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Dealing with 2 x deaths, one with a will and one without
This could get confusing so bear with me. On 6th August- my Nan died. Then suddenly we lost my dear dad 3 weeks later. My Nan had made a will leaving my dad and his sister as executors. Dad then passed away meaning his sister would naturally be the one to start dealing with things. We visited the solicitor and she advised…
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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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C1 Confirmation help required
I am helping a friend with a C1 submission to Falkirk Sheriff Court. Confirmation is required by a bank. The estate is valued at circa £110,000, no heritable property. The court has rejected the initial C1. The deceased's home address was in the Strathclyde Sheriffdom and is shown in the Will. They passed away in the…
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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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IHT forms process?
situation: two executors/beneficiaries on second parent will. Paid for a legal advice session which confirmed all is straightforward, no trusts etc, eligible for 2 x RNRB. Now going DIY. Both executors/beneficiaries in agreement (happily) and other person happy for me to make it all happen. No charity bequests, straight…
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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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IHT Probate and excepted estates
I am hoping you can advise Mother passed away 2023 will left all to her husband. 300k house jointly owned and father also has 110k in normal bank account and 12k in shares. Gifts may be below allowances. We will have to go through 7 years statements and bank stubs to check. We had to use our Amazon for all needs and goods…
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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…
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IHT - HMRC calculations
Hi everyone, The final amount I am waiting from is the HMRC calculation of what is owed. I have an amount that was being paid back that is owed Tax on interest earned from Bank accounts that is owed An adjustment from tax paid on private pensions which may result in a credit. Can I overestimate the amount owed to HMRC for…
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More IHT 403
Sorry to add another question about form IHT 403, however a simple question really. On page 8 under Ref.20 (Income) what does "Annuities (income element)" mean by "income element" ? I have recently used my SIPP to buy an annuity which in my mind is income (taxed of course) so have included it in this box. Is this correct?
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Capital gains
Mum died 2018, she had about £300 worth at the time of shares with Lloyds . My sister lost the shares certificates and it cost more than they where worth to change names etc we inherited all her estate and were executors. We still receive dividends in our names as executor of my mum. Very small amounts , are they classed…
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IHT400 & HMRC Response Times
I'm having a big issue with the IHT process. I posted the forms first week of August via Tracked Delivery, it did not show delivered and a few weeks later HMRC still said they had not received it. So, I sent it again via Special Delivery as they suggested to do so - and have the same problem again. It's not shown as…
