Probate Form / IHT Checker Queries

Cherry2024

My Mum has recently passed away, my sister and I are both executor’s for her will. How soon after someone dies do people generally start the probate application process? I am assuming we will need to get estate agents in to value mum’s home and also statements for bank account, utilities, council tax, etc, to then be able to complete the Inheritance Tax Checker Tool first?

Mum had equity release against her property, on the Inheritance Tax Checker is this counted as a mortgage or other debt?

On the probate form, question 7.5 regarding gross and net values of the estate for probate - as their are no joint assets, gifts in the last 7 years, foreign assets or assets held in trust, am I correct in thinking the gross and net values will be the same as for question 7.3 (gross and net value of estate for inheritance tax)?

Many thanks

bob_a_builder

Just doing the same process
My 2p worth.

When you get to the end of the Inheritance Tax Checker it will offer to calculate value of the estate.
Just a couple more steps more on the online form and it will give you the values needed for the section 7 questions.

I'm using a Zoopla online house valuation 

Now doubt the experts will be along shortly with more definitive answers

Runner_Duck

I started fairly soon approx. 2 weeks after the death.  We had informed the current account bank, utilities and house insurance within days of Mum's death.
We knew that IHT would be payable so I applied for the Inheritance Tax reference number that you need if you are applying online. That takes time to come through.  Then I wrote to her banks, including a death certificate and asked them to provide the balance for each account and the amount of interest due at the time of death.  Some banks were very quick to respond, others not so.  She was owed some outstanding pensions, one was so slow (6 months) I ended up calculating the amount due and using that.  I downloaded the various schedules that were needed and completed the standard information required on each so when I had the final numbers I just had to plug them into the relevant schedule.
For the house I got valuations from three estate agents, that seemed to be OK but our lawyer did start muttering about Red Book Valuations, he also insisted we got a valuation for the contents.
Utility companies - if possible only deal with their Bereavement teams.  Without fail they were all excellent which can't be said of the teams that handle day to day contacts.
I did find that some of the calculations in the PDF forms did not always automatically update so keep an eye of this.
If you owe inheritance tax I believe it starts racking up interest 6 months from the death so you do want to sort out IHT and Probate as soon as possible

Cherry2024

Thanks for the comments and advice good to know others experiences. Fortunately we won’t have to pay any IHT, the estate will probably only be about £15k - £20k over the £325k, but we can transfer the allowance from my Dad who died in 2009 so no need to complete IHT forms.
I will start the ball rolling on contacting banks, utilities, etc, this afternoon and will look at getting estate agents in next week for valuations and will then start the probate application online.