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15-02-18, 10:23 AM | #1 |
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Wills & solicitors
Quick question, do I need to employ a solicitor to distribute my mums estate?
Its cash only, no property or other goods, I'm one of the executors, along with my brother. I'm doing the Probate application, so I don't need one for this, as I know they charge a percentage of the estate. I have Power of Attorney on my mums bank accounts. So do I need a solicitor?
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15-02-18, 10:37 AM | #2 |
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Re: Wills & solicitors
I did my dad's without.
But then I did bend the ear of a legal bod I know.
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15-02-18, 10:39 AM | #3 |
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Re: Wills & solicitors
Think my BIL did too
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15-02-18, 01:05 PM | #4 |
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Re: Wills & solicitors
Once you get probate you don't need POA.
There's a guide some where what you do. We used a 6 month to ensure no one popped out of the woodwork as a beneficiary. You only have a year grace before the tax man want's the interest on anything.
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15-02-18, 01:08 PM | #5 |
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Re: Wills & solicitors
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15-02-18, 02:51 PM | #6 |
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Re: Wills & solicitors
Power of attorney ceases with the person, so while you have to send this with the probate form, it has no leverage now. You don't need a solicitor. Once you have the probate authorization the you might want to post a Section 27 notice in the Gazette but otherwise you are free to approach the bank to release the accounts. Keep good records though! I am going through all this at the moment too, the oath swearing is literally a few minutes. You shold be able to get away with doing the simple tax form by the sounds of it, rather than the full one.
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15-02-18, 03:28 PM | #7 |
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Re: Wills & solicitors
Thanks Johnny that's also helpful to know.
I've done the IHT205 which goes with the probate PA1
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15-02-18, 05:30 PM | #8 |
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Re: Wills & solicitors
Yep that's right. I had to submit IHT400 and a bunch of others but it all came back in less than a month, it was all clear cut despite the may forms in our case. The solicitor where I swore the oath said it would be a week or so after that to get the grant of representation.
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15-02-18, 08:43 PM | #9 |
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Re: Wills & solicitors
law is different in scotland so might vary down south.
is your mu still alive? is your mum in a home? POA only applies if said person is still alive, if your mum is in a home its a sure bet that they will have applied to become POA. if your mum is deceased then i would reccomend that you seek a solicitor/lawyer to deal with the remaining estate. it dont cost as much as you think. my bill after 2 years was only about £400 and that included a house. the bloody estste agents were the robbing barstewards which cost £1000's if there is no house and its only lifting funds from a back account then best seek a lawyer who will do all the hard work and also settle any outstanding debts etc.etc. banks are funny blighters and if its not done by the book they will make your life dificult. as far as i'm aware you can only have one executor to the estate. unless your mums estate is more than £325,000 there is no capital gains or inheritance tax. after £325,000 you pay 40p on every £. my advice is get a lawyer. yes it costs money but its done right. Last edited by Bibio; 15-02-18 at 08:44 PM. |
15-02-18, 08:53 PM | #10 | |
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Re: Wills & solicitors
Quote:
In the UK you can have 2 executors, we we written into the Will No debts Under the IHT threshold I'll ask at my local solicitors what their rate is, and at the company where my mum had her will drawn up. Aside from getting the grant of probate done, there isn't much else to do, but if it's only a couple of hundred quid, then it might be money well spent. Thanks for the advice guys
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