Probate Advice

looby27

Hi, a family member has passed, she has left monies to six family members. She has a will.
£157,000 she has left. I am named as the executar aswell as my mother.
Ive had a look through the process, it seems fairly straight forward as no, property or other assetts. 
She just has a normal bank account. 
Will inheritence tax be paid on this amount?
Im concerned if it gets to complcated.
Many thanks 

tetrarch

With this amount IHT will not be payable

The process is (digital) paperwork heavy, but the online guidance is generally good. With common sense and perseverance it is not too onerous

Note - Easy mistake to make (yours truly fell down on this) is to forget to make declarations about deceased or non-participating executors correctly. The Probate Office don't need help from an inattentive Executor to delay the process!!!

Regards

Tet

Keep_pedalling

No IHT to pay and no IHT return required so this should be fairly straightforward and no need to pay profesionals to do it which will not only cost the estate money but will take a lot longer.

You can apply on line but I recomend the having a look at the paper version as a first step which will inform you of everything you need to apply? If you get stuck or unsure of anything just ask here for help.

https://assets.publishing.service.gov.uk/media/67b6f6ab78dd6cacb71c6a3e/PA1P_0124_citizen.pdf

DavidT67

tetrarch said:

With this amount IHT will not be payable

The process is (digital) paperwork heavy, but the online guidance is generally good. With common sense and perseverance it is not too onerous

Note - Easy mistake to make (yours truly fell down on this) is to forget to make declarations about deceased or non-participating executors correctly. The Probate Office don't need help from an inattentive Executor to delay the process!!!

Regards

Tet

If no property or other assets, then probate may not be required.  So that's £300 and a bit of time saved potentially.

Keep_pedalling

DavidT67 said:

tetrarch said:

With this amount IHT will not be payable

The process is (digital) paperwork heavy, but the online guidance is generally good. With common sense and perseverance it is not too onerous

Note - Easy mistake to make (yours truly fell down on this) is to forget to make declarations about deceased or non-participating executors correctly. The Probate Office don't need help from an inattentive Executor to delay the process!!!

Regards

Tet

If no property or other assets, then probate may not be required.  So that's £300 and a bit of time saved potentially.

It all seems to be in one bank account, so probate will definitely be required.