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Inheritance tax general question
I listened to Martin’s recent podcast about inheritance tax and have a quick question for all you experts! If a partner (married, civil partnership, or partner) dies but they are joint tenants, does the property come under their estate or is it discounted from the estate? Hope this makes sense and thanks in advance!
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1975 Inheritance Act - No win no fee
I am writing to you to raise a serious concern about the operation of the Inheritance (Provision for Family and Dependants) Act 1975 and the unintended consequences it can have for families administering estates .My siblings and I are currently executors and beneficiaries of our late father’s estate. We are responsible for…
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PoA on death - what I've learned
Dealing with my late mother's estate as executor I discovered a couple of things I wasn't aware of before in respect of the PoA's that I held to act on her behalf. First, the government's 'Tell Us Once' service does not include the Office of the Public Guardian - you have to notify them separately. Secondly, when you do…
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Reporting change to value of estate
If a further bank account is found for a deceased after HMRC has provided the executor the unique code, but before the application for a grant of probate, how should the executor deal with the probate application? It is a relatively small sum (say £900 approx) and there is no IHT payable at on the estate. HMRC say do not…
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Disabled Children's Trust
My 14 son who is autistic inherited £75k from my Uncle in his will. The solicitor handling the probate said that as he was a minor, they would put the monies into a bare trust, although the will did not stipulate anything of this nature. I stated that as he was disabled, it would be good if this were placed into a disabled…
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Shares after fathers death
hi guys/intelagencia After my dad’s passing I have a problem, We are still awaiting the cause of death through the coroners office but have a interim death certificate as he had a few quid even though he had a will and left all to me and my sister ( both get on fine and are happy to go halves) it seems like it needs to go…
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IHT liability on loans that aren't recoverable?
Suppose I die, and my executor delves into my past transactions to discover gifts I made. Suppose one of those past transactions was a non-commercial loan, e.g. to a family member. Suppose the family member hasn't repaid the loan - despite reminders - and it looks unlikely that it can be recovered. Would the amount of the…
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Confirmation Scotland (C1) and transfer of Nil Rate Band from predeceased spouse.
I am currently completing the C1 for my late Mum's Estate and we wish to make use of the full NRB which is available from my Dad - as her pre deceased spouse. He passed June 2023. I have checked using the gov.uk website calculator and there is no tax to pay on mums estate. It is an excepted estate. At Q21 and Q22 of the C1…
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RNRB Allowance
Hi all - I've been around the houses on the internet on this and it's as clear as mud, so yet again I find myself hoping you generous folk can provide the answer! Fil passed away Sept 25, owned his home with Mil (his wife) who remains in the property. My wife is executor. HOWEVER… when we sent the Probate forms in, we got…
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IHT409 and SIPP
My father died recently and I am completing form IHT400 as there will be some IHT due. He had a SIPP with Norwich Union. My understanding is that SIPP's remain outside the scope IHT until next year. However, I also thought that HMRC liked to check that the SIPP qualified. When I read the guidance notes on IHT400 at page 15…
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Renunciation
Trying to help my sister through a very tragic time. My dear brother-in-law died abroad in Greece last October. Just a couple of days after arriving Skiathos early September 25, he was diagnosed with a bleed on his brain and rushed across the sea to hospital near Volos. Three surgeries to relieve pressure failed placed in…
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Simplifying affairs prior to death
Hi, My elderly parents and I (as their PoA) are seeking to simplify their affairs as much as possible in preparation for the inevitable with the goal to make things easier for the surviving spouse/executors and is a process we will also likely want to undertake with my wife's parents (and indeed for ourselves once the time…
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Where/when do we report income from estate between death and distribution?
My Dad died in Oct 25 and I'm dealing with his estate (Mum is executor but I am doing most of the admin and forms keeping her in the loop). He had a lot in S&S ISAs, a GIA, and some cash savings. (Plus main property and a holiday flat but they are jointly owned with Mum, and not rented out or anything). I have just sent…
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Estate distribution statement & account balance discrepancies
I am in the process of drafting the final account statement for my late mother which I had thought would be a fairly straightforward process. The issue lies in the fact there is a sum of money (sub 1K) which I cannot account for after taking into the balances at death, plus interest accrued, additional income and minus all…
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Can a trust beneficiary specify what happens to their interest if they die?
I am looking to find out if a beneficiary of a trust can specify what happens to their interest in the event of their death. I've approached a local wills and probate company, who prepared mine and my wife's wills, but after an initial communication, I can no longer get them to respond. In 1981, my late grandmother left…
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Life interest trust help
Hello, my father died last month and left a life interest trust in his will, allowing my stepmother to live in the property and benefit from any income from his savings. They were tennants in common, and I will inherit his 50% of the house and savings on her death. I am executor, and his close friends are trustees. His…
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Large Estate - DIY Probate
Hi all. Very early into the probate process after a family members death, but already, the Solicitors that I was thinking of using as the sole Executor are being very slow to even get back to me with a simple query. I haven't yet signed the forms appointing them to help with this. I am seriously considering going through…
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Beneficiary problems
My mother is one of 10 relatives sharing the estate of their late cousin. She isn’t an executor but a beneficiary. She doesn’t know or have contact with the executors. Her cousin died over 4 years ago, leaving a will with a firm of solicitors. The solicitors are not local to my mum or her deceased cousin’s property. I…
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transfer of inherited property
Hallo, My dad died in December and left his flat to me and my 2 siblings. It's worth about £140k. We intend to sell it. We just got probate so I have looked into notifying the Land Registry of the need to change ownership to us as beneficiaries which I assume is a pre-requisite to being able to sell it. I have already done…
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Probate Application - figures requested on Probate Application differ to IHT Online Checker
Once we have done the Online IHT checker, it comes out as no IHT payable - which we expected. The printed calculation to accompany the Probate Application shows the same figure for Gross and Net Probate Value. However, after putting in these figures, the calculation throws out a different Net Value. We can identify the…
