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  • FIRST POST
    • piglet22
    • By piglet22 10th Oct 16, 8:13 PM
    • 23Posts
    • 1Thanks
    piglet22
    Not sure if Probate is required
    • #1
    • 10th Oct 16, 8:13 PM
    Not sure if Probate is required 10th Oct 16 at 8:13 PM
    Good Evening

    My mum has sadly recently passed and I am trying to ascertain whether we need to go through Probate.

    My mum's assets as they stand total less than £5000.00 and after funeral costs and final bills, I predict they will be about 50% of that.
    On this alone, it does not look like we would need to go through Probate.

    However, my mum transferred a property to me in 2011 and this was sold in Jan 2015. Therefore I think I need to declare this as a gift within the last seven years despite there being no inheritance tax due. This is where I am confused. Do we still need to go through the full Probate process to declare this?

    Many thanks
Page 1
    • uknick
    • By uknick 11th Oct 16, 9:57 AM
    • 489 Posts
    • 219 Thanks
    uknick
    • #2
    • 11th Oct 16, 9:57 AM
    • #2
    • 11th Oct 16, 9:57 AM
    What was the agreed market value of the property at time of transfer?
    • piglet22
    • By piglet22 11th Oct 16, 10:39 AM
    • 23 Posts
    • 1 Thanks
    piglet22
    • #3
    • 11th Oct 16, 10:39 AM
    • #3
    • 11th Oct 16, 10:39 AM
    Hi there, many thanks for your message. It was £100,000.
    • uknick
    • By uknick 12th Oct 16, 9:49 AM
    • 489 Posts
    • 219 Thanks
    uknick
    • #4
    • 12th Oct 16, 9:49 AM
    • #4
    • 12th Oct 16, 9:49 AM
    Probate is only concerned with the net value of the estate that beneficiaries are to receive.

    With an estate valued less than £5,000 probate should not be required unless a bank/financial institution holding some of her cash want it to release the funds, but this is unlikely.

    For IHT, as you say, you need complete form 200, the full IHT disclosure, as the gift was not less than £100k.
    Last edited by uknick; 12-10-2016 at 9:52 AM.
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