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What do I do now?
So my father passed in January. Home didn't tell me, my brother who my father had disowned was the only one contacted, he lives in Scotland. The home registered death. I am the sole beneficiary and excuter of the will. His solicitors have his will. He had graudianship who has house keys etc. We are still waiting the will…
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Chargeable event on death
Hi all My late mother had a unit linked investment bond, which paid out 101% on death. She had withdrawn money over time and I can see chargeable event certificates in her files - broadly saying that basic income tax (20%) on any gains made on her investment is covered under existing tax paid on the investments, but if the…
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not on land registry
hi long story short, my mum passed away last year, i have the probate, my question is ive just found out my mother isnt registered on the land registry, i,m assuming as she took over the house after her husband passed away it wasnt a requirement back then to register it on land registry, ....so how easy is it to do it my…
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Life Insurance - tracking down the trustees
My mother has Aviva life insurance which is written in trust. She was advised to do this so there would be no inheritance to pay on the final value. She took the insurance out in the 80s and the Trustees were her financial advisors at the time but this firm no longer exists. I have found out through googling that they were…
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Index linked gifts in Wills
I am confused with the following wording for a clause to include an index linked gift in a will: I give.......£xxxxx or such larger sum as my Trustees shall assess so that its value at my death shall be the same value at the date of this Will and .......shall be index-linked, so that the actual amount given shall be the…
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Help! Estranged father died intestate.
I have been contacted by my 'aunt' to inform me that my father has died without a will. I have not seen this man in 30 years. I am confident I am the only child and he wasn't currently married. I know very little otherwise. I am of the understanding, therefore, that I am the sole beneficiary. I highly doubt there is much…
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What does this phrase mean in easy english please?
What does this phrase mean in easy english please? I give the maximum amount that can be given by this will without inheritance tax becoming payable in respect of the gift to be divided equally between Mr AB and Mr XY.
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Wording in will
A will stipulates amounts bequeathed to 4 beneficiaries (A, B, C, D), and "a sum of money equal to the maximum amount I can gift without inheritance tax becoming payable as a result of my death free of any inheritance tax to X". So, I take this to mean that X would inherit the current threshold of £325,000 minus the…
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Letter of Authorisation
I am so confused. So yesterday I went to the bank to open an Exector Account (my mum passed away in January), I was told I require a l Letter of Authorisation in order to open it, even though I am a named executor of the will. There are 2 other people down as named executors (retired Solicitors) a Letter of Declinature is…
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IHT 38
Hi, Due to over enthusiastic house valuations by estate agents I’ve overpaid on my mother’s IHT. Now the house has sold I’ve submitted the IHT 38 to claim back the overpayment. Has anyone recently claimed ? If so how long did it take to receive the refund ?
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Can I do this estate administration myself?
First time administering an estate so please bear with me. My father passed, his wife (my mother) survives. He owned the house outright, and all savings and house were in his name only. The estate is over the IHT threshold. I have three siblings. My father did not leave a will. My siblings and I have agreed that my mum…
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Dilemma to probate or not
As the title says I cannot decide whether to probate or not. He left his 50% share of house in a will trust giving me life interest and 25% each to the children. Probate was not necessary. His estate was below IHT threshold and he left everything to me except gifting £10,000 to his grandson. He gifted £9000 a year to his…
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IHT - additional payment ?
Completed IHT and probate forms to the best of my ability and probate has now been granted. I am the executor. I paid the IHT of £16,000 prior to applying for probate. On the IHT form however I overestimated an overpayment of pension by DWP as I didn't know the exact figure. I assume DWP will request a payment from the…
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Calculating assets for probate
Pl help me understand these calculations. My understanding you add all the assets you get the gross value minus liabilities you get net. How do you get net qualifying estate value for iht. See example. What is tge net value? This calculations was based of house approx £175,000 savings approx £45,000, gifts £39,000 and…
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Estate
Hi all Thanks for all your advice :)
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Gifting and its consequences
My Mother has recently sold her house and come to live with me, she would like to gift her money to her children, grandchildren and great grandchildren. If she does this is there any tax's that need to be paid?
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Legacy left to estate after Grant of Probate
We obtained a Grant of Probate for my mother in law a few months ago. We have recently found out that a friend of hers who pre-deceased her has left her some money which is due to be paid to the estate in the near future. As Probate is based on assets at time of death how is a legacy paid post Probate to an estate dealt…
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Tax on property in trust
Hello This is my first time posting on this forum. I wonder if someone could help. 25% of my mother's house is in trust to myself (my mother owns 50% and my sister the other 25%). My mother may need to go into a care home. If yes, we will need to sell the house. Can anyone advise what would happen regarding any tax…
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Best method for receiving inheritance from abroad
Hi I'm expecting to receive some inheritance from abroad. I'm not sure on the amount yet but I think it's likely to be at least £200k. Is there any reason why I shouldn't just have the money sent directly to my bank account? It's hard to find impartial advice online as all the transfer services obviously want you to use…
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When is a will required
Morning, Looking for some help, when closing a deceased persons gas/electric/Bank account, do these companies need a copy of the will. Also if a solicitor is instructed, can they deal with all of this after receiving a copy of the will or is it the executors who have to do this?
