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Stamp duty on inherited property?
Hi, Last year I inherited 50% of my late father's house. My wife and I are intending to buy the other 50% share off of my sister. However I have a buy-to-let flat that is currently rented out. Does this mean I will have to pay the higher rate stamp duty on the 50% share I'm buying? I was wondering because the buy to let is…
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What actually happens during probate?
Hi everyone, My Mother passed away last month. She left a will that had my father as sole executor. Her property was owned outright and will automatically transfer to my father as both were on the deeds but she had £100k from her pension in her savings account that she cashed in during the last 12 months as she had a…
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Administering estate after executor renounced
My late mother's executor has renounced the role, so my sibling and I are now administering the estate. It looks as though probate won't be needed, and at this point we're not involving a solicitor. What do we do with the renunciation form? I believe that it's supposed to be registered somehow, but my googling has been…
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Care Home Freedom of Information
My Dad has Alzheimers and has recently been evicted from his dementia care home because of dementia symptoms. I have a range of concerns about this and have been advised to make a formal complaint and ask for his care notes under the freedom of information act. The Care home have responded by sending me a form to complete…
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IHT on gift
Hello, A rather elderly relative decided a few years ago to make a number of large gifts (far exceeding the 325,000 exemption). If they were to die soon after making the gifts, who would be responsible for paying the IHT. Would it be the individual recipients - or would the tax be paid out of the estate? Many thanks for…
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Inheritance Tax and Residence Nil Rate Band. Do we need to complete IHT400?
We have an estate which is worth £450,000 and would like to claim the Residence Nil Rate Band. This means the threshold is raised to £500k and there will be no IHT to pay. Therefore is this regarded as an excepted estate and can we just enter the values on our online probate application? Or do we still have to make a full…
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Land Registry search help please
Why would it say No information held for: *Property Address* This information can change if we receive an application. This service cannot tell you if HM Land Registry are dealing with an application. Does it mean the property is not registered? The property in question has never been sold since it was built. Owners bought…
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Increase in value of estate after probate granted
Hi, I am hoping someone can help. My mother passed away last year and probate was applied for. We had the property valued in March last year and used this figure for probate which was applied for in November. We have just put the property on the market and the value that the estate agent has given us has increased by about…
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Gifts and iht403
Ok so form iht400 q.30 asks if deceased made any lifetime gifts after 1986 fill iht403. Ive discovered Deceased made lots of lifetime gifts consisting of cash over 10k and property gifting. But none of them were 7 years before his death. I'm baffled does each gift need to be declared after 1986. I rang the iht helpline…
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Failed PET and tnrb
Just a general question on a failed pet can thr TNRB still be claimed. I understand the RNRB can't be. But is this the case for tnrb?
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Will trust
In parents will it says about distribution of the residue: to be held upon trust absolutely for my son xxxx Has the will created a discretionary trust or a bare trust in anyway. We want to avoid creating any complex trusts after death. Or maybe I'm confused..
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Buying out brother and sister of inherited house
Now I've got my head round of what's involved thanks to the Land Registry rep here and advice from a call to the LR itself I'm in the process of getting quotes from Solicitors and I'm quite surprised how many, albeit conveyancers, don't understand the process themselves. I had one insisting that a transfer would need to…
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Estate accounts - executor refusing to provide them
I am at the stage where I need to ask the Probate Registry to intervene. I think I need a Summons Form but can’t seem to find one. Does anyone have experience of doing this? Did you have to ask the Probate Registry for the form? Thank you
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IHT409 Pensions
Can anyone shed any light on IHT409. When I complete the questions answered I end up on Q22, did the deceased or their employer make any contributions? The boxes, 23 and 24, provide little room for an answer beyond a summary and a figure. The issue I have is that I have then completed the form and nowhere have I been asked…
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NRBDT - trying to understand who the trustees are
My father has died and I am trying to sort out what to do with his estate. He had few assets other than the house he owned as tenant in common with my mother, and a life assurance policy that will pay out into his estate. The house is probably worth about £550k and the life policy is maybe £35-40k. We assume he owned 50%…
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8k Probate quick question
Hi All, I am sole executor of my mums will in Northern Ireland , and have been sorting funeral bills etc .She left her house to myself and brother , which was transfered into both our names many years ago. She has 8k in a credit union account that needs probate as her funeral insurance kicked in and raised the amount over…
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Advice MIL died without leaving a will
Sorry but I know this will have been asked 100s of times but can I ask anyway. My MIL died 3 years ago just before the covid outbreak but she never made a will. She left 2 children my husband and his sister. We have a 12 year old boy. His sister has 4 grown up children. The estate is worth over 200k not sure of the exact…
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Property and money in will
Hi, my father is currently doing his will. I live with him in shared property and we are tenants in common with 50% split each. He intends to leave me his 50% in the will. My question is more around monetary gifts. He wants to leave a generous amount to his grand children as specific amounts. At the moment there is enough…
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Merged: Probate executor: splitting share proceeds; sell then split or split then sell?
This discussion has been merged.
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Probate executor: splitting share proceeds; sell then split or split then sell?
Simple question but hard to explain clearly! I'm executor for my late mother's estate and have finally got probate. There are three equal beneficiaries in the will; all want cash (i.e. shares sold) not equity. Because probate is a PITA and takes ages, there's been a capital gain since date of death. The gain is above the…
