Deed of Trust on Property and Probate

sm1ffy6

Hi there,
My grandmother passed away 3 years ago and was the Trustee on a Deed of Trust for a property which also had listed Beneficiaries/Financiers of my Mother and Father(father now deceased also).
I contacted a solicitor who stated I would need to apply for probate for my Nan who passed 3 years ago(this was never done even though she had a will, late father was executor and I am now assisting my Aunt as the executrix) in order to get the Deed of Trust updated / the property officially signed over to my mother (not sure if this is 100% correct but I have started this process.)


So I am applying for probate for my grandmother, first question is does this property count as her estate if it is left in a trust deed for the above beneficiaries?

If this answer is yes, her total estate is approx £550,000 but she can use her late husband's allowance so I believe the IHT would be £650,000 - which form would I need to fill out IHT205 or IHT400?


I still have to apply for probate for my father also, any help on the above would be appreciated as 2 lots of probate is causing a hell of a lot of stress.

Kind Regards

SMIFFY6

Brynsam

sm1ffy6 wrote: »

So I am applying for probate for my grandmother, first question is does this property count as her estate if it is left in a trust deed for the above beneficiaries?

If this answer is yes, her total estate is approx £550,000 but she can use her late husband's allowance so I believe the IHT would be £650,000 - which form would I need to fill out IHT205 or IHT400?


I still have to apply for probate for my father also, any help on the above would be appreciated as 2 lots of probate is causing a hell of a lot of stress.

I'm sure it is - you have my sympathy. Lots of people on here are likely to vouchsafe opinions but unfortunately some of them might be just that: opinions (aka guesswork). By far the easiest, quickest and possibly cheapest way to proceed is by taking informed professional advice, from a solicitor who has had sight of all the relevant documents. If tax is due the clock is already ticking in terms of interest - hence the comment about 'cheapest'.

Good luck.

Keep_pedalling

You certainly need professional advice and we do not have enough info to be able to say whether his nil rate band is transferable, as that depends on who he left his estate to, transfer of the full value is only available if his entire estate was left to her. If the house was put in trust then the primary residence nil rate band is not available.

Savvy_Sue

Having said that you need professional advice, you don't necessarily need to ask the solicitor to act for you. Once you've got the advice, you can then act on it yourself.

getmore4less

No one can answer because it depends on the type of trust, how/when it was set up.