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IHT 405 - selling with 12 months
I thought I had finished but one final question. I know this has been covered previously but I’m still not entirely clear. It’s the question about whether you are planning to sell within 12 months. We will probably sell once probate granted, but what are the implication in respect of IHT or CGT? We have a valuation (but it…
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Completing IHT forms - rounding
Hi, Sorry a rather basic question. I’ve completed the IHT forms ready to send with whole numbers throughout (excluding pence) like the tax self assessment form. But I now see the tax due box (119) has a space for pence, so now wonder whether i should have included pence in all the answers rather than rounding? What is the…
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Do I need full estate management?
I am one of the executors and part beneficiary of my fathers Will. I would have liked to complete the probate and administration of the estate myself but having now understood that the Property has been left as a 'trust will' with 50% to myself and 50% to his surviving wife and that this will be too legally complex I…
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Access to house and contents
Hi, I'm looking for some advice to a situation that I may be overthinking. A very good friend of mine died at the weekend. He had no family living nearby and was not on speaking terms with his 2 sisters following disagreements regarding money matters. My wife and I were at his house when he became ill. An ambulance was…
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Scotland: 2 beneficiarys want to buy house
Scotland: both beneficiarys want to buy the house which is part of the estate. How do I move forward to decide who gets it? It's not on the open market yet because I thought if one wanted to buy then it would save money on advertising and estate agents commission however I didn't think both would want to buy. They are both…
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What does this will mean?
A bit stuck with the wording of this Will and who is holding what in trust for who? I give the remainder of my estate whatever description and wherever situate to my trustees [the executors] upon trust for my wife xxxx for her life and subject to that for such of my children [the executors] 4 children are named as trustees…
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LPA - Replacement Attorneys and Capacity
Good Evening, I hope this thread is in the correct location. I have done a search both on here and on Google, and not really got a satisfactory answer. I am looking to set up a LPA with my partner (unmarried, 2 children, together for 16 years) but we are unsure of the technicalities around capacity, who judges it, and what…
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Will Trust
My mum and dad put their joint belonging and house into a will trust with one of the most expensive solicitors in the area acting as executors and trustees. A month later and my dad has died and my mum cannot explain what she has signed and wishes she hadn’t signed it. Is there anything she or I can do? Also the executors…
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Need advice about will and passing on estate to grandchildren
Hello, I joined this forum to ask for some advice on wills. My wife and I have ownership of our home with no debt. We both wish to leave our entire share (50% each) of our property to our 2 grandchildren. The property value is approximately £800K which will mean each grandchild will receive approximately £200K each from…
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IHT402
Hi there I'm completing inheritance tax forms as the executor of my mums will and as her sole beneficiary. She had no IHT to pay on the death of my dad 2 years ago and ownership of the house passed to her. I am now due to inherit the house and her assets. I need to complete a full return as I received a gift from her…
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Estate Administration: Will states age 21 for a beneficiary - is this mandatory?
My partner died in late 2023 and I am executor of her estate. I have Grant of Probate and am planning to make an interim distribution of the estate. For one beneficiary of a pecuniary gift of £10K, the will states "... upon attaining the age of 21". The beneficiary in question has just turned 20 and is very level headed…
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Sibling living in family home
I will try and keep this brief. My brother and I jointly inherited our parent’s home three years ago. He lived there with our parents for many years and acted as a carer for mum in her latter years. He has continued to live there since mum passed away and probably plans to stay indefinitely. He is on benefits and signed…
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IHT Allowances and forms required for probate
The scenario I have is fairly straight forward I hope. My father passed away late last year and everything was left to my mother, including the house. Probate wasn't applied for. My mother has now recently died and the will leaves everything equally divided between the children, including the house. The house is worth…
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Care Home Fees overpaid
My dad died at the end of July and we inadvertently paid the next month's care home fees in error mid August. We phoned the home to tell them the next day and have been trying to get the amount refunded since then. I was told by the Accounts dept today that we would get the refund at the end of October! The payment is £5k+…
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Deed of Variation R Removal of Unborn Beneficiaries In A Discretionary Trust
Hi Savings & investment Forum, We are of course going to seek formal legal advice about the following two questions but would be grateful for the thoughts of the MSE Savings & Investment Forum mind? My father's Will contains within it a Discretionary Trust (of Residue) into which his assets have been transferred by design…
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Waiting times for District Valuer to make contact
Hi, I was granted probate for my father's estate in July 24. I was told earlier that HMRC had referred it to the DV in April with an approx. contact time of the beginning of August 24. We have a small farm and have gone for 100% agricultural relief on the advice of my solicitor and my valuer. There is some land that "may"…
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Executor's account - may I move money out of it immediately?
I'm dealing with my late mother's estate. I'm the sole administrator & beneficiary and have received a Letters Of Administration. I've already set-up an Executor's bank account and am now acquiring cheques/CHAPs for all her savings accounts and investments, which are all being paid into the Executor's account. My question:…
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Terms in the will
Hi, can anyone please confirm what the following means in my relative's will (I am Executor): "Upon trust absolutely in equal shares for the following seven people or for the survivors of them" Of the seven, five were still alive when the relative died. None are children of the relative. I think it means the estate is…
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Capital Gains Tax question
I'm learning a lot from this forum; two questions First question - if you leave a person a house in your will and they sell it and they already have a house of their own, do they pay CGT on the sale? Second, if the answer to the above is 'yes', would they pay CGT on non-residential property? ( I have a field with no…
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Found some travellers cheques - can I take them to a bank ? Any recent experiences?
My father died just over a year ago and we have processed the IHT, got probate and distributed will payments etc. So far so good, no complications Whilst continuing my clearing of the house today I came across just under £500 of travellers cheques - mostly in sterling but some in Canadian dollars. I rang up the American…
