Advice on Will
johnD17
Posts: 59 Forumite
NOTE - HOW DO I EMBED THE IMAGE OF THE WILL (HAVE BLANKED OUT PERSONAL DETAILS) - IS THERE A WAY OF DOING THIS WITHOUT UPLOADING TO A SITE SOMEWHERE? NOT SURE WHERE I COULD UPLOAD TOO?
Hi All -
I would like advice please on the below will.
I am literally ready to send off Probate and IHT (parents weren't married) but wanted to understand fully 1) the will of my dad and 2) the position with the property (to avoid any double taxation if anything happened to my mum.
I've spoken to many sources 1. the solics who produced the will (new people, unhelpful) 2. a legal firm and 3. a friend who is a solics specialising in this field. and also 4. and IFA. But the process is a nightmare and have had many conflicting steers.
The solics have advised that the will basically means that my mum has a life interest in my dads share of the house (Do I own this in principal, but not fully until anything happened to my mum?).
I'm also not clear on schedule 5. as it states 'REST OF MY ESTATE ON TRUST'?
Basically - my mum and dad weren't married and most things were in my dads name, hence IHT being due. I want to check this is right in light of schedule 5 of the will, and also the position with their house in terms of ownership, and how this passes - to avoid any double taxation if anything happened to my mum in future.
Thanks
Hi All -
I would like advice please on the below will.
I am literally ready to send off Probate and IHT (parents weren't married) but wanted to understand fully 1) the will of my dad and 2) the position with the property (to avoid any double taxation if anything happened to my mum.
I've spoken to many sources 1. the solics who produced the will (new people, unhelpful) 2. a legal firm and 3. a friend who is a solics specialising in this field. and also 4. and IFA. But the process is a nightmare and have had many conflicting steers.
The solics have advised that the will basically means that my mum has a life interest in my dads share of the house (Do I own this in principal, but not fully until anything happened to my mum?).
I'm also not clear on schedule 5. as it states 'REST OF MY ESTATE ON TRUST'?
Basically - my mum and dad weren't married and most things were in my dads name, hence IHT being due. I want to check this is right in light of schedule 5 of the will, and also the position with their house in terms of ownership, and how this passes - to avoid any double taxation if anything happened to my mum in future.
Thanks
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Comments
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In trying to copy and paste the image I get an error message
1. text entered too long
2. unable to post. please try again.
I don't have the time to type the whole will out.0 -
It really makes no sense that a qualfied solicitor can't answer. Do you really want to take advice from unknown people on here? Phone around or ask for personal recommendation and find another solicitor. A few hundred pounds spent now can save you a bundle of money. The answer is probably a DOV but without knowing all the detail nobody can be sure.0
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The only way to post images here is to upload them to a file sharing site first.0
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Thanks. @Yorkshireman - whats a DOV?
I've fired off my understanding from the call with THE solics who produced the will along with my questions. My frustration is (as usual with any organisation...) they want money and hide behind each area - i.e. solics states its tax/financial query, Financial guys say that its legal question etc.
I'm not convinced that even if I 'instructed' or paid somebody that 1) I would get anything over and above what I've done/am doing and 2) whether it would be write (an example is one well known specialist probate legal firm gave me an incorrect steer on overseas property)0 -
A deed of variation is as means by which, if all affected beneficiaries agee, a will can be varied for tax reasons. You are not going to get advice from a solicitor, or any other professional, unless you pay them. However many solicitors offer a free half hour interview to eanble you nto establish if they can help and the likely cost. I suggest you ask friends if they can recomend someone. It really should not be a difficulkt problem for any competent professional to help. You could also try reading the "stickies" on this forum.Thanks. @Yorkshireman - whats a DOV?
I've fired off my understanding from the call with THE solics who produced the will along with my questions. My frustration is (as usual with any organisation...) they want money and hide behind each area - i.e. solics states its tax/financial query, Financial guys say that its legal question etc.
I'm not convinced that even if I 'instructed' or paid somebody that 1) I would get anything over and above what I've done/am doing and 2) whether it would be write (an example is one well known specialist probate legal firm gave me an incorrect steer on overseas property)0 -
Was the house solely in your dad's name? If so your mother's lifetime interest is on 100% of the property. Who does the property revert to on her death?
'In trust' often just means the executors hold assets in trust i.e not as beneficial owners, before distributing to the beneficiaries.0 -
thanks - property was owned 50/50 - with my dads 50 passing ultimately to me, with my mum having a life interest (I think I get this now)
There is a schedule 5, which states 'everything else goes to trust' - I've probed the solics and she has said this is just legal wording and it just passes to my mum (I would say or me) - my purpose is to avoid any IHT in future years for my mum i.e. if needed have everything paid to my name.
Struggling to upload the will, as I'm in work and image host sites are blocked.0 -
https://unsee.cc/bisuzena/
Please see above image of the will (hosted) - this forum won't paste in with the embed image option0 -
-my purpose is to avoid any IHT in future years for my mum i.e. if needed have everything paid to my name.
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That would be madness as far as your mother is concerned. It seems to me that your main aim here is to protect your inheritance rather than your mother who may very well need those assets to give herself security in her old age.
Your mother still has a significant nil rate band including primary residence nil rate band, so even if this was a good idea, why would there be need to transfer everthing to you?
Including the PR NRB her estate currently has a combined nil rate band of £425k which will rise to £500k over the next few years0 -
Can I take your points in turn.
1) I'm angry at your comment - me and my mum are the closest anyone can be, she is angry that we have to pay IHT purely because they aren't married, despite being together for 38 years and despite my dad always planning for this day. It is her money, I don't need it. However I am loathe to pay X figure now for my dads hard earned money, to then also pay tax if anything happened to my mum ON THE SAME asset/money. They are not 'well off'; they are purely getting punished for not being married, and for having a place abroad.
2) I don't see how she has any nil rate band if they aren't married? I thought nil rate band was only for married couples.
All of this work has been left to me, its kept me awake and added stress onto the grief I've not yet gone through for weeks, and it is so frustrating to get no steer from the countless paid professionals I've sought advice from. The nil rate band is the one 'form' I did not think I would be completed, as my understanding was the nil rate band only applies to that of a married partner, if it was not used? Is that not the case?0
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