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Ask Clare Your Own Question
Clare
Clare, Family Solicitor
Category: UK Family Law
Satisfied Customers: 33820
Experience:  25 years experience of all aspects of family law
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I am an executor on my late father's estate. It looks like

Customer Question

I am an executor on my late father's estate. It looks like there maybe a bank account that was left out before probate granted and assets were distributed to be held in Trust for my mother's benefit. What needs to be done? Do we need to reapply or can the money just go straight to beneficiaries? There is no inheritance tax to pay.
Submitted: 1 year ago.
Category: UK Family Law
Customer: replied 1 year ago.
This is around £300,000 - currently in a US bank account. Can this account simply be closed by our solicitor and money paid into the Trust account which my mother benefits from the income from as per my fathers Will? Or do the probate office/ formal estate accounts and size need to be updated first? When she passes away I am the beneficiary (I'm an only child).
Expert:  Clare replied 1 year ago.

Hi

Thank you for your question

My name is ***** ***** I shall do my best to help you.

How did the funds come to be overlooked?

Clare

Customer: replied 1 year ago.
The Executors are myself, my mother and a partner at the firm of solicitors we used to draft the Will (also undertaking the probate admin). Solicitor was asked to do a full international search as we were unsure of what assets my deceased father had at the start just after dad passed away. This money was not picked up for some reason. My mother has lately found the bank account paperwork for this money but this is after we have been granted probate etc.
Expert:  Clare replied 1 year ago.

How much does a two bedroom property in the same general area cost to buy

Customer: replied 1 year ago.
Anything from £200,000 to £1,000,000.
Customer: replied 1 year ago.
Do we need to update the probate office or any other paperwork concerning my fathers estate now that the value has changed? There is no inheritance tax due. Money will be paid into a life interest trust for my mother.
Expert:  Clare replied 1 year ago.

HI

Yes you do still need to notify the HMRC about the increase in the estate even though there is no IHT to pay.

All that is required is filing a Corrective Account

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/371960/c4_2.pdf

I hope that this is of assistance - please ask if you need further details

Clare

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