Viewing 6 posts - 1 through 6 (of 6 total)
  • probate and inheritance tax
  • jonba
    Free Member

    Hopefully someone on here can answer this before I have to phone HMRC.

    I’m the executor on a will and am currently wading through probate and IHT info.

    The estate is small, less than the IHT threshhold.
    It is all passing to a surviving spouse.
    I’m hoping I can avoid having to get a grant of representation. As the state is property, bank accounts and a small amount of shares (less than capital gains threshold). I need to phone the various institutions to find out if this is the case.

    do i still need to fill out IHT paper work? form 205? An actual link to where this is stated would help.

    If one of the banks ends up being difficult then I will have to do this anyway but I’m really hoping to avoid the hassle.

    jekkyl
    Full Member

    I tried to do it but it got very confusing, shop around for a solictor to do it and take the costs out of the estate iiwy.

    dannybgoode
    Full Member

    If it’s below iht threshold you don’t need to fill in the iht paperwork.

    There’s excellent guidance on line on how to gain probate on small estates.

    If it’s above iht then you can still do it yourself but it can be a ballache…

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    Nipper99
    Free Member

    If you need a grant then you will need to complete the IHT205 which is very easy. If you don’t need a grant then there is no need for the form. Whether you need a grant or not will depend on what banks, fund managers etc require. If property was in sole name of deceased you will need a grant to deal with that.

    BaronVonP7
    Free Member

    We need(ed) it for a simple, small estate – and we had to fill in that IHT stuff to get an IHT 251(something like that) back so we could progress.

    Fortunately, HMRC & solicitors are great and speedy and, with luck, you might not “add to the list” by dying of old age before the useless womblecocks finally get their bit done.

    EDIT: In the above we will shortly be needing a multi-year calendar to record the entire fustercluck.

    Good luck!

    jonba
    Free Member

    Thanks, Nipper that was what I was hoping. I fear I need a grant to access some things but most will be fairly straightforward. I will start compiling accounts and talking to people.

    This is teaching me to be more organised. I am going to start keeping better records – My finances have grown organically and are scattered which would make this a nightmare.

    I’m also going to budget not only for funerals but to pay for someone else to deal with this ball ache – much more important things to be thinking about!

Viewing 6 posts - 1 through 6 (of 6 total)

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