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Trust and Estate Tax Return (SA900)
I am hoping that someone can advise me as to the circumstances in which it is necessary to complete SA900 relating to may late father in-laws estate. My understanding is that if non of the following criteria apply then it is not necessary and any tax due by the estate can be dealt with through "informal arrangements". 1.…
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Death of grandparent…
Hi, I have no idea if this is even the right place to post this. But really, really looking for some advice. Back in January my lovely nan died. My Grandad was her next of kin. So obviously everything was left to him (that was hers) they own their house together. We both attended the bank and closed one of her accounts…
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Inheritence Tax on family home.
Hi, When a house is left solely to one's children in a will. I believe this can increase the threshold for IHT to £500,000 before incuring IHT. My question is this. If I left my 3 children 75% of my house that has an approximate value of £300k and left 25% to a friend. What effect would this have on the IHT threshold? Do…
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Clarification of wording in will / property trust
I'm seeking some clarification on the wording of a will (written in 1993) for which I am named as an executor, mainly regarding a property trust (not sure if this is called a life interest trust / IPDI Trust?). To clarify, these are mirrored wills of a married couple, both of whom are still living, where the other spouse…
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Inherited Property
Would anyone please be able to advise, general or legal please? My situation is : my parent has prepared his will, he is living everything 50/50 to my sibling and I, my sibling has lived with dad for nearly 18 years due to marriage breakdown, job losses, not looking for work as dad supplements him, he’s 60, I live in…
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Executors’ absolute and unfettered discretion
The names below are fictional. The figure of £x00,000 is a stated number. My mother passed away recently. She left a will, prepared in 2007. I, “MOORS MAN” am an executor and Trustee of her estate. My sister “JOSEPHINE JONES” is the only other executor and Trustee, who has decided to reserve powers. My father passed away…
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Deed of Variation - Stamp Duty certificate
I've finally managed to make some progress - other executor/beneficiary has finally agreed to a DoV which removes the Will Trust - horray! So their solicitor has drawn up a DoV which seems ok but going thru the IOV2 checklist under box 4 it asks " If the variation alters the destination of stocks, shares or marketable…
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C1 Confirmation please help a newbie
I have been trying to complete C1 confirmation on behalf of my late Mum, I have been assigned as the Executor after my Step Dad resigned as he is blind, grieving and elderly. I have already had one refusal from the courts and am desperate to get it correct before I resubmit. The first was sent by post but I am considering…
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Life Interest - Land Registry Forms
I need some help of how to complete the Land Registry (LR) documents
as the executor of my father Will. Help please! My parents owned their house as tenants in common (50/50),
and when my father died his Will had a section, Life Interest. * I give a life interest in my 50% share of my property at [property address] to my…
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Letting the Family home.
I wonder if anyone could tell me what are the implications to IHT, if a parent goes into care and chooses to let the family home? 1) Would this incure capital gains tax when the house was sold? 2) If the home is left to there children after spending time in a care home. Would this invalidate the £175k increase in IHT to…
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Inheritance tax
Hi We are working thru finalising my godfather estate and have paid inheritance tax and secured probate. We based the figure on an estimate of the value of his property. If we now sell the house and the sale price is higher than the estimate will we owe more inheritance tax?? Thank you
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Beneficiaries?
My friend’s brother died without a will. He was not married nor had any children. He had some money in the bank. He has 7 siblings, 2 of whom have died. The 2 deceased siblings have 2 children each. Are they entitled to their deceased parents’ share or does it just get shared among the 5 living siblings? Thank you.
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Isle of Man Probate - service delivery address required so I can do it myself
Hi folks - bit of a niche problem here. I have volunteered to do Isle of Man probate on a single bank account held at Lloyd's Bank International on the Isle of Man for a friend. I have done probate before and have done some para-legal work in the distant past, so am up to speed with the process and detail. 1. The account…
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Inheritance Tax Limit, Nil Rate Band, and Probate
Hi all, My grandmother passed 2 months ago and I am still trying to sort out probate as I am executor of the estate. It isn't a big enough estate to justify solicitor costs so I'm handling it all myself. My grandfather passed back in 2008, and as far as I know everything of his estate went to my grandmother. I'm now trying…
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Template Deed of Variation
I wish to do a very straightforward DoV passing an inheritance to my two adult children I appreciate that I could do this freehand, but might feel reassured to follow an easy to use template.Likewise I could pay my solicitor to set this up, but it feels like something I should be able to do myself. By way of additional…
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Can a person who is owed money from a beneficiary of an estate make a claim?
Hi everyone, My dad died intestate nearly 2 years ago. The estate has not been “wrapped up” yet but we are expecting this to happen within the next few weeks The estate is being distributed between 4 siblings. It has recently come to light that my mum (divorced from my dad years ago) has given my brother approx £50k in the…
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inherited property probate, IHT and CGT
Can anyone confirm/clarify my understanding here? Situation is hopefully fairly straightforward: - Mother passed away 5 years ago, leaving everything to my father (they were married) - Father passed away recently leaving everything jointly to me and my sister - Cash assets approx 100k - House owned outright, value…
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Selling house after death: form DJP essential?
My mother-in-law died recently. Her and her husband had moved into a care home a couple of weeks earlier but hadn't started process of selling their house (they are joint tenants). We need to start the process of selling the house to fund the care home for my FiL. There is no urgency for the funds but it would be good to…
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Life interest in property and selling home/buying new
Hello please could i ask advice/guidance/thoughts on the following. My parent and partner bought a property as tenants in common 50/50 My parent is now deceased but left their partner lifetime interest in the property The partner now wishes to sell and use part of my parents 50% share of current property sale to buy a new…
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IIPTrust Investment Options - Alternatives to Investment Management
I am trustee. There is around £200k proceeds from a house sale which will need to be invested for life tenant. It seems Investment Management (Stockbrokers) will charge 1% + VAT to ensure balance between capital and income and showing the investment is at arms length from me - the remainder man. One firm I have spoken to…
