Assets that are included in one's estate

J

JimmyB99

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Hi All,

I'm wondering is there any on-line resource which gets into the detail of what assets are included in someone's estate and what assets are not.

I'm not looking at getting into excessive detail - just looking for a pragmatic comprehensive list of items that should be included.

In relation to big ticket stuff, regarding someone's PPR, where this is owned in joint names, my understanding is that this does not form part of the estate. Is this correct?

Is this the same in relation to a holiday home? i.e. if a holiday home was owned jointly by the spouses, would this similarly be excluded from the estate (or it it that the PPR has a special status)?

Related to this, if the value (or half the value) of a PPR is excluded from the estate, how are mortgages on the PPR treated? (i.e. can the mortgage liability - or 50% of the mortgage liability - be offset against the assets that do form the estate?).


Also, related to all this, I stumbled across an interesting one earlier today. If I picked it up right, the suggestion is, in relation to ARFs where the spouse is going to inherit the ARF fully, that the ARF ordinarily forms part of the estate. However, if the will expressly provides that the ARF should go to the spouse, then, in this case, it does not form part of the estate. Have I picked this up correctly? Are ARFs an unique case or are there other examples where assets can be excluded from the estate if expressly set out in the will?

We will be getting legal advice but just hoping to get a little up to speed for now.

Any help much appreciated. If someone has the time to answer - great - but I'd be very happy to be pointed in the right on-line direction also. Thanks.
 
Thanks Clubman,

That's gas. I had read both of these earlier and got some info from them. But, after reading them again just now, a few more pennies dropped - so thanks.

That said, I'd still could us other, ideally more detailed, sources of info before I'd feel I've a decent understanding.
 
If this is with a view to drawing up or updating your own will(s), then you should also get professional advice. E.g. lawyer and, depending on the size of the estate, maybe even professional tax and estate planning advice.
 
Currently in the process of getting an Affidavit of Assets for Probate for my mothers estate. In our case it is reasonably straightforward as she was a widow on state pension. One thing the solicitor said is, assuming there are no valuable antiques etc, you need to include a nominal value for house contents as well, he suggested €500 to €1000 be added.
 
Peanuts20 said:
Currently in the process of getting an Affidavit of Assets for Probate for my mothers estate. In our case it is reasonably straightforward as she was a widow on state pension. One thing the solicitor said is, assuming there are no valuable antiques etc, you need to include a nominal value for house contents as well, he suggested €500 to €1000 be added.
Click to expand...
We weren't advised this way when dealing with the mother's stuff last year. The house was obviously valued but not the contents. And, ultimately, most of them were given away to good causes.
 
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