-
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…
-
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…
-
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 ?
-
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…
-
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…
-
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…
-
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…
-
Estate
Hi all Thanks for all your advice :)
-
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?
-
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…
-
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…
-
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…
-
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?
-
Thank you
@buddy9.....I just wanted to update you and any others that see this....I was granted confirmation 1st time today from paisley sherrif court. This would not have happened without yourself and this group....when I get round to it I will upload a redacted version as a means to help others with a similar situation as mine.…
-
Dividing up an estate property and cash.
Hi all I'm the executor dealing with my mum's estate. She had a house she owned outright and and cash/investments worth a bit more than the value of the house. There are two beneficiaries, myself and my sister, the will is a very straightforward 50/50 split between us. Probate has been granted, cash and investments called…
-
Probate value and IHT
HI I am going through the process of starting probate calculation. I have used the Govt calculation sheet but I do not understand why the Gross estate value for IHT is different to the gross probate value? Also the value of the estate for IHT is @ 10k over the 325k threshold, but it says there is no IHT to pay? Any help or…
-
Grant of Confirmation Scotland - Docquette signing
I have a fair idea of the wording having seen an example on here. My question is regarding the Place. For example the Sheriff Court will be Aberdeen, but where the C1 form will be signed will be at home. So will the working on the Docquette be Aberdeen - 25 March 25 or will it be where we live then the date? Hoping to hand…
-
Will she lose her home. Executor (solicitor) not responding after 4 years
Can anyone please help me? My friend lost her husband 4 years ago. His mother died 2 days before him. Her mother in law and husband both had their solicitor as the executor. The executor isn't replying to any correspondence and she now has taken on a new solicitor but still they aren't getting anywhere. She isn't on the…
-
Not sure how to answer these questions!
House worth approximately £400,000. He left his 50% share in a will trust for his children giving me a life interest and I will do the same. questions Assets held in trust. Is it 0% on first death. On second death (mine it will be £400,000. Unused allowance from spouse. Is it 0% or £325,000? Am confused as am the surviving…
-
Money left to children
My father recently passed away. In his will it states that his estate is to be split equally between his grandchildren and this is to be held in trust until they reach 21 (currently 16, 14 and 11. Is this something I have to arrange or would the solicitor arrange it? If it is something I could do, any advice where to…
