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Transferring assets

HOW : From the Asset browser, select the asset, and right-click it. Select 'Transfer asset to…'. Alternatively, choose the relevant "transfer" option from the left-hand task panel.

You can transfer an asset by way of appropriation (where a beneficiary takes an asset in lieu of cash residue) or as a specific gift to a legatee. Of course, you'll need to have added details of the asset in the first place, but it's a simple process.

Specific gift notes:
If an asset passes as a specific gift you can only show the asset passing at the probate value.

Appropriation value:
When passing assets by appropriation to a residuary beneficiary you can agree a value for the assets at a point in time - an appropriation day. Probate Plus will take the change in value on appropriation into account automatically for you. The beneficiary's personal account will show details of the assets taken in kind.

Appropriation of asset to more than one beneficiary
If a single "at-death" asset has been transferred to more than one beneficiary, you can set the transfer quantity to a fractional quantity in order to split the asset between the beneficiaries. E.g. quantity 0.25 to ResBen #1 and 0.75 to ResBen #2 would show a 1/4 share passing to one beneficiary and 3/4 to the other.

Although we always recommend the full job of itemising and dealing with all assets, we do understand that sometimes there's a need for "personal effects valued at £X" to be shown as one "asset" and dealt with in bulk. Probate Plus can help you do this (see below) but it takes a little extra work. Ultimately if everyone agrees that the assets can be dealt with in-bulk (and not revalued on appropriation) then you can simply "part-appropriate" the asset amongst beneficiaries.

An issue could arise where one item's value substantially changes between death and appropriation but in that case you'd probably want to itemise that out individually anyway.

If you record the personal effects as, say, a single asset valued at £20,000 then you can create multiple appropriations as long as each one is a fractional amount. You'll have to do some thinking to work out the fractional quantities. But then if all your appropriation quantities add up to 1 then Probate Plus will show the asset as fully dealt with.




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