Probate and IHT421 (no tax due) timeline? 13 November 2022 at 9:47AM edited 13 November 2022 at 9:49AM in Deaths, funerals & probate 2 replies 82 views

SusieT

The mother of my friend passed away a short time ago and I am helping with the forms. Everything should be simple, estate passes to my friend and there is no IHT to pay. However the estate is over the IHT threshold and the RNRB will be required, meaning that IHT tax forms 401 and 421 (plus supporting) need to be filled in to claim this. Since there is no IHT to pay, does anyone know how long it is currently taking to process the forms please so that probate can be applied for? There is a very good reason for probate being required asap as most of the cash part will be gifted and sadly is time sensitive, or is it possible that banks may release funds prior to probate being granted as the totals are well under their limits?

Keep_pedalling

No idea on time scales, but most banks have pretty high limits that they will pay out to the estate administrator without probate. 

If by saying that it is “sadly time sensitive” you mean that the beneficiary is terminally ill then he/she can make sure the gifts take place (and take them out of her own estate) by completing a deed of variation now. 

SusieT

Keep_pedalling said:

No idea on time scales, but most banks have pretty high limits that they will pay out to the estate administrator without probate. 

If by saying that it is “sadly time sensitive” you mean that the beneficiary is terminally ill then he/she can make sure the gifts take place (and take them out of her own estate) by completing a deed of variation now. 

Thank you, that is what they are hoping. Time sensitive is because they are going to give a big treat to someone they know who may deteriorate too much if it takes long.