Another check about IHT forms

Dad died last year. Mum and I are joint executors of the will. She has dementia so I have to do the paper PA1P rather than apply for probate online. Got the medical form from her GP so no issues there. But…

I thought dad’s will left everything to mum but they each remade them a few years ago in favour of me and my brother. I have been managing their finances for a while and overall they are within the £650k plus a £100k residence sale giving a Residence NRB. But my dad owned more than 50% of the assets so has slightly more than £325k plus £50k residence. A big chunk of dad’s assets are in an SJP bond which my mum is the beneficiary of and SJP say has to go to her anyway regardless of the will. Plus they have a joint savings account with house proceeds in. So the questions:

Question 1: does the joint account also go to mum regardless of the will? I think it does but want to be sure. When someone dies is a joint bank account like being joint tenants on a property?

Question 2: whether dad’s 50% of the joint account is distributed as per the will or goes straight to mum, what comes to me and my brother is under £325k as the biggest asset is the SJP bond which has to go to mum. The online IHT checker says there is no tax to pay. I think it is an excepted estate as no gifts or foreign assets. So do I just need the PA1P and the medical form? No IHT 400 as there is no tax to pay?

Question 3: So if there is no tax to pay now does this mean I don’t need to apply for the residence nil rate band now? If I need to use it when mum dies I am able to claim it then? Mum is in a care home so her assets are paying for that and there is a strong possibility the joint estate will be under £650k when she dies. 

Thanks for any advice. 


  • Keep_pedalling
    Keep_pedalling Posts: 16,226
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    1. Yes, your  mother is now the sole owner of the joint account. 

    2. Although 50% of the account is now your mother’s p, and is not covered by his will,  it still forms part of his estate but is covered by spousal exemption so does not use any of his NRB. It sounds like the bond falls outside his estate so is not covered by the will and does not form part of his estate for IHT purposes.

    3. if, as it seems the amount passing to his children is under his NRB, then yes, you don’t need to do an IHT return and you don’t need to use his RNRB.

    When the time comes, your mother’s estate will have her NRB plus £100k of her RNRB plus whatever is left over from your father’s NRB. Because of the low value of the house the transferable RNRB won’t be needed. 
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