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Trust Wills: Porting a Trust to downsize. Who is liable for expenses
Please can somebody help. Just before he passed away my terminally ill step-father was persuaded by a solicitor, to put half of his and my mother's house in Trust, to safeguard against care home fees. The Will states that "My Trustees will……..Pay any debts funeral and
testamentary expenses”. Since he passed, my mother has…
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Double inheritance tax conundrum
My aunt (93) has sold her house and is now living in a nursing home that is fully funded, her estate is worth around £1.1m. She wants to gift most of the proceeds to myself, my sister and my mother (88), the split being £380k/£380k/£280k. We are aware of the inheritance tax liabilities on these sums. However, my mother has…
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'Adjustments': what are they?
Good morning.When I thought that probate would be near to be finalised, my solicitors contacted me letting me know that the Residual needs to be retained in the client account till we'll have heard from HMRC for possible 'adjustments'. I do understand that it is a safe step to take. It's going to take another 4-6 months,…
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Latest on Interest Bearing Accounts for Executors
A simple search I've just done with Google quickly threw up one possibility offered by Cater Allen, who appear to offer Executors fixed term deposit accounts of varying fixed periods at reasonably competitive interest rates, so long as you are a "personal customer" and have a minimum of £5000 to deposit (plus a few other…
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Probate? Do we need one for Father in Law death?
My father in law has just passed away, bless... my question is: he has a will that leaves everything to his wife (still alive), he has a couple of joint bank accounts with average savings in them, he has his own ISA with a few thousand in it. Do we need to go down the probate route? If so, can we do it ourselves?
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Accounts and death notifications - some observations
I was always under the impression you had to advise a Bank/BS about a death ASAP; but the first bank I contacted told me there was no rush and sometimes it made sense to delay the notification. In this particular case it was a savings account and if the linked current account was still open they would transfer the money…
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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…
