Probate anyone applied themselves?

Thank you for your advice too, GSM. There is something odd here. The major beneficiary insists that probate has not been granted but I have just checked on the gov.uk probate search service and it was granted in January. I was worried for the people buying the house as they haved incurred expenses for a survey but with probate granted hopefully the conveyancing will go smoothly for them.

Apologies, meant if the amount of the debts exceeds the value of the assets walk away ...

You can walk away utterbliss. Whoever told you that you couldn't is wrong, trust me.
My advice to you is to get a piece of paper and write down all the debts. Then write down the value of all the assets - what an estate agent advises the property can be sold for in its present condition once cleared (you are not under any obligation to instruct the estate agent to sell it and don't be embarrassed by the state it's in now, you're not responsible for that), car, anything in bank accounts or investments. Add them up. Include the ongoing utility bills. If the value of the assets exceeds the debts (bearing in mind that the interest on the equity release and car loan will continue to mount up) then just walk away. You have no obligation to obtain probate or pay the bills. If there looks like being an excess of assets over debts then ask a local solicitor what they would charge to obtain probate and sell the house. If there's likely to be little or nothing left, walk away. The equity release company will have power to sell the property. My only concern is fr you having to deal direct with people wanting money and maybe becoming threatening. You are not the executor until probate has been granted and have no liability for the debts. Even when probate has been granted you are only liable to the extent that the estate can meet the debts after any inheritance tax has been paid. Please don't feel under any personal obligation to deal with this mess. If it looks as though there won't be much, if anything, left then leave the equity release company to administer the estate - there is a process for this. After all debts have been paid you will receive what may be left. You do not have to clear up this mess by yourself.

We’ve just done probate for mil. It was all done on line. She died in Sep 2021 and probate granted Apr 2022. We had sold her house 4yrs ago to pay care home fees so no property involved. Good luck as yours sounds more complex.

well then, i would say that you certainly need to hand it all over to a solicitor to deal with.
don't waste any more of your time, money, emotional energy. it will grind you down.
all the best.

Wellbeck, I have been told as an Executor I am not allowed to simply walk away.

GSM. Thank you for your knowledgeable words of expericence.

OP, you say you are the only beneficiary and there are lots of creditors.
are you sure that there will be anything for you to actually inherit at the end of it all.
if not, why bother ?
i also agree, you need to get a solicitor to deal with it. the strain on you is not worth it, and possible financial penalties through delay.
the solicitor is paid out of the estate.
don't wear yourself down with trying to sort it all out.
what would happen if you walk away.
are you expecting an inheritance.

Hello Chewbacca, That is correct, but I think I have to pay upfront and then claim from the estate.

Solicitor's and Estate Agent's fees would drain away anything that might be left after paying all the debts.

I have already run up a large telephone bill while having to hang on to get through to the various call centres

One person I spoke to after I had explained I was the Executor actually asked to speak to Mr ---- . I said I have just told you he has died. no apology was given.

The legal fees would be paid out of the estate. You won’t have to pay money upfront to a solicitor for dealing with this. But first do make sure that the estate is going to be solvent! If it isn’t then walk away. The equity release company can tell you what is owed on the property, an estate agent can tell you what the property is likely to sell for and you already know that the car loan by far exceeds the value of the car. Are there other debts? You need all this information as soon as possible.

As regards selling the property yourself OP, this is going to be extremely difficult with the equity release mortgage to be repaid on completion. A seller’s solicitor gives an undertaking to a buyer’s solicitor to pay off the mortgage out of the proceeds of sale. Your own undertaking to do this as a lay person would not be accepted. I really can’t over emphasise that a solicitor should be dealing with this estate, assuming it is solvent. Every day that you wonder what to do, delay finding out what the estate is worth and puzzle over forms is costing a lot of money in interest.

OakDryad, people disputing a will can prevent probate being granted and if not settled a dispute can end up in court. The dispute might be as to the validity of the will. Estate agents have no idea how long probate can take and give such false impressions. In the case you mention it’s impossible to comment without knowing all the details. I can only say that anyone believing they have grounds to dispute a will (as to which a solicitor would advise) would be well advised to lodge a notice with the Probate Registry to prevent probate being granted until the dispute is settled.

Money is very tight so I am forced to try and do it myself

Again, I think, but could be mistaken, that legal fees incurred in getting probate granted wouldn't be paid for by you, but would come out of the estate utterbliss

That was my understanding too so thank you for confirming that GSM.

A friend is named as the major beneficiary of an estate in which the will has been contested by more than one party. The case has been stuck for a year. Do cases where wills are contested have to go to court?

The estate comprises a house, contents, personal possessions and money. Nothing complicated. Recently, the house was put on the market, snapped up in days by buyers who have been assured by the sales agent that they can move in next month but how can the house be sold if parties are still in dispute over the will?

Or is is possible to obtain probate, sell assets and sort out how the estate is distibuted afterwards?

Hello Germanshepherdsmum, Thank you for the information.

Once probate has been granted, I was hoping to sell the flat myself and then pay off the Equity Release company.

Money is very tight so I am forced to try and do it myself.

That’s correct, you can’t sell a property until probate has been granted. Executors often enter into a contract to sell subject to probate being granted by X date, with completion taking place within a stated time after that, but if prices are rising that may not be the best thing to do. This estate really isn’t straightforward and as a retired solicitor I really do recommend that the OP gets a solicitor involved. She will have to instruct a solicitor to sell the property and pay off the equity release mortgage anyway.

I might well be mistaken but I thought that you couldn't sell a property until probate had been concluded? A friend of mine is in a similar position; outstanding equity release mortgage, that's attracting a high daily interest rate until the property is sold, but she can't sell the property until probate is ended and the inheritance tax is paid in full. She's also having to pay council tax, utilities etc on the empty property and just hopes that their will be enough left out of the estate to repay her.

I expect there is a loan agreement amongst all the stuff you have to wade through but ask them to send you a copy. As the executor you are entitled to this and you can’t sort out what the estate amounts to, and therefore what inheritance tax is due, until all the assets and liabilities have been identified.

The finance company telephone me early this morning to say I could pay the amount owing by credit card. That would be impossible for me to do.

They will have to wait until the flat is on the market and is sold.

I have no idea how much interest they are chargeing and would be charged per month.?

Thank everyone for all the information/tips. and good wishes.I am going to make a start.

I wish my understanding of interest % was better.

The car is worth about £8,000 but the debt owing on it is near £15,000.!!!

I haven't ever owned a car costing that much, always tried to live within my means.

I did it in person when my mum died.
I second the post-it notes and making lists but it was straightforward.
I just followed the instructions carefully and called the office if I was uncertain.

Good luck.

Apologies, GSM. I've repeated some of what you have already said. Time lag in thread update.

My advice would be to sell the flat and car asap. Don’t worry that the flat needs work. There’s always someone looking for a project.

Your job is to determine what the assets, real and personal, are worth and what money is owing. Then you can draw up a a statement of assets and liabilities to determine the net value of the estate for probate. Your out of pocket expenses will be a charge on the estate. Check with creditors whether any outstanding debts must still be paid. Some organisations write off debts, some debts might be covered by insurance or some other consumer protection - credit card debts might be.

If it all seems too much, ask a solicitor for an estimate of their charges. They don’t have to do everything, just help you with the parts you are struggling with.

With the interest that is building up on the equity release do you think it would be better to simply clear the property so it can be sold as soon as probate is granted?

As regards the car finance, the amount owed is due from the estate not from you as executor.

I wonder whether, given the mess you are having to deal with, you might be better asking a solicitor to obtain probate. That will leave you free to concentrate on the practicalities of getting the property cleared, and he can deal with the car finance company direct, thus saving you the hassle. Also he can deal with the sale of the property and repayment of the equity release. Doing it yourself is fine in straightforward cases where you have the time and emotional space to do it. It doesn’t sound to me as though this is such a case. Personally I would want someone to shoulder some of the burden.

I did probate myself when my husband died. It was do-able, it was a long form and was fine, as long as I was methodical. I had to go and make an oath. You need to be very very careful to not be out of pocket, that daily interest charge is terribly high. If push comes to shove, get a clearance company in and why not sell the flat as it is, even auction, depends if the equity release co has small print. Things need to happen quickly at minimum cost to yourself. The quicker a line can be drawn across, the better for you and your own health

You need lists, banks etc, outstanding bills. I took the value of house contents at roughly the value on insurance, you could actually ask for a value from house clearance people. If you have to pay them, then there is no actual value.

I am fighting feelings of utter grief and anger that someone who lived such a lavish lifestyle and was so selfish left me with such a mess to sort out.

I would have understood if he had had any cognitive/mental health problems.

Many thanks, Shandy57, that is so useful and very kind of you to take the trouble to send he link.

Sorry you've been left with such a mess utterbliss. I was too numb to do my husband's probate, I went to my solicitor.

Is this Which site any good to you?

www.which.co.uk/money/wills-and-probate/probate/diy-probate-a2us50s51q5v