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US share holding on death - Etrade
I am the administrator of a fair number of shares which the deceased (a UK citizen, resided in the UK) received as part of her renumeration working for a US company. The US broker is Etrade. Etrade's website says that upon notification of death they will assign a case manager to guide executors through the process. No case…
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IHT 403 gifts
Has anyone noticed today's article by Mike Warburton (tax expert) in the DT paper ?He says that gift relief for 'Normal Exp out of Income' applies first, even before the Annual Exemption is claimed.He says this, simply because this is what HMRC say in their own manual IHTM14132 (and that is indeed the case).Now this is the…
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POA vs Trustee of a Discretionary Nil Rate band Trust
If a Trustee of a NRB Discretionary Trust is also an Attorney under a POA for finance for the same person/donor (who is now deceased) and refuses to to supply accounts for either the trust or the POA (having burnt though circa £600,000 of funds in 6 years (substantially on themselves) how would that work with any legal…
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Gazette notifications
I have placed an ad (with P.O. Box) in The Gazette and it is now two months and one day since it was published. My question is do Gazette notify you of if no creditors have come forward in that period? Feels like I need some kind of confirmation before distributing estate.
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Carers Allowance after a death
Hi All, My wife passed away in February of this year. At the time I was receiving carers allowance. This ceased being paid following my submission of the "tell us once" form. In case it's relevant, I then applied for bereavement support payment, and am currently in receipt of that. Today I randomly received £739.90 in…
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R185s
I have a question concerning interest included on the form R185 issued by the trustees of a will trust (IIP) to the beneficiaries. The sole remaining asset in the trust is (now) money in the solicitors client account, and the interest thereon exceeds the £500 reporting threshold. The solicitor has prepared the R185s, and…
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Council demanding o/s care home fees from family after death
Just looking for some advice if possible please . Her care home fees were paid by the local council / part funded by her (her pensions ) She had no assets , around £300 in her bank when she passed away . She had a life insurance policy , of which myself and my sister were beneficiaries. The council has come to us saying…
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C4 corrective account query
I’d be grateful for some help. I’m dealing with my father’s estate. IHT400 submitted, tax paid and probate granted. The VOA decided it did not like our red book property valuation and we haggled and have just paid the additional iht (plus % calculated through the online calculator). Do I need to submit a C4 for this or…
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Deed of Variation
Hi - my mum recently passed away and before she died she had told me she wanted to update her will - leaving £15k each to her grandson’s and 15k to her son in law. She didn’t get an opportunity to update her Will so this isn’t in it. Both my sister and I are Executor’s and aware of her wishes and happy for the money to be…
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Probate application - "executors named in will"
On the probate online application, it asks for "Executors named in the will". My mother is the executor and my brother and I are named as substitute executors in case my mother is unable or unwilling or deceased. My mother is willing and I'm completing the application on her behalf. Do I have to list my brother and I as…
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Quick probate
Less than two-and-a-half weeks. I was expecting the same amount of months, at least. The estate is just under the IHT threshold (and actually may be exempt from requiring probate but we decided to go ahead and apply).
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Inheritance Tax - Trusts are they worth doing ?
Every time I get into a discussion about inheritance Tax the subject of Trusts always arises. Surely the HMRC and current government are not that stupid, are they a means to reduce IHT or just another money spinner for the providers ?
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Paying Bequests from Interest
A few months ago I stumbled on something on a charity's site and wish I'd made a note of it. From memory it said something to the effect that the executors could pay a bequest using just the interest (or income) from the estate. This would mean HMRC would reduce the tax liability. Is this a real thing? If it is, can…
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UK Probate disaster
From day one I received nothing short of terrible and egregious conduct in every possible way regarding UK probate. Neolithic incompetence is one way to describe it. Outright crooks is another. No responses to complaints, snowflake replies when I registered my disgust and upset, still no refund regarding their screw up…
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Will trust
Not sure if a will trust is the right idea , I want to leave 50% to my daughter from previous marriage on my death , the house is in my sole name , this was for mortgage purposes, it is now mortgage free , can I leave 50% to my husband ? The company who will set it up are saying it will not be protected if I need to go in…
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Impossible to be certain that all deceased accounts have been traced?
Hi My friend passed away in 2020 and I was one of two executors, as the other one was in another part of the UK, and I was also the main beneficiary, I was happy to deal with the estate. My friend had multiple bank accounts and also dabbled in Peer-2-Peer lending, but eventually the estate was settled and all beneficiaries…
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Swift probate turnaround
This may assist others? Applied probate online 30 July. Received email today (13 August) to say it had been granted - just two weeks later. Admittedly they then said it woukd take up to 10 days for the grant docs to arrive by post...
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My wife and i have just changed our house tenancy from joint tenants to tenants in common
My wife and i have just changed our house tenancy from joint tenants to tenants in common, as part of our will to our one and only son, and now we are wondering whether this will affect our inheritance tax allowance??
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UK resident inheriting foreign asset
Hello, If I (UK citizen and resident who has never lived elsewhere) inherit a property in Portugal from my father who was a Portuguese citizen and resident and never lived in the UK, does it result in me having to pay inheritance tax?
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Applying for joint executorship vs court direction
Hello my sister and i are both named as joint executors in my late mums will. Unknown to me my sister applied for sole probate with power reserved to me but I am concerned about her delay in dealing with distribution of assets - she is refusing to market the properties and wants to purchase herself but doesn't have the…
