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Mirror Wills or Mutual Wills
My husband and I made what I believe were mirror wills. He left everythng to me to sell dispose of and enjoy during my lifetime but after my death stated that half of what was left should be given to charity and the other half to my kids? I did the same in mine. It was because he had trouble with his own kids and didn't…
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Increase in house value after probate granted.
We completed probate on my late father's taxable estate in Oct 2021. During probate we had the house (in Wales) valued. The house hadn't been updated in a long time and needed extensive modernisation. I had two surveyors look at it. One of them provided a RICS report and both gave me a valuation of £250k. After probate we…
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Form IHT 403
If my parents paid a full market rent for the use of a holiday apartment gifted over 7 years ago …. How do I declare this on form IHT 403 ?
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Transfer of IHT Allowance from a Death in 2010
Having just successfully applied for probate for my mother's estate - thank you to the guidance I have received on this forum - I realise I need to sort out my own financial records for when my children have to do the same for me. My husband died in 2010 leaving everything to me, 'everything' at that time being his share…
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Would there be any IHT to pay - intestate
Married couple with 3 children (24,21,17). House is in joint names (value around 550). Partner 1 has around 70k in sole name, 50k just been put in joint account, partner 2 has around 650k in sole name. If partner 2 dies intestate, would there be any inheritance tax to pay?
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DWP recovery from estates
Hello lovely people. My Mom passed away a year ago. After probate was granted in April I received a letter from recovery from estates saying they believed too much benefit had been paid and requesting some information. I had another letter just before Christmas asking about who lived in the house. Mom received benefit -…
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IHT402 Question
I am executor for an elderly relative who died recently. Currently filling out IHT402 to transfer his wife’s NRB to use (She died in 2014). I have found her will, written in 2000. She left all her estate to him, but she also gave £30k in cash split between the grandchildren and a couple of antiques for friends too (no idea…
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Changes to will after spouse's death
Hi. My mother-in-law died at Easter. She had cancer but till shortly before she died there was always an assumption that my father-in-law would died first as he'd been in poor health for many years. Everything was set up so she could stay in the marital home. Father-in-law decided immediately that he wanted to move to a…
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RNRB Question
My understanding is that RNRB can be transferred to a spouse up to a maximum of £175k or less if the property is valued under £350k in which case the transfer is half of the probate valuation. My question is whether thee valuation used is at first or second deaths? So if on first death the property value is £300K, the RNRB…
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Estranged
It's far to long to go into the detail here, unless it's relevant. Still long, sorry! I have one sibling, a brother. A few years ago my Mother passed away, and inherited all assets. Property circa £400K value, and around £150K cash. My Mother had always dealt with all of their financial affairs, Father wouldn't/couldn't…
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NS&I accounts following death
Hi, This probably inst the correct place to ask this, but I know there are many knowledgable people on here. If someone passes away and has an income paying product and Premium Bonds with NS&I, and this income/winnings are paid into a bank account which has been locked due to death - what happens to those winnings and…
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Probate/solicitors query
I am the sole executor on a relatives will who has recently passed away. There is no POA. In my capacity as executor I have dealt with all admin/account closures etc. I have never had to do this before but I have dealt with absolutely everything I can think of. There is no property to sell (it was social housing which has…
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Do we need to pay Inheritance Tax
My mum passed away last week, and we are working to get everything in order. My three sisters and I have been named executors of her estate. I was my parents' carer (my dad passed away a few years ago) and have always lived in the family home with them. According to the will, I have the right to stay in the house without…
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Will Trust Beneficiary 18 soon doesn't have bank account (yet)
Sole beneficiary is 18 years old in a few weeks. She does not have a bank account. She is due a very large (six figure) sum of money from her deceased Father. I am the Executor / Trustee and not related to either the deceased or beneficiary. Long story short, the beneficiary lives with her Mother who was left zero in the…
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Inheritance issues
I am not sure whether I need a Financial Consultant. My husband is reluctant so I am asking here. We are a 79 yo couple with fairly substantial assets (mostly in our home but some invested) . Fairly low income. 18 months ago I inherited quarter of my mother’s house which my sister is currently occupying and which since my…
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Inheritance Tax Checker (ITC) before Probate Application
Hi all I am trying to complete the ITC prior to applying for Probate for my late father. I have a list of all his assets - all of which have been left to my Mother save for my Fathers share of the marital property which he left to my brother and myself. My Father had a private pension pot to drawn down a monthly pension -…
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Joint tenants and trusts
Hi - so sorry for this long post- I'm really panicked about this. All paperwork for IHT is nearly done , but on checking it, I've come across a real headache. My mum died in 2016 and the house was transferred into my Dad's sole name- (the title deeds show they were originally joint tenants). The solicitor's letter at the…
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Wondering about legal action for advice to my parents on putting their house into a trust
Hi everyone,I have discussed this in other threads, but my parents were badly advised by their financial adviser and a lawyer to put their home - principle asset - into a lifetime trust. They signed over their shares in the family home to the Trust, and appointed 4 trustees. The trustees were myself and my sister, and…
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Discretionary Trust & Probate
Apologies in advance, this is quite long and complicated (for me anyway). Our mother died in December 2024 leaving a will which left her entire estate (property, money & possessions) in trust, with my brother and I being trustees and we are now executors. At the time my father was still alive and he was allowed to remain…
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Tax on rental income received during administration period
Hello. My mother died last year with my sibling and I being joint executors and sole and equal residual beneficiaries. The total value of the estate is around £750k with no IHT to pay due to taking the NRB and RNRB of our father who died 2 years earlier. Based in England. We’ve recently received the grant of probate so can…
