Valuation of jointly owned house contents on first death

dragonflyangel

I an dealing with an estate where the wife has died and husband survives and remains in the marital home.
The probate form asks for details of jointly owned assets - do I need put half the value of the house contents on the form if all the furniture etc was jointly owned, so passes to husband under joint ownership?  The estate is well under the IHT threshold.  There is nothing in the house contents of high value, no antiques or anything, just the usual furniture, white goods etc. - the sale value would probably be next to nothing - I suspect it would be a case of either charity donation or house clearance.

RAS

Most people assume £500 is in the right ball park.

BooJewels

If it's a spousal estate - do you actually need Probate?  Has someone (maybe NS&I, savings accounts etc.) actually asked for it or require it to release funds?  In many estates where the spouse inherits everything, Probate often isn't needed - especially if any cash assets are in joint names, they just pass to the surviving person - or where values are below that institutions Probate threshold.

I'd echo what @RAS has said - a nominal sum to cover the value of household contents.  The last estate where I cleared a house, earlier this year, it certainly cost more to clear than anything was worth and we didn't even attempt to sell anything.  I'd put £400 as a nominal sum.

I'm not sure on how you specify the house value, it depends on how it was owned and I've not done Probate where there was a surviving spouse.  Someone else will hopefully answer that.

dragonflyangel

BooJewels said:

If it's a spousal estate - do you actually need Probate?  Has someone (maybe NS&I, savings accounts etc.) actually asked for it or require it to release funds?  In many estates where the spouse inherits everything, Probate often isn't needed - especially if any cash assets are in joint names, they just pass to the surviving person - or where values are below that institutions Probate threshold.

I'd echo what @RAS has said - a nominal sum to cover the value of household contents.  The last estate where I cleared a house, earlier this year, it certainly cost more to clear than anything was worth and we didn't even attempt to sell anything.  I'd put £400 as a nominal sum.

I'm not sure on how you specify the house value, it depends on how it was owned and I've not done Probate where there was a surviving spouse.  Someone else will hopefully answer that.

Unfortunately probate is needed for a large Premium Bond holding - it's the only asset that needs probate.  There is also the possibility of a claim under the 1975 Inheritance Act so probate will at least limit the opportunity for a claim to be lodged.
The house was owned as tenants in common and the deceased's half has been left in a life interest trust for the surviving spouse.

Magnolia

dragonflyangel said:

Unfortunately probate is needed for a large Premium Bond holding - it's the only asset that needs probate.  There is also the possibility of a claim under the 1975 Inheritance Act so probate will at least limit the opportunity for a claim to be lodged

My husband died last November with £27K holding of premium bonds.  I wasn't asked for probate just the death certificate and the original will.  Put the form in first and see what they ask for.