IHT205 RETURN: Submission signatories
in Deaths, funerals & probate
7 replies 145 views
I am joint executor along with my sister-in-law for my dear departed wife. I have completed a paper draft of the document prior to submitting on-line this weekend. However the second executor is on holiday for 2 weeks. Do both executors need to sign this particular on-line tax return document?. Note NO TAX IS DUE.
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Thanks very much for the update. details of which I will study.
However I'm puzzled as to why I did not spot any reference to these changes on the actual Gov.uk web pages guidance notes for completing IHT205 etc.
As I am now receiving advice on this forum I would appreciate more help so my next question relates to applying for Grant of Probate on PA1P .... are there any new changes to its rules for applying in the following circumstances and do I need to apply?
1 - My dear wife has a will and her asset value is below the threshold for IHT
2 - I am a joint executor with my sister-in-law.
3 - I am sole recipient of the residue of her estate.
4 - All assets are joint tenancy, home, bank account etc, EXCEPT for NS&I Premium Bond savings .
At present NS&I have received and returned copies of her Death, birth & our marriage certificates, but not yet requested a Grant of Probate. Bonds are to continue to qualify for next 12 monthly draws. (£250 won 1/11/22 ). I still await official confirmation of transfer of future prizes and eventual transfer of the bonds to the estate.
I look forward to the forums guidence.
As mentioned you do need to worry about any IHT forms. Also, depending on how much in Premium Bonds your late wife has you may not require probate either. Yes, they state a £5,000 limit but they are fairly flexible if it's not far above this amount. My Dad's was nearer £7K and I didn't need probate for that, although I eventually did get a grant of probate anyway.
I know that Wills are registered and become available to the public in due course., I think normally this follows submission of Probate procedures. If I do nor need a Grant of probate, how does my wife's will get registered?
Sometimes it's worth doing on the first death of a couple, to make things easier on the second death, but equally probate can be applied for many years after the actual death.
There is no rush though, the premium bonds can stay in place for up to 12 months I believe and you'll still receive cash prizes and interest.