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Peyton’s Perspective #6 – Probate Forms

Peyton’s Perspective #6 – Probate Forms

Probate Forms

After last month’s flurry of probate cases closing, I thought I would shed some light on the forms needed when applying for probate. Below are just a few of the forms required.

Forms Required for Probate

IHT400 – This is the main 16-page form where you supply all the deceased’s details, and an overview of their assets and liabilities. This form helps you calculate any inheritance tax and gives you tick boxes on what other forms you will need to complete.
IHT433 – Residence Nil Rate Band. This is your allowance for the property you own and live in. Currently it is £175,000, but there is a downsizing allowance, and you can also transfer any unused band for a deceased spouse by using Form IHT436.
IHT436- Claim To Transfer Any Unused Residence Nil Rate. As said above, this is the form to use. This will have all the deceased spouse’s details and will help calculate the relief.
IHT 402- Claim To Transfer Nil Rate Band. Similar to above, you can claim up to £350,000 of any unused nil rate band for a deceased spouse.
IHT403- Gifts And Other Transfers. This is for any gifts or transfers made within 7 years by the deceased. Here we can work out taper relief and the effect it will have on the overall tax position.
IHT404- Jointly Owned Assets. This outlines any assets held jointly such as a property, this is where you can add in any exemptions and survivorship.
IHT405- Houses and Land. This form details the valuation of any land owned by the deceased. It is always better to get a valuation from an estate agent to provide evidence of the value. We can also add any factors affecting its value and whether it will be sold or not.
IHT405- Bank Accounts. This form will detail all bank and savings accounts, or any premium bonds or other investments held.
IHT409- Pensions. Here you would need to add any continuing payments, or any death benefits received.
IHT411- Listed Stocks and Shares. If the deceased held any government stocks, or held stock where they were not in control of the company, they would need to be listed here.
Of course, each case is different and not all will need all these forms. Other clients would require additional forms if the deceased had business assets or farmland, for example.
When clients come in, we understand it can be an emotional time, so we ensure compassion and support is given throughout. Our questionnaire guides you through all the information we will need, and we have great relationships with estate agents, IFAs or accountants if needed.
If you have lost a loved one and will need to begin probate let us know how we can help today.

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