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Inheritance Tax Gifts and 7 year rule 2nd Death?
My wife and I have shared bank accounts. We have mirror wills leaving everything to each other. We have gifted money to our adult children. Hopefully we will both survive seven years making this question irrelevant. However, is there a way these gifts can be considered as joint, so that if one of us dies within the 7 seven…
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How to describe myself in Scottish Law?
I am trying to apply for an Initial Writ to be an Executor Dative for a relative who died in Scotland. His closest living relatives are children of his aunts and uncles (themselves now all deceased). In my first attempt to obtain an Initial Writ I described myself as first cousin once removed to the deceased, which I am.…
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Probate - how long?
Hi, I know it's been asked before but on this cold and wet afternoon I've nothing else to do but think..... Probate submitted end of June, straightforward, just bank accounts, how long can it reasonably take? Apologies again for repetition, just wanted to hear some real experiences (recently) thanks
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Rights Re Will and Pension
Hi. A very old friend of my husband and his family died approx 18 months ago. He left a Will stating my husband and brother should be given the money from his pension split 3 ways between a female relative and the 2 men.(hubby and his brother nursed him not knowing they would be left anything)We have been waiting ages to…
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When I go
When I go I want to leave my affairs in order. I am not interested in hiding my assets to avoid care home charges. I am not interested in avoiding tax on my estate. It could be circa £500,000. I have a simple will which shares my estate between two sons who are executors. I understand settlement of my estate could be…
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Credit Card Debt after Death
A family member died in February with no assets, they did have two large credit card debts that had already been passed over to a debt collection firm and they had been making small repayments monthly. I have informed both companies that they have died and that the estate is insolvent and there are not even any assets to…
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Wording of Will
A relative is making a Will. He has no dependants so it should be fairly simple. His daughter has always relied on the support of the benefits system and this is unlikely to change. He doesn't wish to entirely disinherit but also doesn't want to leave her in a position whereby leaving her a gift affects the benefits she is…
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Form IHT406: not enough rows
As I mentioned on another thread, my Dad died last week and I'm 100% sure there is IHT to pay. I've read the HMRC IHT guidelines but this is all new to me. So please continue to bear with me, and thanks in advance to the experts out there. Form IHT406 (bank accounts, NS&I, etc) has insufficient rows to report all of my…
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Leaving money to legatees who drink
Hi all, both my brother and cousin are in this position, and I wonder if anyone can help. Is there a way to leave money in trust to an over 40, who is an alcoholic, or for another reason not able to manage their own finances? Neither of these two recipients don't have capacity, but neither can manage money at all. Thanks…
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Gifts for IHT: interaction between tax years and date of death
I’ve read HMRC’s guidance notes on gifts, including the seven
year rule and the annual (per tax year) exempt amounts of £250 per recipient
and £3000 respectively. I’d like to ask
two specific queries about the interaction between date of death and tax years.
Thanks in advance for shared wisdom on these technical points,…
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Overpayment Recovery Of State Pension & PIP
Hello, Not sure this under the correct category but the nearest I could find. In Brief, My wife died last October (5th) . I filled in the 'inform everyone' form . I do recall getting a letter saying nothing was owed at that time . (need to find it) Today and yesterday I have received two letters, one regarding state…
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Am I entitled to a share of a will?
M-I-L died 10 yrs ago, Her will passed all assets/property to F-I-L. F-I-L now died & his will to be split 50-50 to both sons. My late partner (son) died 2 years ago, I was main beneficiary of his will alongside our 2 children. We were not married. Will not amended following sons death as f-I-L had dementia. Am I entitled…
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Information on burial site / grave location
Long story short, I am trying to locate a burial / grave location in the UK.I intend to pay my respects on my return to the UK but although the family of the deceased held an open to everyone funeral service , the internment was private with strictly only immediate family permitted to attend. I have written to the Town…
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How to declare a loan for IHT
Not quite sure how to approach this, my mother in law loaned my daughter money to buy a car earlier this year, which my daughter has been paying back, unfortunately my MIL died recently so obviously the loan hasn't been repaid in full (my daugher is conintuing to pay it back into my MIL's bank account) - there is no…
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Natwest Bereavement online service timescale
Anyone recently used Natwest's online bereavement service to close and transfer a deceased's bank accounts, if so I was wondering how long does it usually take to transfer the account once you've given them all the information required and signed the Release of Funds agreement? I signed mine over a month ago but not heard…
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Changing executorship from solicitors to family
This discussion was created from comments split from: Changing Executors and IHT with charity bequests.
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Is this Legally Sound
Child appoints themselves their parents carer. Parents have valid wills with each other as beneficiaries then their 3 children equally as beneficiaries on the 2nd death Said child has parents add an "expression of wishes" to their wills which is worded such that this child and partner will be paid from the Estate on first…
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Gifting a rental property to your children or grandchildren and CGT
Hello The scenario/possibilities are above. The property is in England. If someone were to gift a BTL to their child/grandchild, I'm aware there may be a CGT liability depending on any price gains and allowances/etc. Once this BTL property was gifted as mentioned above, two questions. 1: If the child/grandchild were to…
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Interest Due on Client Funds Held by Solicitor
The Administration of a family members estate is drawing to a close and final accounts have been drawn up by the Solicitor. It is apparent from these that sums held on account pending distribution to beneficiares have attracted an interest rate of 1.3%. This seems a very low when rates in excess of 4% are readily available…
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Giving up Life Interest to Pay Other Beneficaries
Hi all I was a life interest beneficary in a property which I shared ownership with my wife as tenants in common. She died in 2022. This has now been sold, and I have bought a new home using my own funds and I did not require the trustees to help me with buying my new property. A solicitor has provided the following advice…
