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Hi all
I'm not sure if this is the right place to ask for help, but I was just filling in the online probate forms at gov.uk and there were some things which were unclear to me.
My dad passed away in November and left a will in which he left everything to my mum. Pretty straightforward. Everything, bar an ISA, was in joint names. Even more straightforward. However, the ISA is over the threshold the bank allows for a simple close and withdraw - it's £60k. They're insisting we get a grant of probate in order for them to close the account and transfer the funds to my mum. Pain!
So I was starting the process of getting probate online. We didn't really want to pay a solicitor as I was hoping it would be pretty easy to do myself. Hmmm, we'll see, I guess.
Straightaway, on the first page for "What are the values of the estate for Inheritance Tax?", there's 3 questions which to me seem a bit unclear...
It first asks "Gross value - This is the total value of all assets like property, money and gifts in the last 7 years before taking off any debts". Do I include half of the valuation of the property? And half of any amounts in joint bank accounts? And all the amounts in sole bank accounts? And, on the property valuation, if I had 2 or 3 valuations, do I take the average value? Or the highest?
The second question asks "Net value - Take off any debts like mortgage and credit cards from the gross value" - here I don't think he had any real debts, even credit cards were paid off every month. So this would be the same value as above, right?
And the final questions asks "Net qualifying value - Take off from the net value any assets passed to spouse or civil partner and money left to a charity." So does this leave a zero amount, as everything gets passed to my mum?
Thanks for any help and guidance
I'm not sure if this is the right place to ask for help, but I was just filling in the online probate forms at gov.uk and there were some things which were unclear to me.
My dad passed away in November and left a will in which he left everything to my mum. Pretty straightforward. Everything, bar an ISA, was in joint names. Even more straightforward. However, the ISA is over the threshold the bank allows for a simple close and withdraw - it's £60k. They're insisting we get a grant of probate in order for them to close the account and transfer the funds to my mum. Pain!
So I was starting the process of getting probate online. We didn't really want to pay a solicitor as I was hoping it would be pretty easy to do myself. Hmmm, we'll see, I guess.
Straightaway, on the first page for "What are the values of the estate for Inheritance Tax?", there's 3 questions which to me seem a bit unclear...
It first asks "Gross value - This is the total value of all assets like property, money and gifts in the last 7 years before taking off any debts". Do I include half of the valuation of the property? And half of any amounts in joint bank accounts? And all the amounts in sole bank accounts? And, on the property valuation, if I had 2 or 3 valuations, do I take the average value? Or the highest?
The second question asks "Net value - Take off any debts like mortgage and credit cards from the gross value" - here I don't think he had any real debts, even credit cards were paid off every month. So this would be the same value as above, right?
And the final questions asks "Net qualifying value - Take off from the net value any assets passed to spouse or civil partner and money left to a charity." So does this leave a zero amount, as everything gets passed to my mum?
Thanks for any help and guidance
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