Applying for both RNRBs when probably only one needed ?

p00hsticks

Following the recent death of my mother, I'll be dealing with her estate and so will probably be asking questions on these boards over the next few months.

Having had to apply for probate for both my late brother and father in recent years, I'm intending to deal with it all myself rather than engage a solicitor. I had PoA for my mother so am familiar with her finances, the only complication this time round is for the first time I'm going to need to complete IHT forms, although there shouldn't be any IHT to pay (my brothers estate was under the NRB, and my fathers was an excepted state as he left everything to my mother).

I'm getting estate agents round at present to value the house, and it'll go on the market as soon as I have probate.

An initial guesstimate gives valuations of £550k - £600k for the house , with savings of around £175k on top (plus I'm waiting to hear back from NS&I about how many Premium bonds she held) - so I'm definitely going to need to use one RNRB, hence the need to complete IHT forms.

So my first question is

Q. Although I an unlikely to need to need the second RNRB, is there any advantage or disadvantage in me asking for it given that I'm going to be completing the paperwork anyway ?

I'm just thinking that it might cover me in the (unlikely) scenario that the house goes for much more than the initial valuation ….

poppystar

If I remember correctly there are two years after death in which you can apply for the extra RNRB if needed but if there are no complications then applying for it straight away would seem easier especially if you are close to maybe needing it.

Keep_pedalling

it would be rather pointless and it it adds one more form to complete (IHT436)

poseidon1

At a gross estate of say £775k , you are just £50k short of the threshold at which a 2nd RNRB might be needed.

If it transpires your mother has a full £50k allocation of premium bonds ( or very healthy 5 figure allocation) I would certainly claim the other RNRB to maintain a healthy IHT buffer if the property eventually sells for more than expected. Would be tedious having to revisit the IHT 400 to claim the other exemption retrospectively.