list the values, the dates you noticed the banks etc, the dates that each investment was cashed in and their values etc. You have a duty to settle any debts (from the estate). I posted a death notice in the London Gazette for any creditors to see. Also keep a large box to put in any relevant documents that you start with, and obtain as the process goes on, so you can easily find everything.
https://www.pistonheads.com/gassing/topic.asp?h=0&...
I'm currently acting as joint executor of my mums estate following her death last year.
Ideally you want details of their financial affairs, investments, savings, debts etc, or at least know where to obtain this information following their deaths.
We knew mum was terminal, but she didn't, which made things difficult or us and all she would tell us is that her financial paperwork was in a box in her wardrobe, I sneaked it out of her house to look through it at home and listed every investment and bank account etc. When she died we had a good starting point for notifying all the companies that needed to know
For IHT and probate you'll need to know the values of everything on the day she died. When probate is granted and you start cashing things in, you'll then need values for everything again, as some values will have changed/increased. That night mean more IHT is due etc.
My advice is to document everything you find and do - list the values, the dates you noticed the banks etc, the dates that each investment was cashed in and their values etc. You have a duty to settle any debts (from the estate). I posted a death notice in the London Gazette for any creditors to see. Also keep a large box to put in any relevant documents that you start with, and obtain as the process goes on, so you can easily find everything.
Thanks for taking all the time to write that reply.
I have been following the thread you highlighted,and in good part it made me want a book with a clear to follow path . The thread has very good advice and experience however some contrasting views too. I was hoping for a book by an authenticated expert rather than PH
Thanks again for your detailed reply . I have the full financial position for my mother . She lives in care with Dementia and I administer her affairs through my LPA.
For my wife's mother we are collecting the details day by day and are pretty much there .
I have been following the thread you highlighted,and in good part it made me want a book with a clear to follow path . The thread has very good advice and experience however some contrasting views too. I was hoping for a book by an authenticated expert rather than PH
Thanks again for your detailed reply . I have the full financial position for my mother . She lives in care with Dementia and I administer her affairs through my LPA.
For my wife's mother we are collecting the details day by day and are pretty much there .
Edited by cliffords on Wednesday 5th August 18:54
Do the ladies have valid wills? Are they registered on the national database? Can you expect non-beneficiaries to crawl out of the woodwork to lay a claim
As the ladies are widows, then do you have access to their husbands' wills and estate accounts, to understand if there is any carry over of unused IHT allowances to the ladies, thus helping to offset their own IHT liability. As I understand things (as my late father's executor), IHT needs to be paid before probate can be applied for. Do you therefore have this financial capacity, if applicable
Also as a first approximation, an estate has 3 components: land, money, chattels. It can often be the land component which leads on disposal to a further IHT liability, or to an IHT refund
I can understand your preference to read a book, but the internet may actually be your friend, especially gov.uk about HMRC (IHT), HMCTS (probate) and the local registrars. And in terms of funerals etc, the funeral director will be your friend to advise on due process and registration of death etc
If you are sole executor, you may be lumbered with the responsibility, but you can also opt out
As the ladies are widows, then do you have access to their husbands' wills and estate accounts, to understand if there is any carry over of unused IHT allowances to the ladies, thus helping to offset their own IHT liability. As I understand things (as my late father's executor), IHT needs to be paid before probate can be applied for. Do you therefore have this financial capacity, if applicable
Also as a first approximation, an estate has 3 components: land, money, chattels. It can often be the land component which leads on disposal to a further IHT liability, or to an IHT refund
I can understand your preference to read a book, but the internet may actually be your friend, especially gov.uk about HMRC (IHT), HMCTS (probate) and the local registrars. And in terms of funerals etc, the funeral director will be your friend to advise on due process and registration of death etc
If you are sole executor, you may be lumbered with the responsibility, but you can also opt out
Edited by DB4DM on Wednesday 5th August 19:19
That thread Gauge linked is certainly a good start.
From memory conflicting information was more centred around whether a probate solicitor is needed or not.
Having performed the Executors role 4 or 5 times all with totally different scenarios and estate complexities and quantum’s the answer is still it depends !
If the estate doesn’t attract IHT and tracing all of the necessary accounts is simple then you don’t.
If on the other hand IHT looks like being due and there are complexities then you might do.
A solicitor can be used on a hybrid basis ie you can do the heavy lifting and then their costs are relatively small.
If on the other hand like I found with one royalties are involved then without one , good luck.
As executor you are there to maximise the beneficiaries inheritance.
Being emotional with the task isn’t recommended.
Being methodical is important.
Ensuring you know where the original will is kept / stored is vital.
If as you say you already act / have a good idea of what there is then that gives you a huge head start.
From memory conflicting information was more centred around whether a probate solicitor is needed or not.
Having performed the Executors role 4 or 5 times all with totally different scenarios and estate complexities and quantum’s the answer is still it depends !
If the estate doesn’t attract IHT and tracing all of the necessary accounts is simple then you don’t.
If on the other hand IHT looks like being due and there are complexities then you might do.
A solicitor can be used on a hybrid basis ie you can do the heavy lifting and then their costs are relatively small.
If on the other hand like I found with one royalties are involved then without one , good luck.
As executor you are there to maximise the beneficiaries inheritance.
Being emotional with the task isn’t recommended.
Being methodical is important.
Ensuring you know where the original will is kept / stored is vital.
If as you say you already act / have a good idea of what there is then that gives you a huge head start.
And I agree with alscar's advice above. Diligence, detail and disinterest are the way ahead. I and others have often found when dealing with "institutions" that it is most helpful to talk with their "bereavement teams" who are generally trained in the art, rather than an ordinary enquiry desk
alscar said:
Ensuring you know where the original will is kept / stored is vital.
Good point. I've documented already that my mums original will was stolen in a burglary, and that photocopies aren't recognised. Mum effectively died intestate but thankfully the legal beneficiaries were also the very same people named in her will, but this meant it took about a year to clear probate.NS&I are considered the leat helpful and slowest of organisations to deal with post death, for that reason we opted for mums inheritance tax to be paid from her NS&I investments, which NS&I paid within days, so they can be quick when they want to be!!
Edited by The Gauge on Wednesday 5th August 19:44
IHT400 is a good place to start. You can download it now and start going through it. Everything has to be printed off, signed and posted, so there's no worry about accidentally triggering a process before they've actually died.
As you go through the questions on IHT400, there'll be other related forms you need to download and complete. There will also be questions that you might not have the answer to. I ended up without about 12 other forms for my Mum and her estate was relatively simple.
The one thing that was not obvious was whether my Mum's estate was what they call "exempt excepted" - meaning IHT400 and associated forms are not required. Even though at first glance it looked like it was, as there was no IHT due, on further investigation it actually wasn't as in order to be under the IHT threshold I needed to transfer the unused allowances from my Dad.
If there is IHT to pay, then that's the time to consider outside help. I believe that there are 4 basics options to pay it:
Use your or other beneficiaries own money
Access some money within the estate (specific rules apply)
Borrow the money via an Executors loan (20% APR currently)
Negotiate with HMRC
At least if you've completed IHT400 and all of the associated forms, you should know how much money you're talking about and you should also have an idea of how long it will take to liquidate enough of the estate to repay any loans.
Once you've successfully completed IHT400 and received the code back from HMRC, the rest of the probate process is relatively straightforward. Things like multiple executors can complicate things, particularly if any of them are still alive but lack the mental capacity to act.
Go through IHT400 methodically and slowly. When you get to something new or you're not sure about, download the relevant form (if necessary) and then go away and research that topic. Collect relevant paperwork and evidence as you go. Take 2 or 3 complete runs through, as your understanding increases, you might change answers which then sends you down a different path. Eventually you'll be in a position where you're comfortable with the whole thing. It shouldn't be as daunting as it might sound from reading the above and it's extremely satisfying when you've got your head around it all.
When it comes to time to do it all for real, the HMRC helpline are really very helpful. Apparently, just after lunch is the best time to call them.
As you go through the questions on IHT400, there'll be other related forms you need to download and complete. There will also be questions that you might not have the answer to. I ended up without about 12 other forms for my Mum and her estate was relatively simple.
The one thing that was not obvious was whether my Mum's estate was what they call "exempt excepted" - meaning IHT400 and associated forms are not required. Even though at first glance it looked like it was, as there was no IHT due, on further investigation it actually wasn't as in order to be under the IHT threshold I needed to transfer the unused allowances from my Dad.
If there is IHT to pay, then that's the time to consider outside help. I believe that there are 4 basics options to pay it:
Use your or other beneficiaries own money
Access some money within the estate (specific rules apply)
Borrow the money via an Executors loan (20% APR currently)
Negotiate with HMRC
At least if you've completed IHT400 and all of the associated forms, you should know how much money you're talking about and you should also have an idea of how long it will take to liquidate enough of the estate to repay any loans.
Once you've successfully completed IHT400 and received the code back from HMRC, the rest of the probate process is relatively straightforward. Things like multiple executors can complicate things, particularly if any of them are still alive but lack the mental capacity to act.
Go through IHT400 methodically and slowly. When you get to something new or you're not sure about, download the relevant form (if necessary) and then go away and research that topic. Collect relevant paperwork and evidence as you go. Take 2 or 3 complete runs through, as your understanding increases, you might change answers which then sends you down a different path. Eventually you'll be in a position where you're comfortable with the whole thing. It shouldn't be as daunting as it might sound from reading the above and it's extremely satisfying when you've got your head around it all.
When it comes to time to do it all for real, the HMRC helpline are really very helpful. Apparently, just after lunch is the best time to call them.
Thanks for that very helpful reply , much appreciated.
I have had a brief look at the main document you have referenced, I will get into it more now.
I have one question, you mentioned sending it all off in the post , on first glance it looked like an on line application. Have I misunderstood that part ?
I have had a brief look at the main document you have referenced, I will get into it more now.
I have one question, you mentioned sending it all off in the post , on first glance it looked like an on line application. Have I misunderstood that part ?
cliffords said:
Thanks for that very helpful reply , much appreciated.
I have had a brief look at the main document you have referenced, I will get into it more now.
I have one question, you mentioned sending it all off in the post , on first glance it looked like an on line application. Have I misunderstood that part ?
I agree, it does look like an online application, but it isn't. You have to print everything off, sign it and post it.I have had a brief look at the main document you have referenced, I will get into it more now.
I have one question, you mentioned sending it all off in the post , on first glance it looked like an on line application. Have I misunderstood that part ?
It's just as well really, because one of the forms is broken and doesn't work. I phoned the helpline, and the chap told me to just complete the rest of the form in pen
I've gone through the process a few times, most notably with my father in law and his quite complicated estate.
In short (and if already mentioned) POA and wills to start with.
Bookmark the following forum, probably the best out there on the subject.
Deaths, funerals & probate
https://forums.moneysavingexpert.com/categories/de...
In short (and if already mentioned) POA and wills to start with.
Bookmark the following forum, probably the best out there on the subject.
Deaths, funerals & probate
https://forums.moneysavingexpert.com/categories/de...
DB4DM said:
And I agree with alscar's advice above. Diligence, detail and disinterest are the way ahead. I and others have often found when dealing with "institutions" that it is most helpful to talk with their "bereavement teams" who are generally trained in the art, rather than an ordinary enquiry desk
Yes using the bereavement teams contact is another good bit of advice.Unless it happens to be the Investec team who get the award for actually making the situation worse for my FIL.
cliffords said:
Thanks all yes I have Wills and LPA on both .
My original request was a book recommendation but perhaps that's not a starter.
Appreciate the links etc provided
There is I believe a book entitled something like Executorship in plain English which is quite short as opposed to some books ( largely written by American authors it seems ) which aren't and are also far more expensive.My original request was a book recommendation but perhaps that's not a starter.
Appreciate the links etc provided
Tbh I don't think you will go too far wrong with the first as you say you want one because its all in one place.
That said the thought of being an Executor and handling the estate is far worse than reality.
Bit like being the Attorney for someone using the LPA -I found the fist time it was the thought of what I might have to do wasn't matched by the reality.
cliffords said:
Thanks for that very helpful reply , much appreciated.
I have had a brief look at the main document you have referenced, I will get into it more now.
I have one question, you mentioned sending it all off in the post , on first glance it looked like an on line application. Have I misunderstood that part ?
You can apply for probate online. But IHT400 is a paper form.I have had a brief look at the main document you have referenced, I will get into it more now.
I have one question, you mentioned sending it all off in the post , on first glance it looked like an on line application. Have I misunderstood that part ?
I also got caught out with thinking I didn't need IHT400 for my dad's estate because there was no tax due. Turns out I needed it in order to claim RNRB. Basically if the estate is over 325k you will need to fill in IHT400.
OP it is good you are planning ahead. If you can start getting their finances etc into place before they go it really helps the process.
Get rid of any unnecessary bank accounts and credit cards. Sell/dispose of any silly investments they have, small share holdings, small premium bonds etc, try and find out exactly what they have whilst they can still tell you. Try and get bills etc transferred to you so you can take control of them, phone, energy , council tax etc, get it all under your control.
Will make things a lot easier going forward and when the time comes.
Get rid of any unnecessary bank accounts and credit cards. Sell/dispose of any silly investments they have, small share holdings, small premium bonds etc, try and find out exactly what they have whilst they can still tell you. Try and get bills etc transferred to you so you can take control of them, phone, energy , council tax etc, get it all under your control.
Will make things a lot easier going forward and when the time comes.
megaphone said:
OP it is good you are planning ahead. If you can start getting their finances etc into place before they go it really helps the process.
Get rid of any unnecessary bank accounts and credit cards. Sell/dispose of any silly investments they have, small share holdings, small premium bonds etc, try and find out exactly what they have whilst they can still tell you. Try and get bills etc transferred to you so you can take control of them, phone, energy , council tax etc, get it all under your control.
Will make things a lot easier going forward and when the time comes.
Some of those are points excellently made but just remember as Attorney you always have to act in their best interest's.Get rid of any unnecessary bank accounts and credit cards. Sell/dispose of any silly investments they have, small share holdings, small premium bonds etc, try and find out exactly what they have whilst they can still tell you. Try and get bills etc transferred to you so you can take control of them, phone, energy , council tax etc, get it all under your control.
Will make things a lot easier going forward and when the time comes.
Making life purely easier for yourself isn't that.
But trying to coincide it all so that firstly they are "happy " and secondly you are too is fine !
Some organisation's are also seemingly easier to deal with post death than alive - NSI I'm looking at you for this one.
It also is worth making the point that not always are the Attorney and the Executor one and the same.
I’m my mother’s final year of life she made use of her annual £3k gift allowance by sharing that between her 3 children. She then did it again to make use of the previous years unused allowance, and again when the new financial year arrived.
So in the space of a month she made £9k of gifts to us. Which was nice.
So in the space of a month she made £9k of gifts to us. Which was nice.
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