Money found in estate years later

[bond-007]

What happens after an estate has been settled ie grant taken out, debts paid and surplus distributed an amount of money comes into the estate? It was not known about at the time of the grant?

Can it be simply given to the beneficaries?

 

[pat127]

I'm speculating here but if the extra funds push the benificiaries over the inheritance tax thresholds, tax may be owed.

 

[bond-007]

It's a small amount so it won't affect the tax front.

 

[ramble]

You need to file a corrective affidavit with the revenue commissioners, then with probate office to pay extra fees if any. Then the money is administered as if it had been received at the time the grant was taken out

 

[bond-007]

Will this involve an another interview in the probate office?

 

[ramble]

Download the corrective affidavit from the revenue website, executor/adminsitrator fills it in, get it sworn, post with copy to revenue. When it comes back check the probate office website to see if the additional money will result in more fees. Phone the probate office to see if they will take the affidavit and cheque by post, I think they will but I'm not 100% sure. Chances are there wont be any more fees to be paid, so you just need to send them the affidavit so they can note it. I don't see any problem with collecting and distributing the money while waiting for the paper work to go back and forward

 

[bond-007]

Thanks very much for the advice.