Getting grant of representation Flashcards
(15 cards)
Valid will grants…
Grant of Probate
Valid will but not willing to act
Grant of letters of administration with will annexxed
No valid will/no will at alll
Simple letters of administration
When do you not file IHT400?
Exempt estate?
Category 1 exempt estate?
Total estate + transfers less than £325k
Category 2 exempt estate?
Total estate + transfers is less than £3 million and after exemptions/reliefs is less than £325k
Category 3 exempt estate?
Non Uk domiciled
Time limit to acquire grant of probate?
6 months after end of death month
How many executors needed to act?
1
How many administrators needed to act?
At least 2
PA1P Form?
Grant of probate/grant of letters of administration with will annexxed
PA1A Form?
Simple letters of adminisatrtion
Which assets dont need grant of probate?
- property passing by survivorship
- pensions
- trusts
- chattels
- cash found at property
- assets less than 5K
Ways to fund IHT before grant of probate?
- wealthy beneficiaries
- short term Bank Loan
- Direct payment scheme with banks
- Pay in 10 installments e.g. house
- Sell assets under £5000
Filing requirements of PA1P Form?
Application + fee + will + codicil
