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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…
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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…
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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…
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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…
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Inheritance tax when siblings left house
If you inherit a house jointly as siblings. house sells for £370 does each person pay inheritance tax?
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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…
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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…
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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…
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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…
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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…
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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…
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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…
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Will/ Testament template
Dear all anyone knows a good free template for a will that I can download and complete at home? It is hard to find... Thanks
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Involuntary Trustee
A testator has created a will that appoints their son as executor, and leaves the residuary estate equally between 3 grandchildren ( generation skip), but remains completely silent beyond that. If one of those predeceases the testator and and leaves an infant child (and wife), their share of the bequest should pass (per…
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Lean on house
My sister was telling me today that when her husband died, she ended up with a lean on their bungalow.She didn't say what the amount was, a few thousand I guess. I was just wondering how the process of the interest rate of the lean is calculated.
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Chance of inheritance?
My sibling and I are in our 40s. We are the product of our father's first marriage. Our father is in his 70s and is now sadly not going to recover from a brain condition which has left him in capacitated and in need of care. My father remarried more than 20 years ago and started a new family. Those two children are now…
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What happens if probate wasn't done decades ago?
I'm wondering if my mum ever did probate after my father died in 1999.The house had already been transferred to mum in 1995 and he wouldn't have had much money.I'm hoping around the time of the house transfer that they may have got joined bank accounts knowing Dad was ill and he no longer went out so much. I have read if…
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Rent on property
Hi all I'm the executor of mams will. In her will she allowed my brother who was still at home to stay in the property for upto 10 yrs. It states he nust pay all bill and maintain the house. Can the estate charge him rent on the property for the 10 yrs.
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Trust distribution
Hi I have recieved the below off the trustee, in regards to distribute funds to beneficiary. Can someone please clarify as to what stage the gift trust is at, I am a beneficiary. His update on the status of the Trust’s settlement is as follows : “… our instructions are in the system currently with the provider and…
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Probate and claiming the unused proportion of the inheritance tax nil band
My Mother has passed away and my Father died 20 years ago leaving everything to her. It is an excepted estate with a valuation of under 650,000 if I use my Father's nil rate band. Question 7.4 on the probate form asks if I am claiming on a pre deceased spouse which I am. My question is do I need to do another form or just…
