Author Topic: Probate  (Read 302 times)

Offline Westy11

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Probate
« on: Wednesday 29 May 19 13:54 BST (UK) »
Having seen a number of documents that specified the amount ranging from a few hundred to a lot.

Of particular interest are two that I have just seen.  One in 1993 and one for 1994.  Both probate document specify "...not exceeding £125,000."

The family I am following were not, as far as I have been able to determine to date, did not seem to have a significant sum and in fact one's husband was an agricultural labourer in the 1939 register.

On the page of Probates for the period 17 specify "...not exceeding £125,000."  Three specify exact amounts.

It seems £125,000 is a particular benchmark used during the specific period.  However what is the minimum amount? 

It seems there must have been some change to the process resulting in the standard "...not exceeding £125,000."

Is there anything in particular I can read that can assist me in understanding what seems curious.

Westy



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Offline mazi

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Re: Probate
« Reply #1 on: Wednesday 29 May 19 14:14 BST (UK) »
It is all to do with inheritance tax thresholds, basically it can be difficult to make an exact valuation before you get probate, so this is merely a way of saying that the estate is not going to be liable for inheritance tax.

If an estate is liable for tax then this has to be paid up front, or at least a major part of it, so delaying the grant of probate

Mike

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Offline Westy11

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Re: Probate
« Reply #2 on: Wednesday 29 May 19 14:28 BST (UK) »
Thanks Mike.  Most interesting.

Westy

Offline Familysearch

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Re: Probate
« Reply #3 on: Wednesday 29 May 19 15:23 BST (UK) »
From experience - when my father died in 1991, the majority of funds were held in joint names with Mum (house, current account, savings). I seem to remember that  it was not necessary to obtain probate if the total funds did not exceed a certain amount, There was just one very small savings account in his own name, and the building society insisted they would not pay away funds without probate! (Perhaps I should check the probate registry and see what amount is registered there - certainly no tax/duties were due)

FS

Offline Familysearch

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Re: Probate
« Reply #4 on: Wednesday 29 May 19 15:30 BST (UK) »
…Sorry, almost replying to my own posting here...

The amount declared on my Father's probate is not exceeding £125,000.  Well, the disputed funds - i.e. the amount the building society would not pay out, were nowhere near that! (Even less than £100, which made it more galling considering what we had to pay for probate!)

That does suggest that the amount of £125,000 was the minimum before tax was due - at the time.

Offline Westy11

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Re: Probate
« Reply #5 on: Thursday 30 May 19 10:59 BST (UK) »
Thanks so much for the additional information.  Your response reminded me that in Australia death duties were implemented around 1914 and that the legislation was abolished in 1979.

No matter which way I look at it death duties seems to be double dipping  at its worst. But I concede I may be missing some vital part of the debate.

Westy