Amending Estate Values for Probate

[Telecom Man]

I had to obtain Probate before the bank would disclose contents of the deceased's account. It held over 20k more than expected. Some 11 months have passed since the grant of probate and on looking back I would need to correct the Estates value to Probate. Can I do so and how? Am I likely to have committed an offence by not doing so earlier? What are the penalties? Thanks for your help.

[buildersmate]

The answer to your question appears to be within the notes associated with the IHT205 form that you filled in when establishing whether there was any IHT to pay.
It says that it is permissible to enter your best estimates on the value of an asset or assets.
Then further down the form, in the calculation summary it states: -

"If you find something has been left out, or if any of the figures you have given in this form change later on, you only need to tell us if, taking all the omissions and changes into account, the value at box K is more than the Inheritance Tax nil rate band (or two times the nil rate band where form IHT217 has been submitted). You must then fill in form IHT400 and send it to us. You will also need to pay any tax that is due."

Since you've been through the process, I'm sure you know what that means - no need unless it takes the estate over the threshold for paying IHT.

BM

[Telecom Man]

Thanks Buildersmate. You are right and I was aware of the taxation position. My concern is regarding the amount declared for Probate. The Estate 'size' is in error on the public record, you see. I do have a co beneficiary who seems to be nit-picking and looking for issues, hence my concerns.

[buildersmate]

Well I looked at that as well (originally) but the Probate Registry website says one's involvement with them is finished once you have the Grant of Representation.
So I reckoned the answer is 'no', but the answer is based on research, not knowledge, so others may have a different idea.

[factor-fiction]

I think buildersmate will be right, but to put your mind at rest why not just send a note to the probate office informing them of the finalised value- it can't do any harm.

[tonywiltshire]

This is quite a common occurrence and if you have exercised due diligence as executor there is nothing to be concerned over, as others have said if the total amount now does not exceed the nil rate band there is no need to take any action.
But as f30 says it can do no harm to inform them of the new valuation.