Distrust of Co-Executor plus Capital Gains Tax query
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CORRECTION - "£60,000 from one of Dad's bank accounts" The account was in fact investment bonds - if that makes any difference?0
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So hubby is in on it as well0
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My hubby is executor as well as sisters hubby being executor, however, she has had complete control over the whole estate and this release of the £60,000 is the first and only instruction we have received from her (to provide ID to Friends Prov) that she has involved my husband. She has obstructed my hubby in any way she can having involvement in Dad's estate and is not allowing him to perform his duties.0
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Thank you both regarding info on the house. Bit complicated but further info, Mum and dad divorced in early 70's. It was my Dad who brought my sister and I up single handed in said house. At the time when Dad wanted to transfer house to us, it was established the property was still in joint names with my mother. Dad instructed a solicitor, and eventually she signed her half over to me and my sister in 2007 and we became owners. Having taken initial advise from solicitor following Dad's death, since mother is still living, they advised that mothers share would be exempt but Dad's would not (as you have explained above - thank you) Solicitor advised that, as Dad's assets amount to approx. £100,000, (sisters approx declaration) adding half the value of the property (approx £300,000) should still not give rise to IHT as the threshold over which tax is payable is currently £325,000. From the initial advice from solicitor, sister has absolutely forbidden us to contact them again for anything what so ever, explaining that it is not required because she says that we do not need probate. As mentioned above, any talk of a solicitor provokes a very hostile response from her.0
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It sounds as if the estate is subject to IHT. What does your husband say? As executor he could be liable for all sorts of things. I think you need to go to a solicitor on Monday. I would say that the Police need to be involved as well since theft and conspiracy to defraud appear to have taken place.Thank you both regarding info on the house. Bit complicated but further info, Mum and dad divorced in early 70's. It was my Dad who brought my sister and I up single handed in said house. At the time when Dad wanted to transfer house to us, it was established the property was still in joint names with my mother. Dad instructed a solicitor, and eventually she signed her half over to me and my sister in 2007 and we became owners. Having taken initial advise from solicitor following Dad's death, since mother is still living, they advised that mothers share would be exempt but Dad's would not (as you have explained above - thank you) Solicitor advised that, as Dad's assets amount to approx. £100,000, (sisters approx declaration) adding half the value of the property (approx £300,000) should still not give rise to IHT as the threshold over which tax is payable is currently £325,000. From the initial advice from solicitor, sister has absolutely forbidden us to contact them again for anything what so ever, explaining that it is not required because she says that we do not need probate. As mentioned above, any talk of a solicitor provokes a very hostile response from her.0 -
Do you have access to the will?0
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Yes, I do have a copy of the will. Today, hubby managed to get Death cert from other executor...0
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Thank you Yorkshireman99 - your post "It sounds as if the estate is subject to IHT. What does your husband say? As executor he could be liable for all sorts of things. I think you need to go to a solicitor on Monday. I would say that the Police need to be involved as well since theft and conspiracy to defraud appear to have taken place"
Crikey - thank you for your advice. Since at the initial contact of solicitor, I found it very strange that sister did not want to pay the small some of around £1000 for him to handle probate etc etc. And of course, this would only equate to £500 odd pounds to me and my sister. At that time, considering Dad's assets which she informed me were around £100,000 and the value of the house is thought to be £300,000, when she forbade me to instruct solicitor for probate because of the cost (solicitor gave rough estimate) I couldn't believe why she did not want to go ahead as it was a nominal amount considering the amount of inheritance that would be forthcoming and would more than cover his fees. When questioned, again the outbursts, and expressed "WE DO NOT NEED PROBATE!" and became so frustrated with me... (apologies - not got the hang of how to use your quotes yet in my messages)0 -
My hubby's position prior to commencing this post, after consistently requesting paper work as well of reminding her of his own responsibilities together with questioning her on how she had managed to bring in the assets so far without his knowledge or ever having him sign anything (apart from the Friends Prov bonds £60,000 today), that considering her complete disregard of my hubby altogether, and that she will carry on regardless, that, once she confirms that assets are complete, hubby would then appoint the solicitor to evaluate and verify sisters "statement of estate" (on spreadsheet and as you point out is means nothing without statements) This would be to establish to hubby any wrong doing by her as well as any other assets that she may not have declared. Upon the findings of solicitor, to then take relevant action against sister. I welcome your advice here.0
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And finally, Dad transferred his house to my sister and I in 2007 (and remained alive for over 7 yrs from transfer). We will want to sell the property soon and regarding capital gains tax, I am aware that this will be due on the gain of the value of the property when transferred over to the value of sale. On the land registry document when transferred, there was not a value stated. My question is, how to I obtain a property value as at 2007 and what valuation documentation will HMRC accept as a bona fide valuation to enable the calculation of CGT.
Thank you to anyone that can be of assistance.
It sounds like your father remained living there after transfering the property to you, therefore the 7 year rule does not apply and the house is still treated as part of his estate and as such may be subject to IHT.0
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