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Inheritance tax threshold question.
I am attempting to assist an Aunt, at her request, with her Will and estate planning. Aunt is widowed - husband's Grant of Probate documents show that the gross value of his estate was valued at £207,000.00 gross. He left everything in his will to her. They had no children. She is a basic rate tax payer. Am I correct in my…
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Money given under duress?
My children's father died suddenly of Covid at the end of the pandemic (he was my ex-husband) and his girlfriend asked that out of his estate could she have £5000 for a watch which he had planned to buy her. He had already paid the £500 deposit. There was £10,000 left to us and we had to pay for the funeral out of that,…
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Probate or not
My parents have passed away last year, owned a house as tenants in common. Mum died first leaving half house to me. Dad died recently. Do I need probate for Dad to sell the house? As was selling prior to his death as had Lasting Power of attorney. House still on the market.
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IHT and when "income becomes capital"
HMRC suggest two years, but this is not defined and the McDowall case accepted 3 years. However, all the "case law" relates to giving "gifts out of income". HMRC gives some guidance about explaining why the "income" should retain its meaning for longer than two years and not become capital in relation to "gifts out of…
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equity release on a 50% share of a house
My mother owns 50% of her house as a tenant in common with her long term partner. She is elderly and wants to go to a residential home but doesn't have the ready cash to pay for this for very long. Her partner is resistant to selling the house but would she be able to raise money now on her share of the house?
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Executor breach of duties
Im suspecting bad intent. A family member (child of the deceased) who was the executor, a beneficiary and had LPA on my nans will and estate has not discussed anything with other beneficiaries. Myself 2 siblings and my deceased dad were the only other beneficiaries mentioned on the will the split was 50/50 between my…
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Expediting probate process
My 85YO FIL died in Nov. after a two-year battle with cancer. his 69YO wife of 41 years is also battling aggressive cancer for the past year; she had no children of her own. she is the named executrix to his estate (including a primary residence on 200 acres in Walker County, Texas valued at $4.2M.) In his will, which was…
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What House Valuation Figure for Probate IHT Form - Builder Refurbishment Property
I am Executor to a relative's estate. There is a house to sell located in East London. It is a builders total refurbishment project as it is virtually derelict! There is no wife or children, so the only allowance against tax is £325,000. Additionally, there are investments/savings, so IHT will definitely be due. I had 3…
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Inheritance Tax
Clarification please. If the estate is made up of £750,000 cash and £180,000 house, would there be tax to pay as the cash element is over the 2X £325,000 rolled over nil rate exemption.
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Solicitors not making inheritance payments until all beneficiaries return bank details? I
Is this normal practice? About 6 months ago I was made aware I’d be receiving inheritance from a relative who died without a will and was told things were close to completion with payments ready to be made essentially. Their probate was granted in Jan 2023 and I have a copy of this so have seen what their estate is worth…
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The Gazette.
Sorry if this has been asked before. I used a solicitor for my dad’s estate 12 months ago, I’m sure we didn’t add anything to The Gazette. His house was sold and after care fees what was left went to my mother, who had been in care for 3 years. My mother passed away in the autumn and has left a small estate. As she was in…
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Joint executors - one wants to buy property
My mother needs to amend her will as her executor is ill and will be not able to fulfill this duty. Her four children are equal beneficiaries. She was going to name two of the children as executors but one of these wants to buy the others out of the house. I've just read about self-dealing so realise this may be a problem.…
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Probate application error excepted estate
Hi, myself and my 2 brothers are executors to our late mother’s estate. I mistakenly thought the estate was an excepted estate but only after submitting the probate application. I have since completed all the IHT forms required and have now received my HMRC code required by probate (no IHT to pay). I have also now sent…
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Registering property in beneficiaries names
Hi, I wonder if someone could help or provide some input to tthe following issue. The actual circumstances are somewhat complicated but in a nutshell my Father passed away 7 years ago. He left a house but this house because it was purchased in the 60s no title deeds exist for it. The executors who control the estate have…
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Insuring empty property
Hi all Any good recommendations of companies who insure empty properties whilst awaiting probate and eventual sale please? Trawling comparison sites but just wary of making lots of calls due to the 'unoccupied' status so doubting most usual insurance companies will cover it. TIA
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Potentially exempt transfers and death of the recipient
Person A gave away three gifts each of £250,000 to their three children X, Y and Z in 2021. I understand that given the total was (way) over £325,000 the recipients will be liable for inheritance tax on these gifts should A die before seven years have elapsed. (Eventually subject to taper relief etc) However, child Z died…
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C1 Confirmation form - Death of parents in close succession
Hi, I'm in the process of completing the C1 Confirmation form for both my mother and father. My father passed away around 2 weeks after my mother. I have just successfully completed the form for my mother (huge thanks to Buddy9 and his posts here, without which I don't think I would have managed!). I now need to do the…
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Sale of family home after parents death
Hello everyone my sibling would like to keep the family home and wishes to buy her 2 siblings’ share. The property was valued at £550k for probate with an actual value of £605k (RICS valuation). Sibling will have to sell their own house to buy it. all three siblings could buy out the others by selling their own house but…
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Is probate required - tenants in common first death
My FIL passed away over Christmas. He doesn’t have much in the way of financial assets to the point where I believe probate is highly unlikely to be required to release the small sums he has at various banks to my MIL. Equally he has a TPS pension and I believe they will do what they need to do upon receipt of the death…
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Will not completed
Hello, I am just looking for some advice- last year my Nan was diagnosed with terminal cancer. She started the process of sorting out her will back in dec but had a “disagreement” with one of the solicitors she saw there when she queried how the will was written and just making sure she fully understood what it said before…
