PA15 and Dealing with estate

Sarnic82

My Aunt passed away in July leaving a Will the executor named in the Will no longer wishes to carry out the duties. They have filled in a PA15 form can the 4 beneficiary's  of the Will myself being one go head and start to deal with the estate or do we need to fill in a form to get permission to do so. As i understand it the PA15 needs to submitted with probate or does this need to be sent before?
Inheritance tax has me slightly confused is it £325,000 or £500,000? 
A Property in Portugal is involved so guessing this will make it a more complicated process as I image they have different rules than the UK.

naedanger

Sarnic82 said:

Inheritance tax has me slightly confused is it £325,000 or £500,000? 

The IHT threshold starts at £325,000 but in some cases further allowances can be claimed. Did she previously inherit from a spouse or is she leaving part/all of her estate to a spouse or direct decendents?

xylophone

Might it  be easier for the executor just to name you/another beneficiary to act on his behalf?
https://www.citizensadvice.org.uk/family/death-and-wills/dealing-with-the-financial-affairs-of-someone-who-has-died/#:~:text=If you are an executor and you do not wish to act,-Even if you&text=You can appoint someone else to apply for probate on your behalf.&text=You then file the form,apply for letters of administration.

https://blog.lawpack.co.uk/how-to-renounce-your-role-as-executor/#:~:text=If you have been appointed,to the Grant of Probate.

With regard to IHT, the standard nil rate band is £325,000.

However, it could be less if the deceased made non exempt gifts in the seven years before death.

it is possible that there may be transferable allowance (s). See https://www.gov.uk/guidance/inheritance-tax-transfer-of-threshold

Seek expert advice concerning foreign property.
https://www.propertyguides.com/portugal/news/will-pay-inheritance-tax-portugal/#:~:text=There is NO inheritance tax in Portugal&text=However, stamp duty is at,of 10% on Portuguese assets.

https://www.gov.uk/government/publications/inheritance-tax-foreign-assets-iht417

Sarnic82

naedanger said:

Sarnic82 said:

Inheritance tax has me slightly confused is it £325,000 or £500,000? 

The IHT threshold starts at £325,000 but in some cases further allowances can be claimed. Did she previously inherit from a spouse or is she leaving part/all of her estate to a spouse or direct decendents?

She did not previously inherit from a spouse was single with no children. half the estate is to go to her sister and the remaining half is to be split between 2 nieces and 1 nephew. 

naedanger

I think the IHT threshold is then just £325,000. As pointed out earlier if she gave significant gifts in the seven years before dying then this will reduce the level at which IHT starts to bite. (If the total gifts your aunt made each year were less then £3,000 then you don't need to consider them.)