Getting probate for spouse's estate

[keihal]

As I understand it, if a husband and wife have wills that leave all their assets to the surviving partner, all jointly held assets pass to the surviving spouse on the death of their husband / wife without having to obtain probate, so long as all their assets are jointly held. If the deceased had some assets in their sole name, such as savings accounts, shares, investments, I believe that means that probate must be obtained. Is that correct?
So, if the deceased jointly owned a house worth £500,000 and had £100,000 in assets in their sole name, does the probate application need to take into account their share of all the jointly held assets? If everything is passing to the surviving partner, might any inheritance tax become due following the first death?

[Pezza54]

The executor needs to check with the deceased's bank to find out if probate is required. Banks vary their rules regarding the release of funds.
In your example the deceased's share of the property is £250k and savings are £100k making a total estate value £350k. As this is over the present nil rate band of £325k there is inheritance tax to pay (£25k @ 40%)

[Pezza54]

There is a useful gov.uk IHT checker to estimate the amount of tax.

[Pezza54]

If the surviving spouse is still living in the main residence when they die and leaves the property to a direct descendant then a residence nil rate band of £175k can be added to the nil rate band of £325k making a total of £500k.

[Pezza54]

Correction to my first post.
Deceased assets left to his or her wife or husband or civil partner are exempt from IHT so there is no IHT to pay in the example.
£225k of the deceased's NRB is unused and can be carried forward along with their £175k RNRB
This means that on the death of the surviving spouse there is a total IHT NRB of £900k

[Pezza54]

Correction to my last post- I missed the £100k being left to the surviving spouse.
The full £325k NRB for the first spouse's death can be claimed when the surviving spouse dies and when RNRB is added gives a total NRB £1m
All records, forms etc relating to the death of the first spouse need to be kept safely for presentation following the death of the surviving spouse.

[keihal]

Thanks all, especially PEZZ54 for your last clarification.

[Pezza54]

I wouldn't bank on RNRB remaining if Labour get into power. They have plans to abolish it.