Question about Probate C1 Form Inventory

Ottoboxer

Hi my mother passed away last week and now the funeral is past we are trying to get to grips with probate forms. My father died a number of years ago leaving everything to my mum so now me my brother and sister are the beneficiaries in the will. Yes my mother had a will with my auntie being the executor.
My main question is what do we have to include in the inventory? Is it items above a certain value or is it absolutely everything in the house? Is it OK to value items on best guess?
I tried searching the forums but couldn’t find an answer so an apology if this has been asked before.
Thanks Kevin

Tuesday_Tenor

I believe the C1 form is used in Scotland only, so it's not one I've seen myself.

Your aunt should have guidance notes C3 to explain how to fill in the C1 form. If not, they're on here:
http://search2.hmrc.gov.uk/kb5/hmrc/forms/view.page?formid=3322&record=DQJACJmu-f0

There is a section that talks about 'household goods' and the list there seems to imply the elements that are individually of significant worth.

My understanding is that you should include an overall value for everything, but in doing so remember that most remaining household stuff (other than what's listed in the notes) has a pretty low second-hand value. It might be helpful to think of it room-by-room and come up with a reasonable estimate that way.

The degree of accuracy needed really depends how close to the Inheritance Tax threshold the estate is. The two that I've been executor for (in England) were nowhere near the IHT threshold so I just gave one overall figure for household goods/possessions (can't now remember the phraseology on the England form) and that figure could have been inaccurate by a factor of 25 and it wouldn't have made any difference! On the other hand, my friend who was executor for an estate that was almost at the IHT limit had to provide very detailed estimates, to prove that it actually WAS below the threshold. (Just!)

So, have a look at the C3 guidelines in detail - I just skimmed to find the 'Household Goods' sentence.

Ottoboxer

Thanks TT
Been busy so not had chance to thank you. A trip to Citizen Advice I think as it mentions this in guide. We wont be anywhere near the Inheritance Tax threshold so will hopefully get away with less onerous inventory. Don’t know if clothes have to be included as it would be helpful if we could start clearing stuff out but sort of in limbo just now till we get the probate sorted out.
Thanks k

Mojisola

Our recent experience - a solicitor was the executor and he put down a nominal sum (£5000) for all personal possessions and household contents. The deceased was an elderly person and he didn't have any individual items of any great value. Nothing was listed separately.

Ottoboxer

Mojisola wrote: »

Our recent experience - a solicitor was the executor and he put down a nominal sum (£5000) for all personal possessions and household contents. The deceased was an elderly person and he didn't have any individual items of any great value. Nothing was listed separately.

Thanks Mojisola, how long did the process take?

k

Mojisola

Ottoboxer wrote: »

Thanks Mojisola, how long did the process take?

About nine months - for a very simple, straightforward will!

Never use a solicitor unless it's a complicated will that's beyond your capabilities.