What do we need to do now

Faith177

I’m just looking for some advice to pass on to my nan as my grandad has just recently passed away

They have a joint will I believe which leaves everything to the other person and then on both of them passing passes to my uncle, me and my brother (my dad their son died when I was 5 and I lost my mum 2.5 years ago) do we need to do anything regarding probate or IHT wise at this stage?

My other nan and me dealt with my mums estate when she passed but because she was on her own we had to do probate ect I’ve not had it when there is a couple before so not sure what to do next

Yorkshireman99

It depends on the exact wording of the will. Are you sure it is a joint will or did they have mirror wills? If they had a joint will then you need paid for legal advice from a solicitor. If they are mirror wills then the size of the estate is important and if a property is involved you will probably need probate.

Faith177

Thank you I’ll check that with her

getmore4less

If the property was jointly owned probate may not be required at this first death even if tenants in common.

It is still worth doing an inventory and accounts along with going through the IHT forms especially if in the future any transferable nil rate band may be needed and there have been gifts in the last 7 years, at that point it may also be worth considering probate and an IHT return to get a paper trail into HMRC although the will from first death(saying all to spouse) is often sufficient proof to make the claim.

Faith177

It’s owned jointly no mortgage that was paid off years ago.

Yeah that’s a good idea actually