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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…
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tenant in common and care home fees
Hi My mother died last year leaving her 50% share of their property to her 2 adult children with my father able to live in the property for his lifetime They were tenants in common It is likely my father will need residential care at some point in the future and will be self funding Will his financial assesment just take…
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Do I need to present IHT forms in my case?
Hello, My father passed away just after christmas. He owned his house as tennants in common with my mother, who is still with us. He left about £160k in cash along with half the house worth £180k (£340k total value) to my brother and myself, with the house going in to a life interest trust so my mother can continue living…
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Inheritance Tax
Sister and I are Executors of late fathers estate. Inheritance tax has been calculated but IHT form not yet submitted, and we have split the amount proportionately to what we are to inherit. The estate is asset rich, cash poor but neither want to sell property to pay tax. I have paid mine over to HMRC in full and sister…
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Executor signing estate accounts
Hi, We’re currently doing estate accounts ourselves, we’ve looked online for examples of what should be in estate accounts. We’ve currently got the following pages – Assets Income Expenses Taxes Distribution Closing Balance There’s mention that the Executor needs to sign the accounts, is there any example on what that page…
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Passed in laws house in BIL name.
Bit of a strange one this. Basically my in laws signed over their house to their eldest son ( my brother in law), around 10/15 years ago, just in case they had to go into care. They both passed away in past couple years, now the house has finally been sold. As it's in BIL name, there will be capital gains tax. We do trust…
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IHT Form and Income Tax
I’m completing the IHT forms for my late father. I’ve a letter from the HRMC saying it may take them 8 weeks to calculate any tax due for the 23/24 tax year. The forms are nearly completed, so do I need to wait 8 weeks for this number or can I submit with an estimate from the paperwork I have. I’ve worked out he will owe…
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Releasing funds from inherited SJP investment bond process
Sadly my mother passed away early last year and now that the probate process is complete i have asked the solicitor to call in the money from the SJP investment bond. The investment bond is only nearly 2 years old and so i will unfortunately have to pay an exit charge. I was expecting the process to be that the fund would…
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Any Success stories? Everything finally sorted after family "go rogue"
Prompted by the many threads we see regarding the mishandling of estates, where individuals "go rogue" and don't handle the estate assets as they should ( in some cases out and out theft), I can't recall any threads whereby the aggrieved parties finally got everything sorted out as it should've been and recovered any legal…
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Burial plot for parents but daughter owner
When my father died, i accompanied my mother to funeral directors where a burial plot was purchased. It was space for 2-4 interments. My father buried first, then my mum would go on top when her time came. Thing is my mum put burial deeds in my name so that plot could be opened with my permission when her time came. What i…
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Trust registration service - clarification
Reading through the process to register an IPDI trust and a couple of questions remain in my mind;Scenario; Husband dies leaving 50% of property in trust for children. Wife's holds 50% and has right to live in the property. They were tenants in common. Q1. The widow now holds the property on trust for herself and on behalf…
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Estate includes an (insolvent) Ltd company - help?
I’m executor for a family member who has recently passed away. The Estate includes an insolvent private Limited company. My family member was the sole director and shareholder. No employees and no business assets other than a desk, chair & laptop. Last accounts posted on Companies House show business as having significant…
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Retrospective Probate Questions
My brother, sister and I are currently in the process of selling our late mothers house who died in 2020. Probate was dealt with in 2022 and my brother is the Administrator/Executor. The solicitor handling the sale has received all doc's etc but after seeing that the property deeds only name my father (who died in 2013)…
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Probate & Joint Bank Accounts
My Father died recently, my siblings and I are executors of the Will. We are in the process of applying for probate. We have had conflicting advice about bank accounts that are in joint names of both my parents. I know that the Joint Accounts transfer into my mothers name and the balance then becomes hers, however does my…
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Is this advice correct?
A will trust was created upon the death of my friend and his widow has sought advice from the "Estate Planning Solutions" company that originally sold the package of the will etc. This is not a firm of solicitors. My friends half of the property was left in trust for their children and she has the benefit of living in the…
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Concerns With Probate
Long
story short.... After my father died, my sister instructed his solicitors to deal with probate. I'm sole executor (first and hopefully last time) and my sister and I are the only beneficiaries. As my sister instructed the solicitors, I
assumed we were joint executors until after probate was granted and I
downloaded a…
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Gifts out of income possibly incorrectly made
Hi, On gifting balance sheets - it seems clear that deceased was of the view that gifts out of surplus income could be backdated by 7 years. So, for example, only very small gifts out of income were made in 2017, 2018, 2019, 2020, 2021 but then a large gift was made in 2022 using the unused surplus from each of these…
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How long does it take for HMRC to reply about Capital Gains Tax
Morning, has anyone got an idea of how long it is taking HMRC to reply at the moment? I reported online the capital gains tax following completion on the house that we have sold. After it just said we will contact you to let you know how to pay. Just trying to get an idea of time scales before i think about chasing a…
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Template Deed of Variation
I wish to do a very straightforward DoV passing an inheritance to my two adult children I appreciate that I could do this freehand, but might feel reassured to follow an easy to use template.Likewise I could pay my solicitor to set this up, but it feels like something I should be able to do myself. By way of additional…
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Interaction of IHT gift exemptions
Suppose you claim "regular gifts out of income" (for example £2000) and also give one-off gifts (over £250) totalling £1,200. Can you still roll over £1,800 unused Annual Exemption towards one-off gifts the following year? In other words, is the roll-over feature affected by having claimed regular gifts or are they totally…
