Looking at DIY probate

sm82

I recently lost my father a week ago, and I’m staring at the probate/IHT forms feeling daunted. My mother is still alive, but won’t be any help with any of this (we’re both named as executors but she wants me to sort it all as she’s not technical at all in respect of computers).

I’ve spent the last week waiting for the death certificates which I should be able to register for tomorrow, so can then start with funeral etc, in the meantime I’ve spent poking around files trying to locate things etc. fortunately my father was fairly organised so the estate boils down to
-house (fully Owned as joint tenants with mom)
-ISA (significant)
-savings account
SIPP - outside estate
workplace defined benefit pension - again outside estate

they Have a joint bank account, which I know will just swap to being my mothers and I then intend to set up as a joint account whilst I get LPA updated and filed to help me in the future. 

A few questions spring to mind from what I’ve read so far

1. as everything is left to my mother under spousal exception (apart from some gifts to me totalling <325K nil rate band, which occurred in the last 7 years)am I correct in understanding that no IHT is payable as we meet the criteria of <3million total estate value so I can just apply direct for probate? (As IH205 form has now disappeared and I just need to give 3 figures in the probate PA1P form - gross value/net value/net qualifying)? - I can plug the figures into the gov.uk hit checker tool?

2. When I’m calculating these figures do I only include accounts etc that are in sole ownership only and for the couple of joint accounts just divide by 2?i.e 

3. The gifts to me were some investments plus some payments under the surplus income rule, which only happened for a few months due to a chance in circumstances. My question here as the surplus income etc is excempt from IhT (he has calculations and records) - do I still need to “add them” into the estate to show completeness?

4. I’m assuming as SIPP and workplace pension are outside the estate currently till 2027 I don’t even need to mention them?

5. when valuing the house contents, how precise are the HMrC wanting the values? That’s the bit that’s bothering me most.. I.e they have a teak dining table/chairs which is lovely but probably 40years old.. how the heck am I meant to put a value to it?.

6. I only need to think about any gifts in the last 7 years? Any minor gifts <250/month or which qualifies for other exceptions I just ignore? (As long as I have records/proof if HMRC queries?)

Keep_pedalling

As this is an exempt estate then you will not need to do an IHT return.

Yes you only need to provide the overall probate and IHT valuations. The gifts to you are included in the IHT total only as is his share of jointly held assets. 

I would not even bother with valuing the household goods other than putting a nominal value on them, HMRC are certainly not going to be interested. 

The pensions fall outside the estate. 

DavidT67

It cost us thousands to have our late mother's house contents cleared, so unless you've a house filled with verified antiques it will probably cost more than the contents are worth to clear.  

We did remove all personal items, items of sentimental value and a few collectibles of interest to family members.  There was a long list of categories of items charities wouldn't take, or that had strict criteria, so a lot went to recycling. 

In short, don't over value contents, and don't over think the details; HMRC has little interest in excepted estates.