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Inheiritance tax and gifts made by parents
I am a carer for my elderly parents and receive carers allowance at the moment. They also give me money which amounts to more than the £3000 pa allowed under inheiritance tax. When they pass away there shouldn't be any inheiritance tax to pay, but how would the tax office know that they have given me this money? When a…
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Tax liability on a second property IHT and /or Capital Gains tax
If a second (rental) property is left in a will and the beneficiaries decide to sell the property before probate are they liable for capital gains tax? I assume the property sale proceeds would then be added to the total estate value and IHT would need to be paid if the value of the total estate incurred IHT. if the…
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As an executor paying bills for an estate
I'm going to start acting as an executor for my late mum's estate soon.I was wondering today how bills that are owed would be paid such as remaining social care bills etc and was reading about an executor account can be opened to pay bills but if you DO NOT have a Grant of Representation an Executor Account can still be…
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Inheritance Tax - another question
Suppose I leave £100,000 to my cousin and the balance of my estate to my wife. Assuming the estate is valued at £1million and no property is involved how much inheritance tax would be due? a) £40,000 b) £ 0 c) £27,000 ie £100,0000 less £32,500 (£325k x10%) @ 40% d) something else Thanks OS
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Probate Office Forensic Team Say My Mother's Will Is Not Original (It Is!)
Hi all. New to this forum. In asking for "additional information", to my great surprise and concern, the probate office asked for a copy of my Mother's original will, even though I had sent this to them in early January. When I spoke to them by phone they said that they had received the will but their forensics team had…
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Relative managing expenses prior to death
My father asked me to manage his expenses in the years prior to his death. I opened an account he gave me regular sums of money and the account was solely used to pay his expenses. Does this constitute a gift under IHT?
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Life insurance payout to cover mortgage
Apologies if this is posted in the wrong place! My partner is critically ill. Our life insurance policy is likely to pay out soon. What i will get is in excess of the mortgage balance but I cannot repay this for a few years without substantial penalties due to terms. Obviously I want to avoid this cost so wondered what the…
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Grave Kerb / Memorial Vase Inscription - Unknown Plot Ownership
One of my closest friends died last year, and was subsequently cremated. I have his ashes with me. He had no offspring, and was the last in his family line. There are no surviving relatives to my knowledge. He took me to his family grave a couple of times, where his mother, father & brother are buried. It’s a flat style…
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Confirmation confusion
My mum died suddenly in October. My dad had terminal cancer and passed away this June. They both left wills leaving anything they owned to each other and then in the event of both of them dying, anything they owned would go to my sister and I. They owned an ex-council house worth £140,000 and have £2,500 in the bank. My…
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Inheritance Tax concerning land/buildings passing from parent
New to this so bear with me! Unfortunately my mother passed away late last year. Her husband and her built a new house at the end of their old one back in 2002 after my brother/mom purchased a small rectangle of land to the end of next doors garden. This meant they could build across the bottom of both gardens. My brother…
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Codicil for changing our and executors addresses and surnames?
We (my wife and I) have a will in place for over 10 years. In the meantime we have moved address as have our executors (daughters) and one of our daughters has got married (hence surname change). Can we create a Codicil for these changes or do we need to re-write our wills?
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Doing a "general power of appointment" will
As someone single, no kids, I wish to simply leave another trusted/close family member to decide how to distribute my estate between other extended family members based on how things are at the time. There are too many variables and anything I write down will more than likely change over time and I don't fancy continuously…
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Iht and probate
Hi, I'm trying to work out what allowances are deductible from a deceases estate for probate and iht purposes. I am aware that the funeral expenses can be paid directly from the deceaseds account to the undertaker but what about other costs that are incurred by the estate after death? For example Solicitors costs,Death…
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Direct cremations
I am interested in getting direct cremations for my dad, in the event that he passes away in future. Unfortunately he is elderly and frail so isn't going to be around for long so I thought I should start looking into the issue. He lives in London so I wonder if anyone has experience of direct cremations in London or…
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Immediate Post Death Trust
My dad died and wrote his will in such a way that he left half the house to me and a lifetime interest to my mum. I have been reading and it seems like an IPDT has been created? Please correct me if I am wrong. I looked into how to go about registering this and that seems okay and straightforward at HMRC but I was…
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Probate Solicitor
I lost contact with my grandad in 2022 after a move and tried to find but he couldn’t, did report him as a missing person. it was let slip by someone they had married but I can’t find a record of this and that he was in a care home under a POA or dutyship with her daughter. He has passed away and no one told us. They…
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Need advice and don't know where to turn!
Sadly my father has passed away. He had a will and named me as the executor to his estate. Some key points - He had no assets, either in items or property. - I have not yet accessed his bank accounts as awaiting registration of death and certificate, but I am pretty sure his balance will be pretty much zero. He had no…
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Income vs Inheritance tax on credited vs accrued savings interest
Dad died 1st April 2023. His estate should be relatively simple to process because we had converted all his assets (house, stocks , premium bonds) to cash over the last 12 months. That cash was in his almost zero interest bank account. Last November because of rising interest rates we opened 2 restricted access banks…
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Inheritance tax
A few years ago I inherited my Parents home in Devon. I used to live there as a child and up until age 26. However, I am now and have been for several years living in Dorset, because I look after an ill friend at their rented council house. I use their house as my address. The council treats my inherited house as a second…
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Executor disagreement - do i have to pay other executor personal legal fees?
It just gets worse.... The 2 executors (X & Y) disagree over estate administration - X is happy to DIY as will save circa £20K+, the other wants to use their favoured solicitor. Solicitor has been informed by X that they should not do any billable work against the estate. It all kicked off Solicitor has come back saying…
