-
Is this good advice from local company dealing with probate?
Husband died recently and heft his 59% in a will trust giving me life interest.Am one if the trustees with two adult children. I emailed this company and asked I did not have to do probate but on my death whether probate will be required for him to be able to claim his nil rate band . This is the answer I got As he left…
-
C1 form Confirmation
Hi, newbie here and looking for some help with completing C1 form. My dad's christian name on the will is different to that on his birth certificate and address is also different as he was in a care home when he died. Where do I include this information? Also, in the inventory do I include the monthly half share of his…
-
Filling forms my probate questionnaire
I'm aiming to get this Probate questionnaire filled in soon,so I've got figures for how much the funeral cost so I can put that down as a debt owed and a care bill.And I have a figure from bank of funds on day of death.So if things change after forms have been sent in,in for instance if mum gets paid a few hundred quid…
-
Tenants in Common Trust and Probate
My wife of 15 years an I both have children from previous marriages so when we bought our current house we did so as TIC. We had mirror Wills made up so that on the first death, the share owned by the deceased goes to their children but the survivor can live in the house till they die (with provisos). My wife died a few…
-
Father has suddenly passed away; what happens to his bank account
Hi Guys & Gals, Having an awful time; moving house, was going to bring my father with me, but he had a heart attack the very same day I collected the keys. Some advice on the following would be appreciated My father and I had a close relationship, and what was mine was his, and vice versa. His bank account has about £11k…
-
Inheritance tax - which forms do I need?
My late father passed way in September 2024, and I am doing the probate forms myself. I've now got to complete some inheritance tax forms, but unsure which I should use. The house is worth £650K probate value, with a £300K equity release mortgage on it. There is £100K in savings. My mother passed away 5 years ago, and did…
-
7 year rule confusion
I thought I knew all about this, but a recent discussion with my partner has got me a bit confused. Example: I give a close friend £10k next week, then I die the week after. If my estate does not exceed £325k, I assume the friend (or rather, the estate) does not have to pay 40% IHT on that £10k? Or does the 7 year rule…
-
What happens with Title Deeds if there are more than 4 people?
Hi, I'm hoping someone can help with the following who has been through it before... My father passed away leaving a property, there are 3 names on the Title Deeds for this property (after his was removed). I need to add my brother and I to the deeds to replace our late father but, as per the Land Registry instructions, I…
-
Restrictions/ trusts
have an RX1 restrcition on my mortgage due to my ex partner taking out an IVA, we were joint owners originally, but this made us tennants in common. Sadly he has passed, the IVA I believe is completed, due to a letter I have found but I cannot find a certificate of completion. Can I apply to get the restrcition removed and…
-
Inheritance tax - basic question
Is inheritance tax based on what individuals are receiving or the whole house/estate? Say the tax threshold is £500k. Anything over this is taxed. Say the estate in question is worth £1million. Say the £1million is split between 4 siblings, so £250k each.... Is inheritance tax paid 'at source' because the amount of the…
-
Grant of Confirmation in Scotland
I am in the process of completing the form, being executor of late cousin, however his mother predeceased him and he had not completed dealing with her estate and there is an estate value to deal with. Can you advise how this should be entered in the inventory? Also I now have to deal with the Grant of Confirmation for his…
-
Blended family - IHT, Wills, you name it!
Hoping this is the correct place to post This is our story: History: Wife (me): I was widowed - late spouse left all to me - estate didn’t exceed thresholds. We had 2 children I remarried. I entered new marriage with one property. I bought a new property with new husband. New Husband: He bought house. He met and lived with…
-
Inheritance tax when siblings left house
If you inherit a house jointly as siblings. house sells for £370 does each person pay inheritance tax?
-
Giving bank account details probate?
I've got a probate questionnaire to fill in to help the solicitor fill in forms for me(solicitor is only doing form filling for probate to get grant-fixed fee) and it asks for bank account details of my diseased mum's account but it's been closed and the funds are in my account at the moment so I'm wondering if other…
-
Using Deed of Variation question
This is currently hypothetical, but could become an issue. Parents home (£400k) left to two adult children, one resides in the property, with their children. They can't afford to buy out other sibling entirely. They could raise maybe £100k via a mortgage. So AIUI, a DoV could be written to effectively pass the £100k…
-
Inheriting a share of an investment bond.
I have inherited a 1/7 share of an investment bond (currently £53000 per share). My current gross income is approx £52000 (part time job + 2 x pensions), so I'm already paying 40% income tax on a proportion of this. Will the £53000 from the bond inheritance be taxed (also at 40%)? Or will this have been dealt with under…
-
Help - Estate Planning including BTL Portfolio
Hello All. Hopefully I'm posting this in the correct category. We have been trying to organise our estate for a while now and seem to be going round in circles. My wife and I are in our early 50's have 2 children aged 22 and 13, and are keen to establish how we can mitigate IHT and CGT and make it easy for beneficiaries to…
-
Premium bond winnings in 'simple estates'
Hi all I am executor for a late relative and am now at the end of
the estate administration process. I am trying to determine whether I need to
report and pay income tax to HMRC under the 'simple estates' process. HMRC's guidance
on gov.uk (https://www.gov.uk/probate-estate/reporting-the-estates)
states: "Up to 5 April…
-
Writing a Will (the estate as opposed to life insurance and pension).
Writing a Will Hi. I’m writing my will at the moment. It’s relatively small,
and straightforward but I have a couple of questions. The will has 4 components as I see it. My house. My savings.
My pension. My life insurance. I want to leave my house and savings to my daughter. I want to leave my life insurance to her mum, my…
-
Free Wills rip off?
My father-in-law passed away recently and left a will which was drawn up under the Free Will scheme through Age UK. He was receiving help and advice from Age UK and they suggested he complete a will. Good advice. Age UK put him in contact with a mainstream UK solicitor's rather than a local solicitor and the will was…
