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Credit Seaches for Estates bills
I am dealing with a family members affairs. I am Executor and am managing Probate process for the house and the bills. Im trying to understand if I will encounter several Hard Credit Searches personally for the suppliers. Specifically EDF and Sky Broadband which I dont want to be disconnected. They have transferred the…
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Inheritance tax allowance transfer after death of 1 parent. Do I need to complete any forms??
Hi all,I am trying to work out potential inheritance tax. Mother passed away 5 years ago and left everything to father. Current estate, with property is worth around £500k. (ie exceeds the £325k limit).On the death of the first parent does their inheritance tax allowance automatically go to the surviving parent, (ie ging a…
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Severn Trent issues in settling decease estate
I having all sorts of issues with Severn Trent regarding my father in laws estate. They have confirmed that he had £190 in credit but will only issue as a refund to his bank account which is frozen or to the beneficiary via proof of a will or legal letter of administration. There was no will and as the estate is small…
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Charge on estate
My late fathers estate had to be registered with land registry (the buyers insisted). It has returned with a charge on the land incase any inheritance tax is due. Probate and zero tax confirmed in January and no further contact was made by HMRC so 60 day period where automatic charge removal should have happened is up.…
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Multiple on-line accounts. How will family find them?
I have a number of on-line accounts; current accounts, savings, shares, premium bonds etc. I have put a list of the banks in a spreadsheet, which my wife and kids have access to. The idea being that they can contact the banks when I finally leave this world. I try to keep it up-to-date but, as I often swap banks to get a…
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IHT411 AIM Inheritor plans (BR)
I would please like some help with reporting two AIM IHT plans, (if I have to) set up for my mum in 2014, she has since passed in June of this year. I am aware that these should now fall outside of the Estate after 2 years under 'business relief'. Should these investments still be listed in the 411 for IHT consideration?…
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"Excepted" Estate
Hello all - I'm trying to sort out my mothers will along with my two brothers. All three of us are executors and are the main beneficiaries. Mum's assets are principlally her property with a few thound pounds in the bank. Her house has been valued at around £325,000, right on the cusp of normal IHT allowance. Add in the…
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Forms IHT301 and IHT 302
I posted a while ago about the time it might take to get a 'Final Assessment' to find out the remaining amount of IHT plus interest in order to pay it and then distribute the estate. As seems inevitable we have now received the answer but find that the confusion is now greater. Prior to the grant of probate we received a…
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Living trust will, changing it to discretionary trust
Just looking for advice, or where to start, it’s been an emotional rollercoaster, mum had a living trust will, and tennents in common with my stepdad, living her 50 % of the estate to me (25 %) brother (25%) sister (50%). Mum passed away dec 23. We all signed TR1 forms to put us on the tittle deeds of the property, and…
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IHT400 - Box 118 ends up a negative number, is this right?
I've completed everything in the schedules, transferred all the numbers and I end up with a chargeable estate smaller than the combined NRB and RNRB - so in box 118 ('value chargeable to tax' I've written in a negative number that results from the calculation specified of Box 114 minus box 117. Is this correct or should I…
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Instructions in a LPOA
What kind of instructions are usually added to both kinds of LPOA to ensure your wishes are met after you lose that ability to manage your affairs
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Large charity V solicitor as executor
Hi, I was looking for some advice. I will be choosing either a large charity or a solicitor to be the executor of my will (all my money will be going to charity). I have some small wishes that can only be carried out once I'm dead that are important to me. I'm including the wishes to the Will but understand wishes are not…
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Question on gifts
After meeting with our financial advisors I am preparing an executors' file for our sons (ages 25 and 21) to help them when the first of us dies and then the second. This means I have to understand what is needed for probate in both instances. As it stands at the moment the estate on 2nd death will be liable for IHT. Basic…
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IHT on a remarriage
My mum has passed away, my dad has remarried. My Dad's Estate is worth say £600k. 15% of which goes to new Wife on his death. 85% to his children. Is it correct that my dad still has his first wife's (my mum) IHT unused allowances and as my dad is leaving his property to his children, he will have the £1m exemption? What…
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Group Life Assurance Payment Delays & Interest
Hello All, I'm currently waiting to receive a payment from my late wife's employer's group life assurance scheme. It has been approved, and I'm just waiting to receive the money in my account. However, my wife passed away in February, and only now have they (the insurer) finished their "investigations" and agreed to pay.…
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Gifting from Income - Timescales
I am trying to understand the timescales when allocating gifts from income. I appreciate it can be a bit of a grey area, but I have read that you have a two year carry forward period before excess income is classed as capital by HMRC. Does that mean that excess income for this tax year 2025-2026 can be given away this tax…
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C1 Confirmation Form Help - Please
I’m looking for some help. My father recently passed and had a will. In the will he named my mum (pre-deceased), me and my sister as executors. My sister lives abroad and had not taken anything to do with any of this. I do not know how to fill out her address (unknown) and what to say in box 2 and 3. Box 2 (currently)…
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Links to Guides for Wills Trusts and LPOA
Hi I've read through lots of posts on here plus the general guides on mse. Are there any other accessible free guides available I can look at for Wills Trusts and LPOA I'm particularly interested in Trusts and Tax But also any guides on the various issues relating to LPOA Is it fairly standard practice to make the LPOA…
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House transfer, Solicitor required?
Are there any experts or anyone whos gone through this? Forgive my ignorance. We have a property that has been left to siblings. One sibling is buying out the others, price and value is agreed. In terms of Dealing with Land Registry and the paying out of siblings, is a Solicitor required or advised? Or do people do this…
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Offer of "gifts from income" from Mother - concerns
My mother is over 80 and its been suggested to her that now her pension pot is subject to inheritance tax, a way to avoid it is to give "gifts from income" meaning they wouldn't be part of the estate for inheritance tax (7 year rule?) Proviso that should she need paid-for care that we use that money to pay for it…
