Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Chat

Join the discussion and chat with other Mumsnetters about everyday life, relationships and parenting.

Who pays the fees for probate in these circumstances?

2 replies

namechange50482 · 30/10/2023 16:04

Would the executor of the will be liable in these circumstances?
Discussing with a friend who is worried as her mother is currently unwell. Her mother has her own house, however, she took out equity on the house so the chance of there being much money left from it is already minimal. However she has also found out recently she is on a debt management plan so must all owe a lot to that too.
Friend is already struggling to make ends meet. I believe funeral cost can come from the estate first? But does anyone know about estate agent/solicitor etc as it will be on her to sell the house for the equity company. Can she refuse to be the executor if it means she would have to pay as quote simply she doesn't have the money. She is an only child. TIA

OP posts:
amicissimma · 30/10/2023 16:42

All costs, funeral, legal fees, probate costs, tax etc are taken from the estate before any remaining money goes to whoever inherits.

No one has to be an executor. A lot of people find it easier to appoint a solicitor to do it.

Edited to add:

Inheritance tax has to be paid within 6 months of the death. If it isn't, HMRC charge interest. If probate hasn't come through banks will often lend against the inheritance so that the executor isn't out of pocket. But there is no inheritance tax on estates under £325,000. If the deceased's only home is going to a direct descendent, that figure can be higher.

Google will come up with the gov.uk website on the subject and a variety of others, of varying helpfulness, written by lawyers etc.

namechange50482 · 30/10/2023 16:45

amicissimma · 30/10/2023 16:42

All costs, funeral, legal fees, probate costs, tax etc are taken from the estate before any remaining money goes to whoever inherits.

No one has to be an executor. A lot of people find it easier to appoint a solicitor to do it.

Edited to add:

Inheritance tax has to be paid within 6 months of the death. If it isn't, HMRC charge interest. If probate hasn't come through banks will often lend against the inheritance so that the executor isn't out of pocket. But there is no inheritance tax on estates under £325,000. If the deceased's only home is going to a direct descendent, that figure can be higher.

Google will come up with the gov.uk website on the subject and a variety of others, of varying helpfulness, written by lawyers etc.

Edited

Thank you @amicissimma

OP posts:
New posts on this thread. Refresh page
Swipe left for the next trending thread