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How do I record Lifetime Gifts?

Bear in mind that because gifts are already outside of the estate on the death of the deceased, you may decide to ignore the recording of gifts in Probate Plus completely and just enter the details on the IHT forms manually. Remember that the job of Probate Plus (PP) is accounting for things that the estate can still do things to (e.g. sell, transfer). It can't do anything to a gifted asset so it is regarded as not forming part of the 'estate values' in PP.

You can record them, for information purposes, in PP and the basic details will be transferred across to the IHT forms if you use the form-filling function. But you will still need to add additional information on those forms manually, such as the date of a gift.

Some people like the ability to record a gift in PP so that colleagues are aware of them. They will also be summarised in the ‘Non-asset items’ report if you or others wish to run one. There is also the option of recording more explanations about gifts, for yourself or your clients, on the 'Notes' page.

Asset and Tax Categories for Gifts

When choosing, or creating, an asset category for a gift make sure that it is one that doesn’t ‘form part of estate values’ (one without a tick in the box next to it on the dropdown list of suggestions). When choosing an IHT tax category, use  ‘IHT gifts during lifetime’.

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