Can I apply for probate without filling in IHT400

lake888

If my husband passed everything to me when he dies, as stated in a will, do I still need to complete IHT400 as there will be no inheritance tax to pay?  Can I apply for probate directly?  I have read the IHT400 notes but still feeling unsure.

Keep_pedalling

It will be an excepted estate so no IHT return will be needed.

poppystar

It might also be the case that you don’t need probate. It would probably be needed if there are sole NS&I accounts or premium bonds but not necessarily with other institutions. Joint accounts will pass to you. Sole accounts, even with tens of thousands In them, may still be accessible without probate. When the time comes, contact each banks bereavement team (not branch or usual customer service number) to find out if they will release funds to you without probate. 

Depending on your circumstances finances can be rearranged if necessary in advance to lessen the possible need for probate - not clear if you were asking a general what if query or if this was something expected in the near future. 

lake888

poppystar said:

It might also be the case that you don’t need probate. It would probably be needed if there are sole NS&I accounts or premium bonds but not necessarily with other institutions. Joint accounts will pass to you. Sole accounts, even with tens of thousands In them, may still be accessible without probate. When the time comes, contact each banks bereavement team (not branch or usual customer service number) to find out if they will release funds to you without probate. 

Depending on your circumstances finances can be rearranged if necessary in advance to lessen the possible need for probate - not clear if you were asking a general what if query or if this was something expected in the near future. 

I am asking a what if query as I want to understand a bit more and do some planning if necessary.  I understand some banks might need a probate before releasing the money.

probate_slave

We should perhaps also mention the £3m maximum gross value for excepted estates. The IHT manual clarifies that only the deceased's share of joint assets is counted:
https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm06013

As poppystar suggests, the most useful thing your husband could do would be to put assets into your joint names so that they pass to you by survivorship.

lake888

probate_slave said:

We should perhaps also mention the £3m maximum gross value for excepted estates. The IHT manual clarifies that only the deceased's share of joint assets is counted:
https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm06013

As poppystar suggests, the most useful thing your husband could do would be to put assets into your joint names so that they pass to you by survivorship.

The gross value of the estate is very unlikely to hit £3 million.  He only has stocks and shares ISA accounts and I believe those cannot be held under joint names.

RAS

His ISAs will need probate but that wouldn't delay your access to other accounts, many of which have limits in the £30-50k range.

p00hsticks

lake888 said:

probate_slave said:

We should perhaps also mention the £3m maximum gross value for excepted estates. The IHT manual clarifies that only the deceased's share of joint assets is counted:
https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm06013

As poppystar suggests, the most useful thing your husband could do would be to put assets into your joint names so that they pass to you by survivorship.

The gross value of the estate is very unlikely to hit £3 million.  He only has stocks and shares ISA accounts and I believe those cannot be held under joint names.

You are likely to need probate for those - but note that as a spouse you can inherit that ISA allowance in additional to his own  - it's known as an Additional Permitted  Subscription (APS).
Individual Savings Accounts (ISAs): Inheriting an ISA from your spouse or civil partner - GOV.UK

lake888

So for account balance that over the bank's limit, I will probably need probate even I am the spouse.  To transfer a joint tenants property to my sole name may also need a probate!?

RAS

Is this a joint tenancy or tenants in common?

Keep_pedalling

lake888 said:

So for account balance that over the bank's limit, I will probably need probate even I am the spouse.  To transfer a joint tenants property to my sole name may also need a probate!?

No, you don’t need probate for the transfer of the property to the surviving owner.