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Giving to Charities in a Will
The recent Money Tips (11th March 2025) says in the section on Free Will drafting " in the hope you'll leave them a bequest (money in your will) of typically £300 to £1,000, or a percentage of your estate." Warning (not just for free wills), if you leave a bequest to as a percentage of the estate, the charity's accountants…
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LPA query after Martin's show - 5 people to sign?
Hello Can anyone help or shed light on Martin's statement that a "minimum of 5 people need to sign an LPA"? This was clearly stated on his presentation last night (just watching now). It's put us into a bit of a panic as we're in the process of getting an LPA registered and this was NOT the case. We did it all online and…
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Discretionary Trusts - tax implications for beneficiaries.
My father set up 4 Discretionary Trusts for his (now adult) grandchildren 25 years ago. His total estate will fall below the IHT allowance. On his death, the grandchildren will receive approximately £14k each. Will they be personally liable to pay tax on this inheritance? Many thanks in anticipation.
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Is it normal to have a 'thirty days' clause in a will?
Without going into too much detail, married couple and one of them has died. There is a clause in the will which states: 'If my [Spouse] survives me by thirty days I give the whole of my estate to [them]". I'm curious about the 30 days? Is that standard? Why not just give it all straight away?
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Full value of estate unknown
Hi. I was approached by geneologists in Feb claiming j was entitled to a share of a deceased relatives estate. The letters of administration were dated march 2024 and have a gross/net amount of money on them. However, i can see that the deceaseds property sold in May 2024 for £20 000 more than expected. How do i now know…
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IHT403 Form Gifts from Excess Income
Hiya The answers so far on this topic have been really useful, so thanks to everyone. When the pensions get included in values of estates, my wife and I will suddenly need to get involved in inheritance, our house value is relatively low ( <190k) , and my pension pot very high). At the moment, even though we are both…
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Joint Tenancy/Care Home Fees
Hi, i (daughter) have a joint tenancy with my Dad on the property we both live in, the property is now mortgage free, if my Dad needed care at home or to go into a care home in the future would the property value form part of the assessment by the council for paying the care home fees even though he does not own it…
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First death uses up more than half IT allowance.
Id like help to clear up a scenario Im curious about please. Im aware that in cases where the first to die doesnt use up their £500k inheritance tax allowance , the unused part can pass to the surviving spouse . But does the opposite apply? ie couple can leave 1 million between them, free of tax. . Lets say first deceased…
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Regular gifts from excess income and IHT
Today in The Sunday Times is a useful article about making regular gifts out of excess income which won't incur the 7 year rule. https://www.thetimes.com/business-money/money/article/gifts-inheritance-tax-advice-experts-tips-8nxxhjjmd Basically, which I did not realise and now do, if you have a one off unusual expenditure…
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Solicitor is sole executor but has closed and has no successor
Any advice on the following would be gratefully received... My Mam recently passed away and I found a copy of the will amongst her papers which lists a solicitors firm as sole executors. This firm was taken over but the firm that took over closed in 2020 following an intervention by the SRA. I have contacted the SRA who…
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LPA - Changing when and how your replacement attorneys can act
I am currently creating LPA's (both type) for my wife and myself.I am the sole attorney for my wifes LPA's and she is the sole attorrneyfor my LPA's We are appointing our 3 sons as replacement attorneys on all of the LPA'sI understand the default mode for replacement attorneys when replacing a sole attorney is to act…
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Form DJP
Looking to fill the above form. Look simple enough but am going to fill it myself and there is mention of conveyancer. I understand I can fill myself and a certified copy of certificate will do as original is not returned. Also he died in hospital so place of death will be the hospital address. I also understand there is…
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Will Disbursement Questions - Money Used to Renovate/Estate Agent Fees
A Will I am benefiting from divides the deceased assets with the property going to one set of beneficiaries and the remaining cash (residual funds) going to another set of beneficiaries. I would be grateful for some advice on the following. For ease, let’s refer to the property as 10 King Street. 1 . The Will gives 10 King…
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Claim on inheritance by spouse of deceased sibling.
All our existing family live on Scotland. Sadly my brother passed away in England without any children from his marriage. My Father's will clearly states that in the event of his death all the estate will be shared equally amongst his 3 children. My mother passed a number of years ago. Does the spouse of my deceased…
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Amendment to probate after it has been granted
Hi There, My Mam Recently passed away, there was some confusion as when her house was last valued. After we had applied for probate we found out that it was longer agao than we thought and have the house re-valued. This has resulted in a 20k increase in the property. My Mam was in a car accident a few years ago ( case…
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Dealing with will and debt
I am rhe executor of a will and currently waiting for probabte. There is an outstanding final bill for a carehome and a possible dla over 65 over payment. There is probably just enough to pay them but I have been told I am liable for the debts and need to pay them. Then I have also been told I dont need to pay and they…
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Inheritance Tax Gift Allowance Clarity
I would really appreciate some help with this Is it possible to gift £9000 in one year and stay within the annual exemption rules. As an example, could I gift £6000 in March 24/25, which would include the £3000 carried over from 23/24, then a further £3000 in the 25/26 tax year Is this acceptable?
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Financial advisor or solicitor when looking at IHT
I was widowed with two young children. I met another chap and we married. We bought a house together. He kept his former home and another property which he rents out (his pension pot) And now we’re looking at wills. However, there are some complications with what we want to put in the will with IHT implications so should…
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Mum has died. We have differing advice from each bank/company etc. Any help appreciated please.
Hi all My wife's Mum died in the last couple of months (without leaving a will) and we are faced with a mountain of paperwork to sift through now. The credit card ones were easy to cancel because they were all nil owing. We have rang a few banks, policies and organisations and have had very different responses. I would be…
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Writing to creditors which were being paid off on minimal amounts per month
Hello, I'm acting as executor for a friend of mine and he had a number of credit card debts which had gone to debt collection agencies and other debts that he was paying off at less than £5 each month. I don't know the details but am hoping that they might agree for reduced settlements. What is the best way to write to…
