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Confirmation in Scotland For Mother's Estate
Hi, as with others given potential solicitors costs, I intend as Executor of my mother's estate to do this myself and for the first time. I think I have managed to gather most of the items for the inventory (C1Form) in terms of savings etc. It is regarded as a large estate ie over £36k. There is a will which in the first…
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HMRC IHT checker tool query 2: gifts to spouse
The checker tool asks "What was the value of the gifts they made in the last 7 years?" The instructions state that small gifts under £250, and annual gifts under £3k shouldn't be included. But, it doesn't mention gifts to spouse, which I am sure are exempt from IHT. If you take the instructions at face value, it gives you…
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Buying out siblings share of inherited property question
Hi, Its been quite a drama trying to buy out sibling's share of inherited property (split 50/50 between two). Family employed Co-op to handle the probate. We are living in the inherited property. My partner is the executor of the will as well as beneficiary. We were told in order to buy out the sibling, we needed to…
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Gifts and IHT
I am thinking about IHT and gifts. I am aware that gifts to charities are exempy from Income and Inheritance tax. And also, that £3,000 in total can be gifted to others and are exempt from IHT. However, looking at the HMRC paage at https://www.gov.uk/inheritance-tax/gifts, it seems to suggest that further gifts can be…
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Online or By Post?
To accompany the IHT400, I'll need to submit at least four schedules and a copy Power of Attorney, which I'll have to scan. An online application will save the cost of postage, and would probably be quicker in terms of obtaining Grant of Probate, but other than that is there any advantage?
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HMRC IHT checker tool query. jointly owned house left to spouse
Hi, my father owned a house jointly with my mother and died recently. AFAIK, the house ownership passes to the survivor, and no tax is due because of the spouse exemption. Therefore no IHT is due, and the house doesn't need to go through probate. Also my mother wouldn't be liable to CGT in the future, as she occupies the…
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Beneficiary
Hi Advice please. I'm a beneficiary of a will. I am aware all financial variables are in. It's all gone through probate. We are awaiting for the house to sell. Is it possible to request my share that is sitting in an account. My health is poor and would like to make adaptions to my home. Or do I have to wait for the…
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Probate IHT Submissions querry
I submitted my late mothers probate paper work which is now being reviewed, they have now asked for further information regarding IHT "You have not declared any exemptions or a nil rate band transfer. If there are exemptions due, i.e., spouse exemptions or charity exemptions declared in the Will, please advise accordingly.…
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value of part share of inherited property?
The property is mainly owned by a housing trust and partly by my mother-in-law who died in 2013. Her granddaughter had lived with her as her carer and has remained living there. Following my husband's death in 2023 a valuation was obtained from which the value of the family share was calculated. It has now been agreed by…
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Mirror Wills or Mutual Wills
My husband and I made what I believe were mirror wills. He left everythng to me to sell dispose of and enjoy during my lifetime but after my death stated that half of what was left should be given to charity and the other half to my kids? I did the same in mine. It was because he had trouble with his own kids and didn't…
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Increase in house value after probate granted.
We completed probate on my late father's taxable estate in Oct 2021. During probate we had the house (in Wales) valued. The house hadn't been updated in a long time and needed extensive modernisation. I had two surveyors look at it. One of them provided a RICS report and both gave me a valuation of £250k. After probate we…
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Form IHT 403
If my parents paid a full market rent for the use of a holiday apartment gifted over 7 years ago …. How do I declare this on form IHT 403 ?
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Transfer of IHT Allowance from a Death in 2010
Having just successfully applied for probate for my mother's estate - thank you to the guidance I have received on this forum - I realise I need to sort out my own financial records for when my children have to do the same for me. My husband died in 2010 leaving everything to me, 'everything' at that time being his share…
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Would there be any IHT to pay - intestate
Married couple with 3 children (24,21,17). House is in joint names (value around 550). Partner 1 has around 70k in sole name, 50k just been put in joint account, partner 2 has around 650k in sole name. If partner 2 dies intestate, would there be any inheritance tax to pay?
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DWP recovery from estates
Hello lovely people. My Mom passed away a year ago. After probate was granted in April I received a letter from recovery from estates saying they believed too much benefit had been paid and requesting some information. I had another letter just before Christmas asking about who lived in the house. Mom received benefit -…
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IHT402 Question
I am executor for an elderly relative who died recently. Currently filling out IHT402 to transfer his wife’s NRB to use (She died in 2014). I have found her will, written in 2000. She left all her estate to him, but she also gave £30k in cash split between the grandchildren and a couple of antiques for friends too (no idea…
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Changes to will after spouse's death
Hi. My mother-in-law died at Easter. She had cancer but till shortly before she died there was always an assumption that my father-in-law would died first as he'd been in poor health for many years. Everything was set up so she could stay in the marital home. Father-in-law decided immediately that he wanted to move to a…
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RNRB Question
My understanding is that RNRB can be transferred to a spouse up to a maximum of £175k or less if the property is valued under £350k in which case the transfer is half of the probate valuation. My question is whether thee valuation used is at first or second deaths? So if on first death the property value is £300K, the RNRB…
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Estranged
It's far to long to go into the detail here, unless it's relevant. Still long, sorry! I have one sibling, a brother. A few years ago my Mother passed away, and inherited all assets. Property circa £400K value, and around £150K cash. My Mother had always dealt with all of their financial affairs, Father wouldn't/couldn't…
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NS&I accounts following death
Hi, This probably inst the correct place to ask this, but I know there are many knowledgable people on here. If someone passes away and has an income paying product and Premium Bonds with NS&I, and this income/winnings are paid into a bank account which has been locked due to death - what happens to those winnings and…
