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Probate Query
About12
Posts: 1 Newbie
Sorry this is probably a really thick question to ask so apologies.
I am completing probate online for my late partner with whom I owned a property as tenants in common. I am also his sole beneficiary in his will.
My question is for the gross value for probate, given we were tenants in common, do I still exclude his 50% share of the property and only put the value of what he had in his own bank account please?
Many thanks
I am completing probate online for my late partner with whom I owned a property as tenants in common. I am also his sole beneficiary in his will.
My question is for the gross value for probate, given we were tenants in common, do I still exclude his 50% share of the property and only put the value of what he had in his own bank account please?
Many thanks
0
Comments
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As I understand it the 50% share is an asset in his estate so a current 50% value should be included in any probate being done. If you were joint tenants I don't think this would be needed as the property would automatically be 100% yours upon his death.
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If you were joint tenants you would not include it in the probate value but as you were TiC you do. The IHT value will be the same for both.1
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