Probate process advice
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Agree with what p00hsticks said. But if the estate value (property together with any "cash" assets) comes close to £325k, you are likely to be able to increase your IHT threshold to £500k with the Residential Nil Rate Band (RNRB) as daughter and beneficiary. Maybe check out www gov.uk/inheritance-tax for further details and help on how to complete the forms for IHT and probate, which is time consuming but quite straightforward imo.
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nanapop1977 said:
daughter
As for valuations being often overestimated, that's nice to know, in terms of I can likely clump stuff like ornaments, art etc together and don't need to go super itemised saiyan on it all. I'll hopefully sort a RICS survey out this week then, and be able to kick everything off along with prodding the life insurance people. Feeling confident about everything slotting into place therefore.
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Really sorry - yes I did make the incorrect assumption from your user name. But as a child of the deceased, same info applies.0
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petaQ said:nanapop1977 said:
daughter
As for valuations being often overestimated, that's nice to know, in terms of I can likely clump stuff like ornaments, art etc together and don't need to go super itemised saiyan on it all. I'll hopefully sort a RICS survey out this week then, and be able to kick everything off along with prodding the life insurance people. Feeling confident about everything slotting into place therefore.PetaQ, if you haven't already seen these, which someone on this board linked to for me on another thread a while back, they are very useful.The IHT206 guide is notes to help you fill in the IHT205 (which as I recall is the form that you can generally use to provide a valuation of the estate to HMRC if there is not going to be any IHT owed), and contains guidance on how to go about valuing the estate.Note that, as someone else pointed out in the oroginal thread, the guide is designed around the paper form , and if you complete the online version the questions are in a slightly different order (we found it useful to print off the paper IH205 and use it to collate all the valuations we obtained, but then actually completed the online version for the actual submission.
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