Probate for first spouse with sole assets

joesoap1264

Hi guys, I’m back.
didn’t realise it would be so soon.🤬
as both myself and my wife have several sole accounts each,c £85k, one joint a/ c and house joint tenants.on first death I thought IHT forms wouldn’t be required for probate !
I thought IHT 205 was required, but this is now changed.
does iht400 and other schedules (that you have so gratefully helped me with, )have to be filled in on first and second deaths ?

Keep_pedalling

Unless you leave more than your NRB to beneficiaries who don’t get spousal or charitable exemptions then there should be no need to do an IHT return on the first death. 

With those sort of assets probate can only be avoided by holding all your savings as joint, but that would not be a sensible thing to do if you have significant assets in ISAs. 

joesoap1264

Thanks again K. Much appreciated.
you told me that before, so I was confused to see, PA1P asking about IHT forms, 203/217, (which are not needed now)and wanting estate figures etc!
this is the form to fill when first one dies, isn’t it, when first spouse dies ?
I knew probate was required, but how to get it without IHT forms?
like you say,  most of our bank a/ cs are Isas, and cannot be joint.
just changed them to longer term ones, with large penalties, with rates being high compared to what they were.
what’s the procedure on first spouse death for probate, without IHT forms needing filled?

joesoap1264

Ps, sorry.
just did forms yesterday, as a dry run, as if I was dead, now.😉
21000 owing on gifts of £79000.but, clawing that as out of income, so hopefully nowt owing?
gonna gift £150k in a few weeks time, which cannot be out of income,so if I go first, IHT will be roughly, 40% of it, still within nrb

Keep_pedalling

The reason the probate forms still refer to those old IHT forms is because probate is being applied for a death that occurred several years ago in which case that is still relevant. 

Where an IHT return is not required the same probate forms are used, you just tick the No box where it asked if IHT 205 was completed and the same for the question about IHT400 .

joesoap1264

Thanks again K
much appreciated.
one would have thought there would have been a bit of info stating that on form.
perhaps there is, and I missed it.