Lootman wrote:My view may be a little unconventional about the need for probate, but I have always held the view that probate exists not to benefit the estate, family, next of kin, executor or beneficiaries. But rather it exists to benefit creditors of the deceased, most obviously the tax man, but others as well. It is in fact a pain in the backside for the family of the deceased and, as such, I'd always try and avoid it if I could. You can pay off creditors and the taxman yourself at the right moment, if needed.
So for example if the only asset was a brokerage account then I might be tempted to both sell of the holdings and also maybe transfer the funds to myself. Then there wouldn't even be a need to notify the broker about the death. And as executor I might probably not need probate at all. As long as I am confident about the Will I can distribute at my discretion. It may even be that I am the sole beneficiary and so then the matter is done.
I just wouldn't spend or distribute or even touch that money until a reasonable period of time has passed and I was 100% certain everything was kosher.
Is this legal? Who determines when probate is required? I suppose on her death I could sell all the shares, transfer out all the cash to her bank account, distribute it to the beneficiaries and only then notify the platform and bank, but there would be IHT to pay, I think about £100k.