Afternoon,
My Mother & Father lived together and Dad died in 20` Mum lived on her own for a while and then came to live with us, we sold her house 275,000 and repaid 132,000 to the Nat West for equity release taken out in 08`
We had to put Mum into a home due to dementia & Altzeimers and she died in April this year. I am her son and had LPOA for her on health & finance. I am the executor on the will along with my Brother and everything is 50/50 between us.
There’s about 86,000 left in her account after paying for the funeral etc. No probs with brother or myself, do I need to go down the probate route or as this is an an Excepted Estate, can I just divide with my brother as I have access to her account, your thoughts, thank you.
Hi and thank you for reaching out. So sorry for your loss.
Almost certainly yes, you will probably have to apply for probate. The answer to that question lays with the ‘asset holder’ and what they will require to release the money. It sounds like things are simple and there is just one bank account? When you register your mum’s death with them (if you havent already), simply ask them whether they will require probate or not. They will tell you exactly what they need.
I am assuming that there have been no lifetime gifts of note in the 7 years prior to your Mum’s passing? This might change things if they were of particular value. These are called potentially exempt transfers (PET).
If they do need probate, and you would rather have someone do it for you, we offer a fixed fee for estates of this value of just £950 (+VAT). For that, we would do everything for you and your brother as executors of the estate to obtain the grant of probate.
Hope this all helps, and thank you again for reaching out.
