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Clare, Solicitor
Category: Law
Satisfied Customers: 35054
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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Hi there. My stepfather died recently, leaving his entire

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Hi there.

My stepfather died recently, leaving his entire estate to his wife. The executors are currently preparing to apply for probate. As I understand it, because the whole estate has been willed to his wife, it should not be subject to inheritance tax. Do we still need to provide a full valuation of the estate for HMRC, including 7 years of bank statements, all gifts made in past 7 years etc?

Many thanks, Theo
Thank you for your question.
My name is XXXXX XXXXX I will do my best to help you
The [art of his estate left to his Widow is indeed exempt.
However it is still necessary to prove that there were no Potentially Exempt Transfers made to others during the previous seven years which MAY need to be accounted for
I hope that this is of assistance - please ask if you need further details
Customer: replied 4 years ago.

Thanks. So does that mean I need to obtain full bank records for the past 7 years?

Have you been asked to do so by the Executor?
Are you aware of any such gifts?
Customer: replied 4 years ago.

I am an executor. I've been asked to obtain this info by a fellow executor, and wanted to check it is strictly necessary as records going back that far may be difficult to obtain. I am aware of a couple of gifts (cars) which are worth around £18k each. Beyond that, I am not aware of anything.

Then no they are not necessary unless there is reason to believe that a very substantial gift has been made
However as executors you are liable for any errors so you may wish to discuss what his or her concerns are
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