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IHT Probate and excepted estates

13

Comments

  • otb666
    otb666 Posts: 868 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 16 September at 7:59PM
    Been busy today on IHT Calculator 
    assets in estate 426k Gifts given away 15k gross est val 441K debts 3250 net est val for IHT 438K RELIEFS AND EXEMP 325k net qualifying est value for IHT 438K

    Does this mean we dpnt need to do IHT form?
    Can we go straight onto Probate Application.?

    I have gone through 7 years bank statements First five years all under exemption 6k (when both alive) and 3k and no gifts this year but previous 2 years 21K  (10500 a year)
    some hefty gifts given as they were lumped under the same 2 people as explained before they did not use their card to buy anything online so things were bought using another persons amazon and same person was paid back online. Also same 2 people were given hefty amounts to divide up. So although it looks a lot it was done this way to avoid numerous cheques for gifts and a lot of amazon stuff for their own use.  

    Can @Keep_pedalling check i am on right lines
    21k savings no debt
  • RAS
    RAS Posts: 36,042 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Who are the "same two people"? Any chance their IHT limit exceed £650k?

    What is their relationship?
    If you've have not made a mistake, you've made nothing
  • otb666
    otb666 Posts: 868 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 16 September at 9:53PM
    sorry the 2 children of deceased who received bank transfers as 2 large  lump sums to divide between themselves their partners  and their children and childrens children. This was done last xmas by deceased to avoid numerous cheque writing.  So exceeded £3000 pa exemption and needs to be put on probate form that asks  for total gifts in last 7 years that exceed 3000.

    The estate amount in total is £438000
    21k savings no debt
  • Keep_pedalling
    Keep_pedalling Posts: 21,432 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    As the estate IHT valuation is well below 2x the NRB then you do not have to do an IHT return.
  • otb666
    otb666 Posts: 868 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    I was looking at the questions on postal form for probate (will be doing online but just preparing)
    I noticed the word codicil assume I can ignore as the extrs are also the only beneficials Which one to tick or tick both? Also gross value for probate and net value for probate You take off gifts 15k from 438k for first figure then a further 3250 (debts) for second figure. Have a got that right?

    Also 2 funeral plans £6000 combined Dont see that asked for? Or should that have been included with the banks figures as obviously not in bank at date of death

    I appreciate all of you helping
    21k savings no debt
  • otb666
    otb666 Posts: 868 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 29 September at 7:17PM
    @Keep_pedalling I am hoping you can put my mind at rest sent online probate application and will on thursday and i continually fretting if i have done it right The gift over last 7 years was 14k and thought i did not need a IH400 iS THAT RIGHT?
    21k savings no debt
  • Keep_pedalling
    Keep_pedalling Posts: 21,432 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    Don’t worry, you don’t need to submit an IHT return with that value of estate when the have the transferable nil rate band available.
  • otb666
    otb666 Posts: 868 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 30 September at 9:35AM
    Thank you I have done the diy route to save money but did not realise I would get so overthinking about it all and should of guessed it would be all down to me as there has been no offers of help and the responsibility is freaking me out. I am normally a calm person 
    21k savings no debt
  • Keep_pedalling
    Keep_pedalling Posts: 21,432 Forumite
    Tenth Anniversary 10,000 Posts Name Dropper Photogenic
    otb666 said:
    Thank you I have done the diy route to save money but did not realise I would get so overthinking about it all and should of guessed it would be all down to me as there has been no offers of help and the responsibility is freaking me out. I am normally a calm person 
    We tend to encourage people to DIY probate not only to save money but to reduce the time it takes to wind up an estate and to maintain control. You are not alone, you have the support and advice from the regulars on this board so don’t hesitate to come here if you have any more issues or worries.
  • otb666
    otb666 Posts: 868 Forumite
    Part of the Furniture 500 Posts Name Dropper Combo Breaker
    edited 3 October at 5:51PM
    got email today received documents at 830am and at 11.30am email received probate granted. Just under 8 days Huge thank you for all of your help and now I can breath
    21k savings no debt
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