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Personal Chattels promised but not "officially"
In a will from 1999 there is the following clause ..... 1) "I give to my husband all my personal chattels as defined by Section 55(1 )(x) of the Administration of Estates Act 1925 for his absolute use and benefit and it is my wish (without imposing any legal obligation upon him) that he should deal with this bequest in…
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Will 28 day survivorship clause - inheritance tax
My husband and I are just about to get our wills rewritten, where we leave everything to each other and then to our son The new will (written by a solicitor) says for my husband *--* absolutely if he shall survive me by twenty-eight days but if this
residuary gift should fail for any reason then"I have just become aware…
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IHT Direct Payment Scheme - can we use shares?
My uncle died recently leaving a property worth ~£700k and a portfolio of shares worth ~£250k. His bank balance was relatively small and there are no cash savings accounts. I've seen online that the IHT Direct Payment Scheme can be used to pay IHT using shares, and the HMRC help desk agreed that was possible and suggested…
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Tenants in common and whole life trust
Can anyone help please my partner and I were tenants in common. He has passed away. His 50% share is left in whole life trust to my children. So I can reside in the house until I die. I want to downsize. can I use the 50% in trust , 25% of my share of house to buy new house . does the remainder of money come to me. Could…
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Giving jointly owned house
My dad and uncle currently own an equal share in a house
that my grandfather used to live in and own. They would like to transfer ownership to me
in the most tax efficient way. The most obvious route is for my uncle to give me his half,
and my dad to give me his half. As I understand it, if they both live for more
than…
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Car finance
Hello I am hoping someone can offer some advice. My dad passed away very suddenly with quite a large amount of car finance. I have had to take over dealing with this as my mum is in a state of shock. The car finance was solely in my dad’s name and the house was in joint names as was their bank accounts so there are no…
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payments to spouse for household expenses
Husband and wife, both with independent income. No joint accounts. Husband gives wife £2000-£2500 per month for household expenses (24-30 p.a) Husband records this 24-30k as part of his 'normal expenditure'. Thus reducing the amount of surplus income from which he could otherwise have made 'gifts out of income'. So if she…
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IHT property valuation - sale within 12 months
Advice needed about question 12F on Form IHT405. I've got a professional valuation of the house as at the date of death (April 2024). That obviously goes in Box 8G. The house is going on the market shortly, and estate agents are suggesting we won't get that price. Question 12F says, if you are selling the house within 12…
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Inheritance tax, and jointly owned property sold to pay care debt
Until recently my projected estate would be under the inheritance tax level. However, I was a joint owner of my late mum's rental property, which had now reverted to me by survivorship, and would take me over the line. The property will need to be sold so that my mum's half of the value can go towards the care debt that…
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Simple Funerals question.
Both my husband and I have always said to the children, that when we die, we want to have a very simple funeral. After having a conversation with a friend who recently lost his wife, we are having second thoughts. The funeral director that arranged the funeral of the friends wife, told him that the cheapest funerals with…
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What, if anything, is required after death?
a friend of mine's mother has recently died leaving no will and very little in assets, having given away (substantial) gifts over the last few years I have told them there is probably some kind of inheritance tax reporting required but I'm at a loss to say who has to do what as there is no will and no executor and nobody…
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Will inheritance advice
My parents have made wills which states their house will be split between me and my two brothers one of my brothers wants to give me his share (value approx £40k) if he gifts it to me will I have to pay tax on it or is it possible for me to buy it for a token amount ie £1 thanks
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Any experience dealing with a partners debt who has passed
Hello, My Husband passed and I'm trying to sort out his affairs. We own a home together and have two small children, I really don't want to sell our home or become homeless so any advice or support would be so incredibly helpful and welcome. We own a home together which we are still paying a mortgage for, He has about £40k…
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Lifetime interest in property registration
My deceased partners Will left me life time interest in the property as tenants in common and his share of property left in trust to his 2 daughters. I have received Grant of Probate and told I need to register my lifetime interest with the HMRC. I have gone on their site and started to register the trust choosing…
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Probate & underestimated estate value
I am sole executor of my Dad's estate. Since grant of probate, some previously unknown money has come to the estate from a pension plan in the form of a lump sum. This was taxed at source by the pension company (special lump sum benefit tax) and the residue paid in to a dedicated executor bank account. Also, when I applied…
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Deed of variation - residual bequest
I want to pass the inheritance that I’m due from my aunt to my kids. The solicitor that’s been dealing with the fairly complex estate is drafting the Deed of Variation, and I’ve run into a few problems: - my inheritance is the residual estate, and we don’t yet know how much it is - the solicitor has estimated that the…
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Dealing with estate issues/questions TY
Quick questions for clarity, thank you. As I understand it as my mother passed away in 2006 and my father passed away recently the total threshold would be £600,000 and since my father's estate was well below that I won't have to declare the estate? After contacting tell it once, would any outstanding tax be automatically…
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Help with house sale and paying for Care home for mum
Hi, Im new here hoping for some help with a question regarding inheritance and care costs. Mum had dementia, dad died this year and she moved into care home privately funded. Dad changed will on deathbed to split his inheritance between me and mum until she dies and changed property into tenants in common on solicitors…
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Leaving estate to charity question
I did my will a few months ago and left a few things to people then 'the bulk of my estate' to a charity. A thought just occurred - my 'estate' consists mostly of a (paid for) house and a decent car. Does the charity get the actual house and car, or do the executors sell them and give the charity the money? I never thought…
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Trust Funds for inheritence discretionary and 'age' related advise wanted
As executor of my late mothers will I have to set up a discretionary trust fund for my brother as his inheritence has to be managed by another person. I also have to set up a trust account for my neice so that the money stays in place until she is 21. Please could you advise whom in the UK provide these accounts at this…
