If the deceased's land, property, shares or money were jointly owned - these will automatically be passed on to the surviving owners
If the deceased only had savings or premium bonds
You should not contact each asset holder (for example a bank or mortgage company) to find out if you'll need probate to get access to their assets. Every organisation has its own rules.
VALUE THE ESTATE
As part of the process you need to value the 'Estate', which involves collating all the information on the deceased's land, property, money, possessions, shares and debts. Once these are calculated you will need to submit a form to the HMRC.
The total value of these assets will determine which forms you will need to submit to the HMRC.
For estates under the current Inheritance Tax Theshold (currently £325,000) you will need to complete a IHT205 form.
If the estate is over this threshold you will need to complete a IHT400 form.
For some/many these forms can be complicated and confusing, so if you require any assistance in dealing with the probate application please call NBS on 0800 0246 121. We can assist you directly or we can pass you through to a carefully selected regulated solicitors who can deal with the application on your behalf.