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IHT 407 Household goods valuation
Does anyone know if there's a minimum valuable of a personal possession, when declaring , ornaments, paintings, furniture. Define what's may be judged as a work of art, antique?? Anymore guidance?...... Page 1 relates to jewellery, and you only detail if individual items are valued at £1,500 or more . Thanks
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Trouble with executors/solicitor
My partner died 3 1/2 Yrs ago we had been together 25 years I was never accepted by his family all those years or invited to any social gatherings. In his will he left me an equal share to children/executors. They spent the first two years after his death trying to make me pay for my partners half share of our house…
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A gift or part of the estate
My fathers will left my sister and I as main beneficiaries with his partner receiving a relatively small amount of cash and is able to live in a downsized purchased property that we hold in trust for her remaining years. When dads health declined In his final months he could no longer drive and he part exchanged his car in…
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Stamp Duty
I am trying to find out if it will be cost-effective to have a property which I have just been left in a will, transferred it into both my and my husband's names (rather than just mine) as we are going to renovate it and move there when the work is complete (before selling our present home). My husband has another property…
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Inheritance tax-“Buy” house from mum in advance?
Hey gurus, my mum is getting stressed for some reason about the inheritance tax that I will have to pay when she passes away. I’m an only child and I am the named sole beneficiary on her will. her house is owned out right and probably worth somewhere in the region of £800,000. So, could I “purchase“ the house from her at…
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Inventory for iht400
How accurate do you need to be for inventory of a property? How do I value 2 x 15 year old sofas and some dark wood furniture that is very nice but of little financial value? I don’t want to not note things down because I deem them of next to no value and looks like I am being vague on the contents?
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Death of a sole trader ... and debt
Hello could anyone please advise My brother in law ..sole trader garage.. had died left no will and his personal representative is his 23 years old son... only child The landlord of the business unit is looking for the remainder 4 years of the lease agreement.. this will equate to around 52 thousand pound we fully…
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No need for copies?
I am in the process for applying for probate online, I have finished paying, all the probate office are asking for is the original will, yet on mse probate guide it's says also need to send 3 copies, who is correct?
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Estate
My dad recently passed away, around 4 weeks before his death he told me had paid his partner £10,000 so she had instant access to money to cover bills. A week or so before his passing it came to light he had actually paid 3 lots of £10,000 in seperate transactions. We find this very odd but can no longer question it. Now…
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Another IHT question
Would appreciate some help please if possible in layman's terms. Sadly my sister recently passed away. Her husband passed away almost 5 years ago. They had mirror wills and everything was automatically passed down to my sister when her husband died including their home which they owned mortgage free. My question is…
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Which legal helpline
My sister and I are in the process of executing my late fathers will and have just started on the pile of forms. It’s not complicated as such but lots of forms due to various investments, gifts and my late mums claim of NRB and RNRB so we are a little daunted at this stage. i mentioned to my sister about signing up for…
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Business paperwork
My brother had his own business and died nearly 4 years ago. My sister in law is moving and there is so much business paperwork everywhere. What i would like to know does she have to save all this paperwork for 6 years even though my brother died years ago? Comments would be most welcome, thank you.
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complicated
My 88 year old Uncle., who I lived with as a child, made friends with a young man about 15 years ago. This young man 's mother was a Jehova Witness. When my Uncle Denis fell ill they took him out of the hospital to their home. ( we were abroad briefly at the time), Within 3 weeks I was no longer his beneficiary in his…
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Changing a Will
I am executor to an elderly lady's will. She is still alive so I have not had to carry out my duties yet. At the moment the will says a third share each to two charities and a person. She wants me to change the will to say £1000 each to the charities and the rest to the person. I assume I am allowed to do this, providing…
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Insuring house during probate and selling
Having immediately got the current insurer to agree continuing cover for my late parents house I’m now dealing with the renewal. I’m concerned that there is an endorsement requiring the gas and water to be switched off. As it is early days I am still visiting regularly from some way away and need water and hot water each…
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Inheritance problem.
Hi, need help on this one. I have inherited 10% of a property in Italy. My siblings also have been given 10 also although my oldest brother already owned 50% so he owns 60% now, sister owns 10% and two other brothers own 10% each. My oldest brother is sorting out the will as it was our mum's property and he is the…
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Copy Of Will- Email or Hard Copy only?
My mother passed, I live abroad, have requested a copy of will death, certificate. DO these have to be sent via physical mail or can i get copies of these via email? Siblings tell me one thing I believe another and so looking for some form of guidance with it. I suspect siblings maybe are being difficult. If this is the…
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Timelines for finalisation of IHT during Covid19
Hi Does anyone have any experience of how long it is taking HMRC to finalise matters surrounding estates/IHT in the current circumstances? Due to Brexit, my dad's house took a long time to sell last year, and it ended up selling for £30k less than the initial value declared to HMRC (I just gave in and accepted a cash offer…
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Applying for probate
I have a complicated situation to sort out so sorry if this is long winded, I have never sorted out an estate before. Both my mother and sister passed away recently, my sister passed away first. I need to get on and start to sort their estates out. Mum had a will where I was one of 2 executors. My ex wife was the other and…
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Inheritance tax
Bit of a long one, but I hope someone can give me a answer. When my mum dies ( not for a long time yet) we will have to pay inheritance tax on her estate. This can be done with her savings, so the house will be going to my sister. The question is when my sister dies ( hopefully not for about 40 years) do we have to pay…
