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Where Taxpayers and Advisers Meet

Probate

Yiannis17
Posts:133
Joined:Wed Aug 06, 2008 3:43 pm
Probate

Postby Yiannis17 » Mon Feb 24, 2020 10:53 am

Good morning

Regarding probate, is it still necessary even if the Will in place stipulates that all assets will pass onto the surviving spouse?

Thank you

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Probate

Postby AGoodman » Mon Feb 24, 2020 11:00 am

Yes. Otherwise banks and other third parties would have no way of relying on the will being the final, valid, will of the deceased.

The practical test is whether you need it in order to transfer assets - i.e. no need for joint assets and some banks will transfer balances of up to £50k without a grant (most have limits of £10k-£25k).

You still need to file an IHT return if (a) you are seeking probate in which case you may be able to use the simple form IHT205 or (b) it is not an excepted estate, in which case you need to file IHT400 irrespective of probate.

Yiannis17
Posts:133
Joined:Wed Aug 06, 2008 3:43 pm

Re: Probate

Postby Yiannis17 » Mon Feb 24, 2020 2:34 pm

Thank you for the response.

I assume it is best to apply through HMRCs website?


IHT400 will need to be completed as I believe there were a few failed PETS.

AGoodman
Posts:1738
Joined:Fri May 16, 2014 3:47 pm

Re: Probate

Postby AGoodman » Tue Feb 25, 2020 1:29 pm

Never used online as it isn't available for agents (they are still required to use paper for some reason).

Also, I don't think anybody can do IHT400 online, only IHT205


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