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IHT Clarification
Hi. Intending to go the the DIY route for an estate valued at 700K with one benefactor. If transferring unused allowances from the deceased's partner (325,00 + 325,000 + 175,000 + 175,000) would I still need to send the forms to HMRC despite their being no IHT due? From reading up on this I think the process would still be…
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Will Trust and Ownership of Property
Mother & Father lived in house as Tenants-in-Common. Mother died in September 2022. Her Will stipulated her half of the house was to be left in Trust for Father and Me. Following Mother’s death, Solicitor registered the Will Trust in August 2023, naming FATHER and ME as both Trustees and Beneficiaries. As Lead Trustee, I…
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Probate/Equity Release Question
Hi there, I’m in the process of applying for probate on my late father’s estate on the Gov.uk website. His gross estate is £305,000 however he had an equity release on the property which is approximately £140,000. My question is do I take this amount off for the net estate value? Many thanks
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Prosperous Life administration problems
I had a funeral plan with Prosperous Life,but they have gone into administration I paid over £ 2500,been in touch with Administration who told me I would get a partial refund !!! This surely cannot be right,is anyone else in this situation.
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How can I help - Is POA Applicable here?
Hey guys, I'm in a bit of an odd situation and I'd appreciate some advice. Essentially about 4-5 years ago my Uncle passed away, then my Aunt. Neither had a will unfortunately, and due to complexities the situation is still ongoing with solicitors. My Mum has been acting as an administrator up to now, however, there's been…
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Standing order we don’t recognise on late mums statements
Sorting through late mums banking and have closed her current account, ISA and savings account now probate has come through. Barclays sent through printed statements confirming the account closures. Had a look through and notice a standing order going out every month for over a year, then it stopped say ‘payment rejected,…
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Inheritance Tax Understanding
Hello Can I check my understanding of inheritance tax please. If a single (divorced) person dies and leaves everything to their adult children does that mean the estate can be up to the value of £500k before inheritance tax is payable? £325k + £175k (as the house is being passed to decedents)? Is this still correct if the…
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Questions about using a deed of variation to redirect my share of an inheritance to a charity
My partner died earlier this year. We were not married and owned our house (outright) as joint tenants. I am named as executor of her will and an also named as a beneficiary of her residual estate - a share of 10%. The net value of her estate is well over the nil rate threshold of £325,000 so there will be inheritance tax…
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Tax on fixed rate bond interest when bond holder dies
Scenario: 3 year fixed rate bond taken out in Nov 2022 where interest is paid into the account annually but cannot be accessed until the fixed rate period ends. Interest is reported to HMRC annually by the bank. Bond holder dies April 5th 2024 with one interest payment having been made into the account in Nov 2023. Account…
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TSB BANK - Can they take money from someone with Dementia... as long as they send a letter annually
In August 2022, I was made aware that my in-laws Jim (84 years old and in and out of hospital – Passed away November 2023) and Joan (87 years old with Dementia) had been paying £15 per month for a gold JOINT bank account with the TSB since February 2003. In nearly 20 years they had tried to use the benefits of this account…
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Council tax?
Hi all Not sure if this is the best category to put this thread in so apologies if I've got it wrong! Two years ago mum passed away. Due to an ongoing dispute with a bank it's only now that the house is on the market.Their council puts a 100% penalty surcharge on property empty for two years.There's enough cash left in…
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Selling property in role of executor to current tenants
My late husband owned a flat that has been rented out for about a decade. Following Probate I paid off the remaining mortgage. I’m both the sole beneficiary (barring a couple of sentimental gifts and a charitable donation) and executor of his estate. I plan to sell the flat as executor and then distribute the proceeds to…
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Distribution of estate
I am the residual beneficiary of an estate along with my sibling (no other beneficiaries) which is being dealt with by a solicitor as executor. Probate was granted at the end of February. There was a property to sell where a sale was agreed back in December with the buyer happy to wait for probate to be granted. I emailed…
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Unexplained cash transfers
I am applying for Letters Of Administration for my mum's estate. Somewhat complicated situation as explained in other threads. I have bank statements going back 7 years and have noted sums totalling around 28k being transferred into her account about 6 years ago. She (and my late dad at that time) were both on state…
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Solicitor asking about transfer of Inheritance
My son and his partner are purchasing a property, he mentioned to the solicitor acting on his behalf that I gave him a 5k gift from money my mother had given me from the sale of her house (and downsized). I received a letter from the solicitor asking to confirm where my son had gotten the money from which I replied it was…
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Update on dispute over jointly inherited house, and more questions
Quite some time ago I had some good advice and support on a previous thread about the situation with the late father's house. https://forums.moneysavingexpert.com/discussion/6232470/possible-dispute-over-jointly-inherited-house/p17 In a nutshell, dad died, brother lived with him in his house, dad's will left the estate…
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HM Land Registry - Witness & Verification of ID - Forms AP1, AS1, ID1
Finding the HM Land Registry forms very difficult to understand , having to navigate to different links on HMRC website to figure out how to complete various sections of the forms AP1, AS1, ID1. These forms are for the transfer of my deceased father's property to my sister and it should be straightforward as no third party…
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Daughter left 50% of property what is inheritance tax liability
My brother died last year midst divorce. He left his estate to his daughter as he had made a settlement with his wife ( although it hadn’t gone through as he died soon after ) So the property was owned as tenants in common so his half will go to his daughter. The daughters inheritance will be worth about £364000 after all…
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Help understanding will
Sorry for the long post but I thought it best to include as much information as possible. My husband was offered a free will consult by a firm through his employer. We then paid the firm to draft our wills. We are in our 40s and have no children. We own our own house as joint tenants. I just wanted a simple will, where…
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Net qualifying estate value for IHT
I am doing IHT and Probate for my Mum, as her husband (my step-dad) died recently. There was no will. I've calculated estate as being £107k cash and a one-third share of a £300k house which he co-owned with my Mum. So that's £107k I've entered as Gross value for probate and £207k (£107k + £100k) which I've entered as Gross…