Hello, I am dealing with an estate where different executors are appointed for the literary estate. The deceased wrote an academic book which received royalties for 2 years before death. The first years royalty payment was approx £20,000.00 but the next years less than £5,000.00.
Firstly, my question is should I value it for IHT or is it just income for the beneficiary to deal with and if I do value it how would this be done? The book agent just provided the income figures when I initially asked for a valuation.
Secondly, the little research I have done suggests that I must make a separate probate application for the literary estate. Would this entail a second PA1P but the same IHT 400/205 form which I use also for the other assets?
Any guidance welcome. Thank you