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Do estate proceeds held in a joint account form part of my own estate?
My sister and I are administering the estate of a deceased relative. Once probate has been granted, the proceeds from the estate will be paid into a joint bank account, before being distributed to the beneficiaries of the will. Might there be a subtle difference between paying the money into an ordinary joint account (with…
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Sale of deceased's car : Can proceeds be considered as income for gifting from surplus income.
My father recently passed away, leaving everything to my mother. His car was valued at £8000 and included in the IHT/Probate calculations. My mother has her own fully paid for car, so my father's car has been sold for £8000 as it was surplus to requirements. We would like to consider the proceeds of the sale as income in…
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Deceased's debt liability
Hi all, I've heard that nowadays a credit card debt is wiped upon the death of the cardholder and the executors can no longer be chased for the balance. Is that true? And if he deceased had a recent bank loan and died only a few repayments in.. can the executor still be chased for the outstanding balance (it's a lot!) or…
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Severn Trent issues in settling decease estate
I having all sorts of issues with Severn Trent regarding my father in laws estate. They have confirmed that he had £190 in credit but will only issue as a refund to his bank account which is frozen or to the beneficiary via proof of a will or legal letter of administration. There was no will and as the estate is small…
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Inheritance tax help
My son (15) has inherited his Aunty's house, but it's in trust until he's 25. Her partner (early 70's) has life tenancy. Who will be liable for paying the IHT (approx 60k)? My Solicitor has told me it's the partner with the life tenancy, but that doesn't seem correct to me. The life tenant has been told by his legal helper…
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Banks accepting APS ISA allowance with monthly pay away option.
Not sure if this is best posted here or in the finance section, but as it relates to bereavement, I thought I should post in this section first. I am trying to find a Cash ISA provider (Easy access or Fixed) who will pay monthly interest away to a nominated account AND accept an APS ISA allowance to initially fund the ISA.…
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IHT Direct Payment Scheme - timescales
I'm curious about how this works in practise. It seems that it is a paper situation and electronic payment may not be possible, are any banks part of an online system with HMRC? Does the payment slow if there is more than one account at the same bank for where the monies are paid from? If it's a mix of payments from…
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Payments into deceased account
Parent has passed away. I am executor. I have used the 'tell us once' service and have had notification from one of the banks (nationwide) that the account is now frozen until probate is given. Question, What happens to payments that were going into the account? The rent from a property that is rented out is currently paid…
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IPDI will on first death
Adding beneficiaries as trustees on title deeds with an IPDI (Immediate Post-Death Interest) will has both pros and cons. What are the pros and cons? Am going to see a solicitor after new year to discuss. They are both property owners. I was thinking of transferring the title to myself and them!Is it advisable. Do I need…
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Will Trust , what sort of trust is it and is IHT due ?
Hello everyone, I hope you can shed some light on this. Mum dies two weeks ago. We all lived together in the same house. We thought she had rewritten her will to make me sole beneficiary, we saw a draft but i’m guessing it was never finalised. Instead we have the will that states that my wife and I are to be lifetime…
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Executor obtaining House Buildings Insurance
I'm an executor and I need to obtain House Buildings Insurance on behalf of the estate, any pointers appreciated TIA.
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Accept entitlement under a will?
Despite maintaining good relations with my ex-wife and her mother I've been very surprised to be notified I am a beneficiary in the will of my ex-wife's mother to the tune of a few grand. Not sure what my ex wife and other members of her family feel about it, I imagine none of them will be happy. I haven't talked to my ex…
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Please allow us a reasonable time ?
A few weeks ago, I contacted Seagull Legal Services the “technical”
executor of my father’s estate to advise my brother and I would like a Deed of
Variation put in place to redirect my 1/3 share (approx. value £20k) of a
retirement property to my him – our sister, the named executor in the Will, is
the other beneficiary…
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Transferring assets in event of terminal illness
Married couple, one of which own a second property entirely in their name which they inherited about 10 years ago (and have never lived there). Their spouse has been diagnosed with a terminal illness and looking online there is a suggestion that the property should be transferred into their name as when it's then…
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Overpayment of Pension Collections
Hi all, my mother received an overpayment of pension letter from the DWP about a year after my father passed away. I checked the payments made and found that there was one made on the day of his passing (technically while he was alive), but not after that. I also read the Martin Lewis post about ignoring these types of…
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How long did it take?
How long does it take after the person died, to handing out the money?I am guessing a total of six months would be normal. To sell a £250k house and £50k, maybe there are delays with the council/government?
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Dealing with an intestacy
Hello everyone, I'm dealing with the death of an elderly relative who didn't leave a will. I was her next of kin in terms of social relationship. She was my dad's cousin - making her my 'first cousin once removed'. Her closest relation is an uncle who does not have the capacity to deal with probate and has signed a PA12…
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Legitim (Legal Rights) and Transferrable NRB
In Scotland and trying to figure out what NRB can get transferred to a Wife based on 2 scenarios. Husband's will is about £270000, leaving everything to wife, plus £10000 to grandkids, roughly £10000 in PET's. Scenario 1. 3 Children claim legal rights Scenario 2. Don't claim legal rights. Any help appreciated, and also is…
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IHT400 potential correction.
Parent A dies and leaves everything to parent B. In the last two years before parent A’s death the parents jointly gifted £300k. Parents each have IHT £325k and RNRB £175k. Joint estate after gifts is £600k so no inheritance tax. Savings are with NS&I who require probate. Parent B as Executor did probate and completed…
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Facts around Will and trust, abuse of vulnerable people
My parents changed their Wills 48 hours before Mum went into a dementia home, and a month before Dad died as predicted. The main reason for the change was to protect the estate from care home fees. My Mum did not need to update Will as Dad was dying. This appears to be a deliberate attempt at depreciation of assets. With…
