Probate query

Al_SEN

Hi, I'm trying to work out all the probate info and think I'm almost there. Most things were in joint names and so don't need to be included. I think the only thing we require probate for in 1 bank acc, there is under 70k in it but the back have asked for probate as there wasn't a will. So is this the only item I put on the probate form? Thanks

Yorkshireman99

Al_SEN wrote: »

Hi, I'm trying to work out all the probate info and think I'm almost there. Most things were in joint names and so don't need to be included. I think the only thing we require probate for in 1 bank acc, there is under 70k in it but the back have asked for probate as there wasn't a will. So is this the only item I put on the probate form? Thanks

Since there was no will then the intestacy laws apply which is probably why the bank require probate via letters of administration. Were the assets held as joint tenants or tenants in common? Is a property iinvolved and what is the value of the estate including the assets in joint names?

Al_SEN

The house is joint tenants so should be just transferred! If the Property isn't included as I said the value is under £70k, but including the property it would be over £400k!
Looking at the PA2 form on the gov web site items held in joint names don't need to be included as other acc's have already been swapped over. Every organisation we've dealt with so far have said we don't need probate as the amounts are small, just the one bank which requires it so I'm assuming this is all I need to put on the PA1 form? Thanks

Yorkshireman99

Assuming the joint tenants are married or in a civil partnership it is OK. You did not say if they were! It would be wise to make sure that there is documentary proof so that whne the second joint tenant's estate can take advantage of the first';s IHT allowance. It is much easier to record this now rather than in the future.

Voyager2002

Please note that the law is different in Scotland, and some details are different in Wales, from the situation in England.

getmore4less

Al_SEN wrote: »

Hi, I'm trying to work out all the probate info and think I'm almost there. Most things were in joint names and so don't need to be included. I think the only thing we require probate for in 1 bank acc, there is under 70k in it but the back have asked for probate as there wasn't a will. So is this the only item I put on the probate form? Thanks

All assets including joint ones get included in the assessment of IHT.

You need to read the IHT forms and notes to see how to value joint assets for the capital return to HMRC.