Fathers estate - forms before probate?

CarpyCat

Hi,

My father passed away recently and as the sole beneficiary and executor in his will I plan to go through the probate process alone without and legal help. However, I just need a little guidance regarding required forms prior to going to probate. 

I am a single child who will be inheriting 100% of my fathers estate. The estate consists of a property worth £322,000 and assets of only £1000 or thereabouts.. 

If I am under the £325k IHT threshold can I skip any form filling or do I still need to complete the IHT400?

thanks in advance
CarpyCat!

Keep_pedalling

That is very close to the needing to do an IHT return, and there is a possibility if you have not valued the house very accurately you could lumber yourself with a CGT liability.

How did you come up with that valuation? 

CarpyCat

Area sales based valuation online only on purple bricks so not a definitive valuation on the actual property. 

Keep_pedalling

CarpyCat said:

Area sales based valuation online only on purple bricks so not a definitive valuation on the actual property. 

I would get three valuations from local estate agents and go with the highest valuation. This might mean having to do a full IHT return to claim the RNRB but should reduce the possibility of being hit with a CGT bill. 

CarpyCat

Keep_pedalling said:

CarpyCat said:

Area sales based valuation online only on purple bricks so not a definitive valuation on the actual property. 

I would get three valuations from local estate agents and go with the highest valuation. This might mean having to do a full IHT return to claim the RNRB but should reduce the possibility of being hit with a CGT bill. 

I will do to be safe. thanks Keep_pedalling!