Grant of Probate

[Familysearch]

Just obtained copy of probate and will for someone I am researching.

Two figures are given: gross value of the estate and net value.

I am assuming this is before and after tax. Could someone please clarify. Thank you.

(Relates to probate granted at High Court of Justice England and Wales)

FS

[jaywit]

The difference between gross and net could be any debts that had to be paid.

[Pheno]

Also any charitable donations.

[CaroleW]

When applying for probate you declare all assets - cash & property etc

From that you deduct legitimate expenses incurred - funeral costs & anything else that was paid out such as outstanding debts etc

Hence gross & nett estate

Charitable donations in a will are considered in relation to liability for Inheritance tax - not for gross/nett purposes.

2yrs ago I was executor for a large estate that would have been liable for IHT even after funeral costs etc were deducted.  However - he left 50% of his nett estate to be divided between 4 registered charities so no IHT payable

[Familysearch]

Thank you for your informative replies. Appreciate that.

FS

[dobfarm]

Gross and net values are before tax gross and net after tax with most values or profits'

 Example: In the UK - the BBC 1 TV has a programme called " Homes under the hammer" - this is houses bought from an auction, renovated then sold on for profit, at the end of the programme they give the the amount of profit made stating its GROSS profit before tax.