IHT205 RETURN: Submission signatories 5 November 2022 at 3:00AM in Deaths, funerals & probate 7 replies 145 views

JAMCT

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.

Keep_pedalling

What date did your wife die? IHT 205 became obsolete for deaths after Jan 1 this year.

JAMCT

Sadly my wife died on 30/ 9/2022.
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?

Notes:
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.

Keep_pedalling

You don’t need probate for any of the joint assets, and as this is an excepted estate you do not have to do an IHT return. The only problematic asset are the premium bonds, if £5000 or less then probate may be required. This seems to be discretionary so unless they ask for probate you won’t need it. 

Even if you do need it there is no hurry especially as you have opted to keep the her bonds in the draw for 12 months.

shiraz99

JAMCT said:

Sadly my wife died on 30/ 9/2022.
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?

Notes:
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.

Possibly because you went directly to the page for the IHT205 form rather start at the main IHT/probate page here - https://www.gov.uk/applying-for-probate/before-you-apply

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.

JAMCT

My wife's holding is £40K.
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?

Savvy_Sue

Not all wills are sent to probate, so not all wills become public. We know my great aunt left a will, many years ago, but there's no trace of it ever having been sent to probate, so we don't know for sure what it said. We don't suspect any wrongdoing, it's unlikely she had a great deal to leave, she didn't own a house so probate wouldn't have been needed for that. 

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. 

shiraz99

JAMCT said:

My wife's holding is £40K.
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?

In that case NS&I will require a grant of probate. When you apply for probate you send the original will to them (take a and keep a copy), part of the probate process makes the will a public document. When applying for probate just deal with your late Wife's sole assets, ie, the £40K worth of premium bonds, and anything else of worth she may own in her own name, ie, a car etc.

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.