I think we have managed to sort everything out... nearly!

tasticz

Savvy_Sue said:

tasticz said:

if there is no inheritance tax to pay, then there is no need to fill in inheritance forms right?

it may not be essential, but it may save some hassle when your mother dies. You won't be able to sell the house without probate for her, and that may be easier to sort out if you've done probate for Dad. And it's often easier to do that within a reasonable timescale than in - say - 20 years, should your mother have longevity in her genes. 

Sorry? I am not sure if i am confused or your answer is completely out if what I am asking.


I know I will need probate when eventually my mums time comes. The way I see it is, I fill the land registry document to remove my dads name from the properties and we are sorted for now as everything would have transferred to my mums name. Unless we still need to fill inheritance form NOW to inform hmrc there is no tax due?? No instituion has asked for probate. Is there a rule thatsays you must inform HMRC even if there is no inheritance tax due??

When eventually the time comes...
As everything would have been in my mums name. If I dont fill the inheritance tax form now, can I still claim the £325k allowance for my dad and also my mum? We technically have not used my dads allowance...

Savvy_Sue

I'm probably not explaining it very well, but ... 

The value of dealing explicitly with dad's will NOW rather than EVENTUALLY is that if there are any queries over anything, you've got some chance of resolving them. But you don't have to, no. 

However, you mentioned in your first post propertIES - plural - and a company. And the company - I think - did not pass to your mother? I have no idea how that works, because a limited company is an entity in its own right.

But those things lead me to think that there's a possibility of queries down the line. And having experienced an issue that shouldn't have been an issue at the 11th hour when selling a house, my preference is to cross the Ts and dot the Is ... 

jjimjam

I believe all estates need to reported to HMRC regardless of the tax payable. 

"If the estate’s value is below the threshold you’ll still need to report it to HMRC."   https://www.gov.uk/inheritance-tax

https://www.gov.uk/valuing-estate-of-someone-who-died

As you already have access to all assets, sounds like probate is not required.