Will IV Probate Application and IHT

Question 1

Briefly explain the Grant of probate procedure

Answer 1

1) PR must pay the IHT to obtain a grant (request bank to release deceased’s bank account directly to HMRC and funeral expenses via IHT 423)
2) An affidavit will be required for defective will
3) alternatively, a beneficiary challenging a will can enter a caveat, which put the administration on hold for up to six months. if the matter remains contentious, a judge will intervene to determine the issue
4) citation may come into play for clear off PR

Question 2

Explain situation where affidavits are needed to be filed with a probate application

Answer 2

The will submitted does not have an attestation clause - an affidavit of due execution must be included from a witness or other person present when the will was executed

will includes unexecuted obliterations, interlineations or other alterations, an affidavit is needed to confirm whether each such alteration existed at the date of execution (otherwise will be deemed ineffective)

Question 3

Explain Caveat

Answer 3

any person aged over 18 can enter a caveat to challenge the validity of the will, on grounds of whether the will is authentic, or legal, or the appointment of the executors

It will be valid for 6 months until judge may have to intervene

Question 4

Explain citation

Answer 4

An interested party may ask the Probate Registry to issue a citation to accept or refuse a grant to a person with a prior right to a grant who has not applied, and shows no intention of applying, for a grant

Question 5

Excepted estates:

Answer 5

1) small estate - an estate of UK domiciliary that does not exceed the IHT nil rate band is deemed a small estate exempt from IHT and no formal account is necessary

2) estate worth less than 3 mil and net chargeable estate does not exceed the IHT nil rate bank (exempt estate)

3) non dom if their UK estate consists solely of cash and /or quoted shares which total no more than 150k

Question 6

Deadlines for IHT payment

Answer 6

12 months to file an inheritance account of the decedent’s death unless the estate is excepted (last day of the month)

6 months accrual of interest on IHT begins.