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Care home fees and joint tenancy.
My parents, Dad 94 and Mum 87, own their house as joint tenants. My Dad also has shares to a value equal to the house. Rather than go down the route of Tenants in common, would it be effective to transfer the house to my Mum and write new wills, my Dad's shares to his beneficiaries and my Mum to will the house to hers ?…
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Additional Residential NRB
Mother has passed, Survived by partner (not married) Executor (myself) named as trustee Property has been valued (Estate agent only at this stage) at £285-300k. Approximately £100k in cash savings. The will says 5. Life interest in (address of property) 5.1. In this clause: 5.1.1 'the life tennant' shall be my partner…
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What to do with cheques received before probate granted
I have received various refund cheques as executor. Probate is required, and I havent even got as far as the application yet. What should I do with these cheques? I have a bank account set up to keep any costs I cover transparent, can they be paid into there? Alternatively should I set up an executors account and deposit…
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Looking for Advice re: Potential Irresponsible Lending?
Good morning all, I am hoping someone might be able to advise on a situation that I have found myself in. My estranged father has recently passed at the age of 66, and he has not left a will, so my sisters and I have gone through Probate, and we have been granted Letters of Administration to deal with his estate. He died…
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Estate tax and foreign tax credit relief
Might someone know the procedure for an executor claiming FTCR for foreign dividends on a deceased UK estate, and how it relates to R185 and SA107? This must be a common scenario, but the only guidance I found so far was a cryptic paragraph at TSEM7453 (see below). The estate received foreign dividends from multiple…
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Hargreaves Lansdown HL - Not issuing Estate Pack
Does anyone know who I can make a complaint to about HL for not sending the Estate Pack over 4 weeks from my father's passing? I'm aware the acct is frozen but that could be another 9-12 months like that waiting for Probate which I can't do until they send the pack. Emails and calls have been met with apologies, 'it's…
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widow needs DIY probate help re insolvent estate
Hello, My husband ( formerly self employed and retired) died after a period in care with dementia. I have been doing the probate myself and have received the Grant of probate. There is only a few thousand in the bank, no property, no anything else. He had been paying back a Working Tax Credit overpayment to DWP and there…
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pros and cons of Reserved power as executor
Can anyone spell out the pros and cons please, I'm considering electing to have reserved power as executor. My last parent died recently, All children are named equally as executors and trustees in the parental wills (no other parties are mentioned), and the estate is bequeathed equally to the trustees. So should be fairly…
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Trust Wills: Porting a Trust to downsize. Who is liable for expenses
Please can somebody help. Just before he passed away my terminally ill step-father was persuaded by a solicitor, to put half of his and my mother's house in Trust, to safeguard against care home fees. The Will states that "My Trustees will……..Pay any debts funeral and
testamentary expenses”. Since he passed, my mother has…
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Double inheritance tax conundrum
My aunt (93) has sold her house and is now living in a nursing home that is fully funded, her estate is worth around £1.1m. She wants to gift most of the proceeds to myself, my sister and my mother (88), the split being £380k/£380k/£280k. We are aware of the inheritance tax liabilities on these sums. However, my mother has…
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'Adjustments': what are they?
Good morning.When I thought that probate would be near to be finalised, my solicitors contacted me letting me know that the Residual needs to be retained in the client account till we'll have heard from HMRC for possible 'adjustments'. I do understand that it is a safe step to take. It's going to take another 4-6 months,…
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Probate? Do we need one for Father in Law death?
My father in law has just passed away, bless... my question is: he has a will that leaves everything to his wife (still alive), he has a couple of joint bank accounts with average savings in them, he has his own ISA with a few thousand in it. Do we need to go down the probate route? If so, can we do it ourselves?
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Accounts and death notifications - some observations
I was always under the impression you had to advise a Bank/BS about a death ASAP; but the first bank I contacted told me there was no rush and sometimes it made sense to delay the notification. In this particular case it was a savings account and if the linked current account was still open they would transfer the money…
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Do estate proceeds held in a joint account form part of my own estate?
My sister and I are administering the estate of a deceased relative. Once probate has been granted, the proceeds from the estate will be paid into a joint bank account, before being distributed to the beneficiaries of the will. Might there be a subtle difference between paying the money into an ordinary joint account (with…
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Sale of deceased's car : Can proceeds be considered as income for gifting from surplus income.
My father recently passed away, leaving everything to my mother. His car was valued at £8000 and included in the IHT/Probate calculations. My mother has her own fully paid for car, so my father's car has been sold for £8000 as it was surplus to requirements. We would like to consider the proceeds of the sale as income in…
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Deceased's debt liability
Hi all, I've heard that nowadays a credit card debt is wiped upon the death of the cardholder and the executors can no longer be chased for the balance. Is that true? And if he deceased had a recent bank loan and died only a few repayments in.. can the executor still be chased for the outstanding balance (it's a lot!) or…
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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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Inheritance tax help
My son (15) has inherited his Aunty's house, but it's in trust until he's 25. Her partner (early 70's) has life tenancy. Who will be liable for paying the IHT (approx 60k)? My Solicitor has told me it's the partner with the life tenancy, but that doesn't seem correct to me. The life tenant has been told by his legal helper…
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Banks accepting APS ISA allowance with monthly pay away option.
Not sure if this is best posted here or in the finance section, but as it relates to bereavement, I thought I should post in this section first. I am trying to find a Cash ISA provider (Easy access or Fixed) who will pay monthly interest away to a nominated account AND accept an APS ISA allowance to initially fund the ISA.…
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IHT Direct Payment Scheme - timescales
I'm curious about how this works in practise. It seems that it is a paper situation and electronic payment may not be possible, are any banks part of an online system with HMRC? Does the payment slow if there is more than one account at the same bank for where the monies are paid from? If it's a mix of payments from…
