When completing an IHT400 form after someone has passed away, there are several things to keep in mind to ensure that the process goes as smoothly as possible. Here is a checklist to guide you through the process:
Gather all relevant information
Collect all the information you need about the deceased, including their full name, date of birth, date of death, and national insurance number.
Obtain a copy of the death certificate
You will need a copy of the death certificate to complete the IHT400 form, so make sure to obtain one from the Registrar of Births, Deaths, and Marriages.
Determine the value of the estate
Calculate the total value of the deceased’s assets, including property, savings, investments, and any other valuables. You will also need to calculate any outstanding debts, such as mortgages or loans.
Determine who the beneficiaries are
Identify who the beneficiaries of the estate are and their respective shares. You will also need to identify any gifts made by the deceased in the last seven years and whether any exemptions or reliefs apply.
Complete the IHT400 form
Once you have all the necessary information, you can start completing the IHT400 form. Make sure to fill out all sections accurately and provide any supporting documents that are required.
Pay any Inheritance Tax due
If the estate is subject to Inheritance Tax, you will need to pay this before you can distribute the assets to the beneficiaries. You can do this online or by post using form IHT423.
Distribute the estate: Once any Inheritance Tax has been paid, you can distribute the assets to the beneficiaries according to the deceased’s will or the rules of intestacy if there is no will.
Keep records
It is important to keep accurate records of all transactions related to the estate, including any payments made and receipts obtained. You may need to provide these records to HMRC if requested.
By following this checklist, you can ensure that you complete the IHT400 form correctly and efficiently, making the process of settling the estate as smooth as possible.
Are you looking for help to complete the IHT400 form? Give DIY Probate a call on 0116 2795044, and we’ll be happy to help.