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Ask Michael Holly Your Own Question
Michael Holly
Michael Holly, Solicitor
Category: UK Law
Satisfied Customers: 6812
Experience:  I have 20 years of experience as a solicitor in litigation and other areas
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I am the sole residuary beneficiary of a U.K will but live

Customer Question

I am the sole residuary beneficiary of a U.K will but live in Australia. It has been a protracted affair over 2 years with the lawyer conducting the file recently being removed from that role by the Law Firm's Head of Probate. It was a straightforward estate but I have concerns. The Grant of Probate issued in August states that the net worth of the estate to be 351,000 pounds. I have recently received the estate accounts which shows a discrepancy of 16.000 pounds stating the assets are worth 335,000pounds. Both figures were generated by the dismissed lawyer. Is the amount shown on the Grant of Probate the figure to be believed or is that just a ball park figure?
Submitted: 1 year ago.
Category: UK Law
Customer: replied 1 year ago.
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Expert:  Michael Holly replied 1 year ago.

The figure can change. In order for the grant of probate to issue any anticipated inheritance tax must be paid.

As such the assets in the estate are listed with their estimated value in the tax form that goes to the revenue and any tax paid.

After the grant of probate has issued, assets in the estate can then be sold.

If one or more of the estate assets doe not fetch the estimated price the value of the estate is adjusted and any overpaid tax refunded. The most common asset to be overvalued is a property.

I hope this helps. If there are any further points please reply and I will be happy to respond.

Best wishes

Michael