-
Capital Gains Tax after second death
I’m just looking to clarify things whilst I await Confirmation (Scotland) coming through. My mother passed away in March 2024 and her Will left her half of the house to my brother and I with a Liferent Trust created to give my father the beneficial right to live in the property till his death. My father passed away in…
-
IHT403 (Gifts)
My understanding of cash gifts is where an estate falls into IHT territory and the gifts are not exempt, the IHT falling due is paid out of the estate. However, IHT403 contains this statement: If Inheritance Tax is due on any of the gifts, the people who received them are liable to pay the tax due on them. This is separate…
-
IHT411 Dividend or interest due to date of death
Hi I’m stumped as to what I need to do for this part of valuing the shares on IHT 411. The deceased had shares with 20 different companies. I have made a list with each company and : - Number of shares - unit price at date of death - value at date of death - which registrar each is with but how do I find “dividend or…
-
Inheritance tax
Hi, my mum is thankfully still with us and wishes to continue gifting her 4 adult children approx £9,000 a year. She lives comfortably in a residential home and receives her pension, with private pensions. These do not add up to more than £12,000 a year. She has no savings but does have a funeral saving account. I am a tad…
-
Simple will
Hi. My wife and I need a will. We have 2 grown up children. Own our own house. No other wills. No complexities. Everything will be left to the 2 children. My issue is that I do not want to pay out hundreds to a solicitor for what is a straightforward document . Is there a simple site where I can just copy an existing will…
-
IHT409 (Pensions) Help
Deleted. I have my answer. Apologies.
-
IHT and gifts from income
Let's say my cash ISAs generate £10k interest this f/year and my Stocks and Shares ISAs increase in value by £20k. Can I treat all/any of this as income for IHT purposes?
-
No Will - share out instead?
I intend to move in with my Daughter. My Estate value does not attract IHT as it is below the £325k threshold. Is there any legal reason why I cannot give my Children, Grand Children (all adults) and two great grand children ( ages 7 & 5) the monies I wish them to have, now? My gt grand children have Bank Accounts in their…
-
IHT Exempt Gift from Couple
I don't seem to be able to find a clear answer to this... It seems that for inheritance tax, the gift exemption applies to an *individual*. But what if a couple send a gift to their child from their joint savings / joint bank account, then one of them dies before 7 years have passed? Can the gift be considered to have been…
-
POA - Wording in case of e.g. an attorney being too ill to act
When providing an instruction in case of an attorney being unable to act, do I need to list the attorneys names e.g. the instruction in Section 7 of the POA for financial affairs, is it sufficient to have "IF ONE OF MY ORIGINAL ATTORNEYS IS UNABLE OR UNWILLING TO ACT, I THEN RE-APPOINT MY REMAINING ORIGINAL ATTORNEYS TO…
-
How to complain about the handling of probate
Hi We engaged a legal services company to handle the probate and administration of our parents estate. The handling of their estate was initially ok, perhaps a bit slow and a few basic mistakes made. For instance we believe probate forms were not submitted for over a year due to oversight on their behalf. The solicitor…
-
IHT Query Regarding Property
Hi All I have a query regarding IHT. A family member recently lost her partner. They have combined assets of close of £1.5million (of which approx £1.2 million is the property value). Being married, all assets are now in the widows name. Her and her children would like to put something in place to minimise IHT however they…
-
Form PA12 & PA1A Probate Application
Hello everyone, bit of advice please. According to intestate succession my father has recently been informed that he is the nearest living relative and therefore sole beneficiary to a small estate. This estate belongs to his Auntie, she died at the age of 103 with no living children, brothers or sisters. She unfortunately…
-
Declaration of Trust or a Restriction?
My father passed a few years ago and his share in his house passed to my stepmother. She has left the share in the property to me in her will. However, I have some concerns that for various reasons the house might be sold/transferred before I can inherit. I have received some conflicting advice about how best to protect my…
-
Distribution or Gifts - items bequeathed in Will, but gifted before death ?
I'd appreciate some help with IHT & Probate position/value, and the application of deceased's Will: Background: To continue to fund my Mother's care home fees after two years residence, I needed to sell her bungalow and release the equity. I acted as appointed attorney through the existing F&PLPA. The property had not…
-
How to protect my property being sold to pay care home fees if needed.
Hi I am looking at how to protect our hard earnt money from being taken by the government if as we get older we need to go into a care home. I have read to protect my childrens inheritance I can add them to our property as tenants in common - is this the best way to do this.
-
Gift tax query
My brother very sadly passed away recently. Unfortunately he did not make a will and had no spouse or children. My elderly mother is therefore his next of kin. My mother said that any money she receives from my brother's estate which we estimate to be around £60/£70k, she would like to gift to my sister and I. My question…
-
Probate/inheritance tax
Possibly been answered elsewhere...but I'm not good at navigating this site. So....a relative has died leaving about 400k in cash and shares, they also have a property. Obviously anything over 325k is subject to IHT. However we don't know when or if we want to sell the property. How will that work regarding IHT if the…
-
Can’t locate wife’s late brothers daughter.
My wife has probate for her late mother’s estate house and saving, no will was written. Her brother passed away in 2016 and had two daughters, so the estate must be distributed to my wife, her sister and her brothers two daughters. We know the location of one of his daughters as they have kept in touch with the family.…
-
Listed vs Unlisted S&S for Inheritance
I wasn't sure whether to put this here or on the investments forum. I am currently filling out the IHT400 probate form for my deceased mum, it asks if she has any listed stocks and shares or unlisted stocks and shares and control holdings. I don't know what these mean and google is not helping. She had a S&S ISA, a SIPP,…
