Thank you both
There is a very basic will, naming me and my sister as executors and for everything to be split equally between us
I don't think we need probate/estate estimate???
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You have not mention about a Will. Has your mother made a Will and included the name of the Executors to administer the estate. An estate cannot just be handled by anyone. If no Will exists then the first step is applying for letters of administration to handle the estate and her full assets will need to be declared.
As you mother made a gift within the last 7 years, the the full value will need to be declared, but as you rightly say, no inheritance tax is likely to be paid after allowing for the nil rate band allowance of both your father and your mother and the residential allowances of £175,000 each would not be needed.
As mentioned, IHT205 will not be needed but a Probate application will be and form PA1P will be needed together with the original Will (if her is one) and original death certificate.
When the time comes, it would be wise to obtain several copies of the death certificate and bank, savings and insurance companies will require proof of death. You may also need copies of the Will (if there is one) and obtaining Certified Copies would be better.
Do please ask any other questions you may have,Last edited by Sam101; 12th April 2022, 06:53:AM.
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A small point only. IHT205 is no longer in use in respect of deaths from 1 Jan 2022.
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