DIY probate advice please

Flugelhorn

The house is wholly owned by your father now and nothing needs to be done to it, names don't need to be changed until house is sold at some date in the future.

the joint account belongs to your dad now.

looking more like:

50% of gifts (money given to brother 3 years ago): £75K
100% of Cash ISA holdings: £70K
100% of S&S ISA holdings: £100K
100% of death annuity: £15K (unless this is outside the estate? sometimes they are)

about 260k as it stands

Mistermeaner

yes parents were married

I'm trying to determine if IHT400 is the correct form or whether IHT205 will suffice being as everything goes to dad and no IHT is payable

As someone above points out the only part of my mums estate that has gone to anyone but dad is her 50% share of the gift (£75K)

I presume this will just reduce my dads total IHT threshold when that time comes (as in this £75K wil be deducted from waht my um can pass to my dad)

purple_haze

Assuming your parents were married you only need to complete IHT205, not IHT400. Form IHT205 itself says it is to be used where the estate is under £1million and there is no Inheritance Tax to pay because of spouse, civil partner or charity exemption

Mistermeaner

That’s what I thought - however when I did the HMRC questions it pointed me towards form 400

I’ll go with 205 and see what happens

getmore4less

Iht205 tells you when to give up and move to iht400

Mistermeaner

Thanks all for help - tough time and all input is greatly appreciated

Flugelhorn

Hope all sorts out for you - it is very difficult when there is so much going on - don't worry there is plenty of time to handle the paperwork / applications

One of the very confusing concepts is the "joint ownership" unless people are very specifically are tenants in common, then they both own all of the property (or bank account) and not half each. Fortunately this makes things a lot simpler for the widow / widower in most cases

Tom99

The jointly owned assets still form part of you mother's estate and included in the forms but probate is not needed for those assets so they are just sub-total separately.

Yorkshireman99

Tom99 wrote: »

The jointly owned assets still form part of you mother's estate and included in the forms but probate is not needed for those assets so they are just sub-total separately.

Your father should get some urgent advice on future IHT planning so that IHT on his estate can be minimised by gifting some assets to you.

getmore4less

Will dads estate be over £875k

His £75k gift drops off after 7 years(4 more ish)