Valuations for probate

Brilley

A relative has recently passed away leaving a will naming only child as beneficiary / executor.

The total value of the estate will be around £50k, so well below any inheritance tax threshold.

Just wondering how much detail(ie items/values) needs to be declared on the tax form for probate?.
The main item is a small property worth circa £45k, then a bit of cash in the bank, (£5k), and an old car probably worth a few hundred, then furniture an odds an ends.
Apart from the property and cash, would it be OK to group everything else under a generic heading of "sundries" with a total general value of £2/£3k?
(I am aware that we can also offset /deduct any debts (credit card) and funeral costs).


Many thanks for any replies..

Keep_pedalling

For an estate that size you will be using form IHT205, and you just need to lump them together and put the value in box 11.2 which covers household and personal goods.

Brilley

Hi both and many thanks for the prompt replies...

xylophone

naming only child as benefactor / executor.

Beneficiary - that is, one who benefits. The benefactor is the one who gives the benefit, in this case the testator.:)

Brilley

xylophone wrote: »

Beneficiary - that is, one who benefits. The benefactor is the one who gives the benefit, in this case the testator.:)

..duly noted..ta...