Re probate

Keep_pedalling

joe134 wrote: »

Hi Sevenofnine ,thanks for reply.
My hat off to you.
I think maybe I have not explained my reasons for doing what I am doing.
I never doubt my wife’s capabilities, or the kids, never intended to.
I was concerned about my wife having to do it at such a bad time .
I would sooner let the solicitor do it than have her worry about it.
None of us has done it before, so I/ me, want to do a dry run to see what it entails.
I may have to, I am a realist.
I showed my wife the forms , and her first reaction was, I cannot do that, let the solicitor do it !
I know what solicitors are like, I have had dealings with them.
If she wants, she can use the solicitor, if it makes her happy.

I thought I could do it, using both iht205 And P1 , and the easy to use instructions,��BUT, having just tried doing it , for the first time,even I have come to a full stop at the end, and am confused.
Perhaps they will show me up, hope they do ��
After over three hours of filling them in,
Box H says I should use iht400?
Perhaps I have done something wrong?

I thought that making mirror wills, next week leaving everything to my wife, iht205 would be ok.

I have now £280k in money.
My wife has £300k.
The house I guess is approx £350k.
However, at the end, in box H , my figure of £280k + £175k (half the house) takes me over the £325k allowance, saying I need iht400, because tax may be due ?
Back to the drawing board.


I only want what is best for them.
Sorry if it came over as being overbearing, over protective, YES.
:beer:

Read the guidance notes associated with box H again (page 23 of IHT206)

You will see that you only need to complete IHT 400 if your estate exceeded your nil rate band AND you are leaving nothing to a wife, civil partner or charity.

So in your cast first death IHT 205 will be sufficient, the second death will need IHT 400 both because of the size and because the of the need to use the transferable RNRB.

joe134

Keep_pedalling wrote: »

Read the guidance notes associated with box H again (page 23 of IHT206)

You will see that you only need to complete IHT 400 if your estate exceeded your nil rate band AND you are leaving nothing to a wife, civil partner or charity.

So in your cast first death IHT 205 will be sufficient, the second death will need IHT 400 both because of the size and because the of the need to use the transferable RNRB.

Hi K, thanks again, much appreciated.
That’s where I’m getting confused. H .
As I am leaving everything to spouse, do I fill in J & K which cancels each other out, 0, is that what I put in K ?
Do I have to explain anything in the box regarding exemption because the will states it all goes to the spouse, or just leave the box blank?
:beer:

badmemory

Even if the solicitor is given the job it will be those you leave behind that have to give the solicitor all the info they need. So the family may as well just do it all themselves & it will be a lot quicker!

Keep_pedalling

joe134 wrote: »

Hi K, thanks again, much appreciated.
That’s where I’m getting confused. H .
As I am leaving everything to spouse, do I fill in J & K which cancels each other out, 0, is that what I put in K ?
Do I have to explain anything in the box regarding exemption because the will states it all goes to the spouse, or just leave the box blank?
:beer:

If everything is going to be going to a spouse and the are no outstanding PETs from gifts made over the last 7 years then yes, box J will be the same as box H ( the entire estate) and box J will = zero. The only explanation you need to add is that the entire estate is left to the spouse,

joe134

Keep_pedalling wrote: »

If everything is going to be going to a spouse and the are no outstanding PETs from gifts made over the last 7 years then yes, box J will be the same as box H ( the entire estate) and box J will = zero. The only explanation you need to add is that the entire estate is left to the spouse,

Thankyou K, very much appreciated.
That has put my mind at rest.
I am now certain the wife and kids will be ok, doing it themselves.
I have given the kids links to the forms to familiarise themselves with them.
I won’t fill any forms in, just a rough breakdown of how I have done them on a separate piece of paper, obviously the figures will change , so they will take account of them.
Hope fully there will be less money, going to spend some 🙂
Everything else is in order in the safe, everything itemised and updated every time it’s needed in the future .
Wife says I have OCD !
Thanks again
:beer::beer:

joe134

Keep_pedalling wrote: »

Read the guidance notes associated with box H again (page 23 of IHT206)

You will see that you only need to complete IHT 400 if your estate exceeded your nil rate band AND you are leaving nothing to a wife, civil partner or charity.

So in your cast first death IHT 205 will be sufficient, the second death will need IHT 400 both because of the size and because the of the need to use the transferable RNRB.

Hi K just a quick question.
Why does the second death need Iht400?
If the estate does not exceed £1million, with transfer Rnrb, does not a IHT 205 and217 do it ?:beer:

Keep_pedalling

joe134 wrote: »

Hi K just a quick question.
Why does the second death need Iht400?
If the estate does not exceed £1million, with transfer Rnrb, does not a IHT 205 and217 do it ?:beer:

Any estate that uses the transferable NRB and is greater than £650k has to use IHT 400. IHT 400 is also required if the transferable RNRB is required regardless of the size of the estate.

Savvy_Sue

The thing is, by the time you die, everything might have changed ...

joe134

Savvy_Sue wrote: »

The thing is, by the time you die, everything might have changed ...

That’s a fact.
I don’t fret over things I have no control over.

My Old man said
Son, you came in this world with nowt.
Borrow as much as you can, spend it.
When you die, in debt,you have made a profit out of life.
I haven’t, he did.
I wonder why I didn’t heed him!
Was he the savvy one ?��

He dropped dead in the street on the way home from the pub.56.
My eldest brother, dropped down dead in Tenerife, Xmas day last year.
No warning shots across their boughs!
I have lost 4 other siblings ,all younger, below 40,.
None had wills.
I am the last.
Ain’t got a Chrystal ball, that’s why I’m doing this.
I never put off doing anything today, that can be done tomorrow.




I gave the old man a suit, too big for him in the waist.
The tailor altered it to fit,at my expense, but, they had to sow the pockets up to do it.
He told them, it’s ok, I never use them
I idolised him
��

SevenOfNine

"Wife says I have OCD" :rotfl: The more I read, the more I think you do actually have a good idea regarding just looking at the process - but don't give yourself a massive heart attack before completing this educational task leaving the family to figure it out on their own!

In our marriage I'd have once looked at the forms & said neither of us were capable of dealing with it & waltzed off to a solicitor. But I think Badmemory #14 has summed that up succinctly, it doesn't take long to realise that it's the executor/partner/children who will have to give them all the info to put on the form anyway. So as long as they have reading/writing skills they may as well give it a go first. Quite often I think it looks more daunting than it is because the forms aren't being cross referenced with the instruction paperwork (they are pretty 'step by step' helpful). When an estate isn't overly complex DiY saves money, & more importantly, time, IMO solicitors have a fairly common speed...…….slow!

At the moment you're intestate anyway so they'd be applying for Letters of Administration/Grant of Representation, not probate. Though it's the same forms as probate, can't recall if some of your answers may be different.

Good luck with this, personally I see it as a ruse to get out of the Christmas shopping...……...:beer: lol.