Probate

A

Allen

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My father-in-law left everything, including the principal private residence which was in his name only, to his wife. The solicitor handling probate has asked for a valuation of the house, which is still my mother-in-law’s PPR. Why would this be necessary, as I understood that there would be no tax on inheritances by spouses on death?
 
Possibly he'll be using that value to calculate his fees as a percentage of the inheritance value? look at other threads here regarding probate fees.
 
Two points:

1. Regardless of whether or not there is inheritance tax, a return must be made to revenue if you are going to take out probate, and this involves declaring a property value. In such circumstances, Revenue will not usually ask to see a professional valuation, so if the widow wants to simply value the asset herself, that would probably be adequate for probate (I make no comment on whether this would be wise - just that it is feasible)

2. The first question the widow should address is whether in fact she needs to take out probate. As regards the house, if she has no plans to sell or mortgage it, it can sit perfectly well in her husband's name until she dies, and the next generation can then take out probate\administration of the estate.
 
Allen, I've a form from the Probate Office on which they state: 'We require a reasonable estimate of the value of the property at the date of death of the deceased. If there is a long lapse of time between the date of death and the application for Probate, we may also need an estimate of the current value of the property'. So to take out probate you need to give them a reasonable estimate of the property's value.
 
An overseas friend was left the estate of her deceased brother, there was a clear will. There is a property plus some significant savings.
The probate process is currently taking place. At start of probate process the solicitor advised that the property could already be put on the market, as he expected that the probate process completion would be in same timeline as Sale completion.
This week a Sale was agreed, but the probate will take another 2 months.

The property is mortgage free.
However, the bank seems to still have the deeds of the house and is now refusing to release them until the probate is completed.
This could potentially obstruct this Sale Agreed timeline, and the solicitor is threatening the bank with law suit if they don't release the deeds this week.
Does anybody have any idea if the bank could be in it's rights to hold the deeds ? The solicitor says he's never heard of such an action by the bank.

And, chancing my arm here, does a non-resident also have to pay full inheritance tax ?
Thanks
 
Mmmm, what does it matter who holds the deeds until probate is granted since the sale cannot be completed until then anyway? I would think the bank are within their rights and obligations to hold the deeds until a grant is extracted but as I said, it doesnt really matter anyway.

As the estate consists of real property ( a house), then yes, the beneficiary will have to pay inheritance tax if applicable in this country and also possibly where they are resident if applicable.
 
Thanks Vanilla, only picked up your answer just now. It's appreciated.
 
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