Can I cut a property inheritance tax bill once probate has begun?

My family were forward thinking and took as many steps as we could to reduce the inheritance tax bill before my parents passed away. There are several ways to reduce your inheritance tax bill once the probate process has begun MailOnline Property expert Myra Butterworth replies: While measures may have been taken while your parents were still alive to minimise their inheritance tax bill, such as passing on wealth so that it eventually becomes exempt using the seven-year rule, there are still ways to potentially shave thousands off a tax bill during the probate process. We take a look at how it is possible to lower the declared value on the assets, especially on property Nick Green, of The CoreProp Group, replies: It is well documented how to reduce or even avoid inheritance tax before a loved one passes, and people should be doing as much as possible to prepare for this. Inheritance tax: The basics Inheritance tax is charged at 40 per cent above the tax-free allowances everyone has on their estate, known as nil rate bands. Under current rules, if you give away a main family home to direct descendants, a total of £500,000 each, or £1million combined, is the maximum value that a married couple or civil partners' estate can reach before it starts being liable for the 40 per cent inheritance tax rate.