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Can a person who is owed money from a beneficiary of an estate make a claim?
Hi everyone, My dad died intestate nearly 2 years ago. The estate has not been “wrapped up” yet but we are expecting this to happen within the next few weeks The estate is being distributed between 4 siblings. It has recently come to light that my mum (divorced from my dad years ago) has given my brother approx £50k in the…
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inherited property probate, IHT and CGT
Can anyone confirm/clarify my understanding here? Situation is hopefully fairly straightforward: - Mother passed away 5 years ago, leaving everything to my father (they were married) - Father passed away recently leaving everything jointly to me and my sister - Cash assets approx 100k - House owned outright, value…
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Selling house after death: form DJP essential?
My mother-in-law died recently. Her and her husband had moved into a care home a couple of weeks earlier but hadn't started process of selling their house (they are joint tenants). We need to start the process of selling the house to fund the care home for my FiL. There is no urgency for the funds but it would be good to…
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Life interest in property and selling home/buying new
Hello please could i ask advice/guidance/thoughts on the following. My parent and partner bought a property as tenants in common 50/50 My parent is now deceased but left their partner lifetime interest in the property The partner now wishes to sell and use part of my parents 50% share of current property sale to buy a new…
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IIPTrust Investment Options - Alternatives to Investment Management
I am trustee. There is around £200k proceeds from a house sale which will need to be invested for life tenant. It seems Investment Management (Stockbrokers) will charge 1% + VAT to ensure balance between capital and income and showing the investment is at arms length from me - the remainder man. One firm I have spoken to…
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Wills
My stepmum died recently and in her will, left everything to my dad as well as money to grandchildren. There was no money in her accounts, so no money for beneficiaries. Dad moved home and now wants to write a new will. Does he still have to honour stepmums will by giving the grandchildren money each when he dies?
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Prosperous Life administration problems
I had a funeral plan with Prosperous Life,but they have gone into administration I paid over £ 2500,been in touch with Administration who told me I would get a partial refund !!! This surely cannot be right,is anyone else in this situation.
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Do I need to change my will?
I made my will out a few years ago, leaving everything to my son and daughter 50-50. Since then, my daughter has passed away. So do I need to alter my will or would my daughters half automatically go to my grandchildren if I need to alter my will, will it cost very much? Thanks
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sudden death and sorting finances
Hello Please help, I am at my
wits end. My son died suddenly from a
brain tumour in March. His laptop contains all his financial documentation and
it is encrypted…. I have contacted his high
street banks and Chase via the tell us once system, these accounts are all but
empty and or slightly overdrawn. My son had a large…
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If I die can I delay children getting money until 21?
I see lots of posts and information on the internet saying that brains aren’t fully formed until age 25 or later, so in this day and age why do child ISAs and bare trusts etc pay out at age 18 and is there a way to change it? I’ve split with my ex and have minor children (6&10), I have a life insurance policy through work…
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Leaving bulk of assets to children in will rather than spouse
We've always taken the line that on death our assets (longstanding married couple with two children + grandchildren) would go wholly to the surviving partner. There are some advantages (and some drawbacks - notably the loss of IHT exemption on transfer to spouse) to changing that in favour of the bulk of assets going to…
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Giving an Inheritance to Children and Grandchildren
I have tried really hard to understand this, but the more I read the more confused I get. I am the only beneficiary for my dad's estate. He is 94 years of sound mind living in a care home. We were speaking at the weekend and he asked me about what money he could leave to my two children and two grandchildren. I told him…
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IHT 400 exemptions and reliefs
Hi . Just checking IHT 400 for the 25th time …. Box 93 on exemptions and reliefs on property - does anybody know if I have to include the Transferable residence nil rate band here please ? Thank you
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IHT402 Technical Problem (Printing)
I'm trying to print P3 of IHT. Box 19, which is automatically filled, looks fine on the screen, but in print preview (and when actually printed) the numbers are jumbled and unreadable. Can anyone help, please?
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Family asset protection trust
This type of trust seems to get a lot of criticism, yet there are plenty of companies around selling them. Are they really so bad? I ask because a relative has paperwork showing their house is owned this way although the Land Registry title just shows the usual tenants in common wording for him and wife. Is there anything…
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Requirement to fill in IHT 400?
Hi All Another IHT 400 question I’m afraid - sadly my father passed away in April this year without a will in place. I am now in the process of gathering all of the information required in order to apply for probate moving forward. To put things into perspective my mother and father (both married) have assets totalling…
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Bequests to charities - have we done the right thing?
In our latest wills we included a provision to leave 10% shared between four named large charities on the understanding that this would reduce the overall IHT rate. We're talking of an estate in the low seven figures (if our main plan of spending the lot doesn't work). However I've been disturbed recently by stories of…
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Part Settle a Scottish Estate
Scottish Estate. Hi everyone, I am now at the six months point and have the Grant of Confirmation. I saw a solicitor in February and explained to my brother that he and his wife (they inherit the house) need to go to a solicitor who then liaises with my solicitor to change the title deeds into his and his wife’s name. They…
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Submission of IHT 400 forms
IHT and schedules are finally ready to be sent. There should be no tax to pay. Is it possible to submit these electronically does anybody know ? ISome people saying online that it's quicker to email them but I can't find this anywhere ... thanks very much :-)
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Cash Gifts (IHT400 and IHT403)
A simple question: Two gifts totalling £60,000 were made in May 2022. Please can someone tell me if I should declare £54,000, taking into account the annual gift exemption (backdated by one year)?
