Guide discussion: Probate: How to do it yourself

salstars

Thanks @Keep_pedalling. We were planning on using the highest Zoopla estimate which, in current market conditions, we couldn’t see the house achieving but we know it won’t be going up for sale immediately so impossible to know what the market will be like later in the year or even later.

The highest Zoopla estimate is 340k so nowhere near IHT territory if including standard NRB. I plan to complete the IHT forms, I think that’s correct.

Keep_pedalling

salstars said:

Thanks @Keep_pedalling. We were planning on using the highest Zoopla estimate which, in current market conditions, we couldn’t see the house achieving but we know it won’t be going up for sale immediately so impossible to know what the market will be like later in the year or even later.

The highest Zoopla estimate is 340k so nowhere near IHT territory if including standard NRB. I plan to complete the IHT forms, I think that’s correct.

If your father was a widower you also have the option of transferring any of your mother’s NRB. If that avoids using his RNRB, then it will be an excepted estate and no IHT return will be needed.

salstars

Oh ok, thank you so much, that puts a different slant on things so I may need to read/research about that. My mum died 25 yrs ago and my dad didn’t remarry, so maybe that’s possible. 

Keep_pedalling

salstars said:

Oh ok, thank you so much, that puts a different slant on things so I may need to read/research about that. My mum died 25 yrs ago and my dad didn’t remarry, so maybe that’s possible. 

No maybe about it, if everything went to your father then you can claim the full transferable NRB. If she left a portion of her NRB to others then the transferable NRB is reduce on a proportional basis 

salstars

100% to my father. I’ve just dug out her will. Thank you SO much, your advice has really helped