Pretty sure, I have her locked and chained in the cellar
The £1m is what it will finally be. It’s going up in stages each year until 20/21. You currently have £650k. I think it’s an extra £200k from April 17, then 50k increase each year (up to the 350k in 2021). The extra is only applicable to offset against the main residence (im not quite sure how the maths for that bit works in practice).
In terms of probate make sure you have all the original share certificates and recent valuations filed away so your daughter doesn’t have to request them from the issuer. Share data can be quite a pain to gather, particularly obtaining recent valuations.
I just saw this thread as I was about to post my own. Some good answers here and they go a fair way to answering my own questions but this is my own story…
My mother passed away a week ago and since my dad died of dementia complications six years ago, my sister took on Power of Attourney to look after my mum’s accounts, money from the sale of the house etc as she herself succumbed to dementia also and was placed into a care home.
So the “P of A”, which is controlled by the Court of Protection, then gave my sister a cheque book to cover any expenses plus my mum’s pension and we were asked for twice-annual updates of spending etc.
Like susanm above, I was under the impression that when my mum died, the money left in the account could be split equally for my sister and myself taking into account other bits and bobs detailed in the will. But my sister now says that the bank has frozen the account and it needs to go to probate.
Why is this, how long will it all take to get sorted? Does the tx man take anything (the account is worth approx. 90k.)
I’m asking for advice mainly so I know what I’m going to be talking about when I have a meeting with the bank later this week.
Many thanks 
Sorry to hear that Floydy…best wishes mate.
Rehab…have you thought of gifting your house to your daughter?
Sorry for your Loss Floyd
We left it to our solicitor to do Probate , i think it took something like 4 weeks , I dont think the tax man will take anything , you are allowed so much inheritence , ours was a property to the value of £130K we had nothing to pay on that .
Sorry to hear about you dear Mother, Floydy.
x
Thanks bud:cool:
Very true, Eliza, and thanks. I’m coming to think that as long as there is a death certificate, the bank shouldn’t even be involved. It should be sorted by the Court of protection.
Thank you, Apricot:-)
Sorry for your loss, Floydy.
Sorry to here about your Mum Floydy .
Accounts are always frozen until probate is passed .
It’s no big deal you just have to take the will and swear it’s true and pay £215 for them to put the official approval on it.
Then they send you the certificate of probate -best to get several copies .
Warning !!
Horrible increases to probate to come in May
Disgraceful!
Thanks Muddy, appreciated:)
Then when I get the certificate of probate…what happens next?
You take the certificate of probate to the bank or BS and show them it and they will take a photocopy ( but best to get several copies anyway in case they want to keep them) after that they will release the fund to you.
When someone’s dies all this information is given to you when you register the death.
Sorry to hear about mum Floydy .
Can I ask another question please , we have some experienced folk here .
Do you think it’s worth adding my daughter and or son as a signature on my bank account while I’m still alive n kicking . I’d trust both implicitly , it’s just that when I leave the planet it may help them to be able to get some money to oversee any expenses incurred . ?
Your thoughts please
Mum did that with me, Susan. So when she died, as I was a joint account holder (and I was Executor) I behaved as if it was my money!
Thanks Jazzi , I think I’ll do this . I’ve spoken to my two and told them my will will go to probate and they will have to pay for other expenses . I just want to make it easy for them
Mostly sorted now after my appointment with the bank this morning. A solicitor is next on the agenda and then the probate can be passed through. Time will depend on their workload and then we should receive our inheritance.
Get a Lasting Power of Attorney…far better and legally secure.
It means you(the LPA holder) can make decisions and/or speak to people on their behalf without all the trouble of navigating the data protection act.
Probate is mentioned in this article .
It’s true probate is going up a tax steal by the government .
The government have now scrapped this proposed increase ( robbery ) in probate fees prior to the election .
Yes, good job too. Mine has just gone through.