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UPDATING WILLS WITH A NEW SOLICITOR
In 2014 my late wife and I made Wills as tenants in common. She passed away in 2022 with Alzheimer's. Much of my Will, similar to but not a mirror one, is based on what she wanted and/or as suggested by the original solicitor. I have just made a new one on the "Free Wills" scheme with a new solicitor, donating £150 to the…
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Charity donations and IHT
Does anyione know if it possible to specify in a will that charities will get a residue gift only if the estate aftrer deductions exceeds the IHT threshold? I have a relative who's estate will be dwindling rapidly due to care costs and has to balance a desire to leave to family and friends with charities. Leaving the total…
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HMRC...V.. INTEREST OF POSSESSION IN WILLS
Hi, I'm looking for some advice.My wife are looking to protecting our 50/50 interest in our house.We've been advised to alter our wills to include " interest in possession " so that if one of us has to go into care, the other's 50% share can still go to our two children upon both of our subsequent deaths if the other…
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set up trustee bank account for 4 adults to receive their inheritance
How and where to please
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LPA and care home
My MIL has recently had to move to a residential care home. They have asked for both the LPAs (H & W) + (P & F). Is that usual? Thank you in advance
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Worth getting financial advice?
Hi, to cut a long story short, my mother (the previous owner of this account) recently passed on. Her finances were spread across lots of different pots of money, and whilst I have a plan of action, I want to make sure I am doing everything as 'correctly' as possible, to make the most out of what I have inherited. I am…
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Administrator responsibility for third party belongings
Hoping to gain advice on my duty as estate administrator (letters of administration granted). Family member who is not a beneficiary is still living in the house of the deceased (no rent ever paid to the deceased, and no contribution toward past/current utility bills) so the person has now been served with 28 days notice.…
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Gifting a house to children to avoid care home fees...
Hi everyone we're currently in the process of sorting out power of attorneys for mil health & money the solicitor dealing with it has also brought up about gifting / putting her house into a trust with the 3 children being trustees, I believe it's a living trust so mil still lives there until she went in a home or died. I…
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Evaluating content for IHT
Hello.I'm the executor of my latest dearest friend and I need to have the content that he left to me, as part of the inheritance, evaluated for IHT purposes. Yesterday I had the house evaluated by a real estate agent and it is around £300K-£325K (so it'll all go to probate and yes there's going to be IHT to be paid…
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Gifts out of income & Normal Expenditure
My wife and I make monetary gifts to children and grandchildren - out of income. There is a lot of guidance on what such gifts are, but very little about "normal expenditure" or "normal living expenses", or normal standard of living". For IHT purposes, we were advised that we need to reduce our investments, so a few years…
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IHT403 - Analysis of Income & Expenditure schedule
Apologies (esp to Keep_Pedalling) for coming back on the gifts topic again.Have spent time pulling schedules together which look at income and expenditure (and can be maintained), so my Executors dont have to. Frankly this would have been so hard for them. Regarding normal expenditure - I have looked at HMRC guidance and…
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Distributing the estate
Sadly my grandparents both died earlier in the year. The house has been sold, accounts closed and all money has now been received into our executor account. How is the best way to distribute it to the five beneficiaries? I was just assuming we’d give cheques, but looking at my accounts they’re saying only £20,000 can be…
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Wills and solictors
My friends mum wanted to draw a will. But she wants it water tight. She has schritzophenia (sp?) But is controlled through meds etc. How much do solicitors etc charge for the will etc. I heard upon death they may even charge percentage or something of the estate. Is this correct and is there a way around it?
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An update to Brother Refusing to Leave Inherited Property
https://forums.moneysavingexpert.com/discussion/6538152/brother-refusing-to-leave-inherited-property/p1 1/ In May 2024, my brother was served a 6-week notice to vacate the family home, as he’s considered an excluded occupier (per our solicitor). However, he still hasn’t left. 2/ A court hearing scheduled for September was…
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Interim distribution of estate
I am one of two executors of my late husband’s estate. I am one of three beneficiaries. I have already made one interim distribution to all three and am now ready to make another, leaving just a small amount in the account until everything is finalised. (There is no property to sell.) One of the beneficiaries is on…
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IHT and Domicile
Hello all, so my mothers probate is throwing up questions that my sister and I had never considered. Just as a bit of a quick background. My mum was born in the UK, but moved over to Ireland in 2019 when her dementia became too much and she needed the support of my sister who lives in Ireland. She eventually went into a…
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Query over insurance money paid into a joint account
Hi Very sadly my partner recently passed away from cancer . Before he died he cashed in one of his pension funds under critical health. He completed the forms sent by the company and these were returned and received on the 2nd September by the company Very sadly he passed away suddenly on the 5th September . The money was…
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Earlier transfers - IHT 403 form
Im struggling to understand the relevance of this section of the schedule IHT403 form - questions 18 and 19 - despite having read the guidance notes. It seems to suggest as an executor you need to research gifts made up to 14 years before the death of person. I always thought you only had to worry about the previous 7…
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Gifting, IHT, ISAs and record keeping
Hi I'm looking for confirmation around my thinking here please. I have been gifting each of my two daughters between £3k and £20k each year, over the last ten years. This has come from my personal savings (sourced from PAYE) and transferred to my daughters personal current accounts, from which they have been investing it…
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IHT planning/ trust funds
I was wondering if anyone can point me to a good information source/ give general advice regarding trust funds. Currently am married with young children (primary school age), we have a house that is mortgage free. I also have life insurance policy in place (level term). I was wondering (generally speaking) what is the best…
