Estimate of estate?

If the total estate is less than the IHT of £325,000 why do they need the estimated value of the estate?

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  • poppystar
    poppystar Posts: 1,261
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    Because the only ‘proof’ they have of it being under £325k is that estimate and the signature of the person dealing with the estate putting their name to that being a true value. 
  • Marcon
    Marcon Posts: 10,020
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    Nickyno said:
    If the total estate is less than the IHT of £325,000 why do they need the estimated value of the estate?
    If the estimate is pretty close to the £325K mark, there might well be rather more scrutiny of it, especially if a property is included in the estate. 
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Nickyno
    Nickyno Posts: 95
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    Marcon said:
    Nickyno said:
    If the total estate is less than the IHT of £325,000 why do they need the estimated value of the estate?
    If the estimate is pretty close to the £325K mark, there might well be rather more scrutiny of it, especially if a property is included in the estate. 
    The total of the estate including the property is well below the IHT
  • Marcon
    Marcon Posts: 10,020
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    Nickyno said:
    Marcon said:
    Nickyno said:
    If the total estate is less than the IHT of £325,000 why do they need the estimated value of the estate?
    If the estimate is pretty close to the £325K mark, there might well be rather more scrutiny of it, especially if a property is included in the estate. 
    The total of the estate including the property is well below the IHT
    Then it probably won't attract any further scrutiny - but until you confirm the estimated value, 'they' won't know that.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
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