Genealogy Chat

I have just found a will entry which says "not exceeding £125.000". What does this mean please?

I think we need the rest of the sentence before anyone can give you a sensible answer.

As it stands it simply means that whatever it is mustn't be more than £125,000.

I think (but I'm in no way certain) that it means that the executor can administer the will as long as when all the estate is sorted out it does not come to more than the amount stated.

If the executor finds that the value of the estate is actually more than that then I think he/she would have to go back to the court and declare the extra.

Kath. x

Kath,

Thank you for your reply. It sounds feasible.

Sheila

Could it be that at some stage the Probate Registry Office decided not to publish the actual amount if it fell below a certain level?

Older wills on the Probate Registry Index give an actual amount, later ones don't.

Not sure when they changed.

Someone out there should have the exact answer I'm sure.

Ken

Something to do with the IHT bands?

£125000 was the inheritance tax band so over that the will assets couldn't be divided until the tax was paid

This is the current tax band

The current inheritance tax (IHT) threshold is £325,000 per person. It doubles to £650,000 for a married couple - as long as the first person to die leaves their entire estate to their partner. Anything over this limit is subject to a 40% tax bill.24 Oct 2014