Grant of Probate / IHT205
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andyc_999
Posts: 1 Newbie
Hi,
I have been dealing with my late Father's estate following his death in April and have a query regarding requiring a Grant of Probate and completion of any IHT forms. Some background...
My Dad was married and had a relatively simple financial situation. A property owned as joint tenants with my Mum and some cash and investments, some in joint names and some in his name only. The total value of the combined estate is around £800k and all assets are being passed to his wife. He has made no gifts over and above any allowances within the last 7 years. He and his wife also had a valid Will in place.
As he has fairly small amounts in various accounts none of the banks or financial institutions required a Grant of Probate. We have therefore administered the estate without one and all assets have been gathered up and distributed to my Mum. I, my mum and sister are the executors.
Whilst I know that there is no IHT payable as all assets have been passed to spouse I thought that I might still need to complete a IHT form and IHT205 looks to be the one. However, on the guidance notes it states that if you didn't need a grant of probate then you do not need to complete the IHT205 form.
However I just wanted to check that we have done everything correctly and not missed anything? I read conflicting things about the need for a Grant of Probate but my understanding was that unless a financial institution requests it then it would not be needed. Similarly without having needed probate does this mean we do not need to complete any IHT forms or do anything further.
Any help would be much appreciated as just want to make sure we have done everything by the book!
I have been dealing with my late Father's estate following his death in April and have a query regarding requiring a Grant of Probate and completion of any IHT forms. Some background...
My Dad was married and had a relatively simple financial situation. A property owned as joint tenants with my Mum and some cash and investments, some in joint names and some in his name only. The total value of the combined estate is around £800k and all assets are being passed to his wife. He has made no gifts over and above any allowances within the last 7 years. He and his wife also had a valid Will in place.
As he has fairly small amounts in various accounts none of the banks or financial institutions required a Grant of Probate. We have therefore administered the estate without one and all assets have been gathered up and distributed to my Mum. I, my mum and sister are the executors.
Whilst I know that there is no IHT payable as all assets have been passed to spouse I thought that I might still need to complete a IHT form and IHT205 looks to be the one. However, on the guidance notes it states that if you didn't need a grant of probate then you do not need to complete the IHT205 form.
However I just wanted to check that we have done everything correctly and not missed anything? I read conflicting things about the need for a Grant of Probate but my understanding was that unless a financial institution requests it then it would not be needed. Similarly without having needed probate does this mean we do not need to complete any IHT forms or do anything further.
Any help would be much appreciated as just want to make sure we have done everything by the book!
0
Comments
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It is not needed but I suggest doing one anyway(just don't send it) as it is a good record of the estate in HMRC jargon
That along with the will and the "inventory and account" you will have what is needed when the time comes for your mums estate to be processed and you need to claim the transferable nil rate band(s)0
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