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Farm Business
Tenant Farming, Subsidies, BPS & Legal Issues
How to set about applying for Probate
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<blockquote data-quote="An Gof" data-source="post: 6074932" data-attributes="member: 300"><p>Depending on the estate and number of investments mum had this can be quite challenging. </p><p>It is also an opportunity to rack up some high fees. When father died I contacted the family firm of solicitors and our accountants. Solicitors would just give hourly charges and an estimate of time. Managed to get accountant who knew all about fathers investments tied up on a fixed price deal for the job. What a good job I went with them!!</p><p></p><p>It can take some time and you will have to complete the IHT details before you can apply for probate. Another good reason in my opinion to use the accountant. </p><p>Be prepared for a shock. If there is IHT to pay on mums estate YOU as executor wil</p><p>Have to pay this BEFORE you apply for probate. That can be a big problem if there is a large liability especially if you don’t have the money yet!!</p><p>Also be aware that you only get 6 months to settle it. If calculating the details take a longer interest on the IHT will be charged. </p><p>I am still in process of dealing with both my parents. I would not have coped without professional help. My mother, bless her, collected savings accounts and investments as a hobby; it would have been so much easier if all in one place. </p><p>I take it the bank has frozen you mother’s accounta by now. </p><p>Good luck and be prepared for it to take some considerable time.</p></blockquote><p></p>
[QUOTE="An Gof, post: 6074932, member: 300"] Depending on the estate and number of investments mum had this can be quite challenging. It is also an opportunity to rack up some high fees. When father died I contacted the family firm of solicitors and our accountants. Solicitors would just give hourly charges and an estimate of time. Managed to get accountant who knew all about fathers investments tied up on a fixed price deal for the job. What a good job I went with them!! It can take some time and you will have to complete the IHT details before you can apply for probate. Another good reason in my opinion to use the accountant. Be prepared for a shock. If there is IHT to pay on mums estate YOU as executor wil Have to pay this BEFORE you apply for probate. That can be a big problem if there is a large liability especially if you don’t have the money yet!! Also be aware that you only get 6 months to settle it. If calculating the details take a longer interest on the IHT will be charged. I am still in process of dealing with both my parents. I would not have coped without professional help. My mother, bless her, collected savings accounts and investments as a hobby; it would have been so much easier if all in one place. I take it the bank has frozen you mother’s accounta by now. Good luck and be prepared for it to take some considerable time. [/QUOTE]
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How to set about applying for Probate
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