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Beneficiaries
Hi all I was a beneficiary and gifted money. A year later I was contacted by the solicitor firm dealing with this to say the IHT wasn’t paid and they had made a mistake and I was given too much and they want it back or face court action. The joint executor was also unaware this hasn’t been paid and is also a beneficiary.…
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Defining and declaring gifts
Hi gang, first time poster so be kind please - happy to be pointed in the direction if I need to go away and read be here’s the situation: father passed away after a couple of years in a home with dementia. Only assets are his bank accounts. This amount is less than the IHT threshold (inherited his late wife’s allowance…
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Deed of Variation
Our mum
passed away last summer, I was made sole executor of the will and have dealt
with all the legal and financial arrangements to the point where I hope (shortly)
to be able to close down the estate. I applied for Probate which was granted
and will shortly (hopefully!) complete on the sale of her property. She was
well…
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Free will vs paid will
Hi all, I'm looking to help my mum arrange a will for herself. Her circumstances are not that complicated. She is married, but separated. She owns her own property outright (as a sole owner). All of her possessions are her own. We're looking at a total estate value of max £300k. She wishes to leave her estate to her 6…
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Transferring 50% of house ownership to child
I intend to transfer 50% of my current residence to my son, who currently resides with me. I plan to continue residing in the house for the next two to three years before downsizing and subsequently gifting the remaining 50% to him. However, as I am still occupying the property I will be required to pay market rent to him…
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Trusts - worth it?
There is hubby, I and one son. One property, son is overseas and rents. Will in place to each other then son. (May need to consider 50% to son on first death). Both LPA s in place for us 2. No risk issues. Property around £300k. Sons marriage could be dubious. Would a trust be beneficial? Is there anywhere to get more info…
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Do you need a copy of a will to sell a house if you have probate?
We’re in the throes of selling our decreased father’s house. Do we need a copy of the will to complete the sale or will the probate docs suffice? Thanks
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Can Executors pay for day to day expenses for beneficiaries who are under 18.
My wife and son have just become Executors of the will of daughter/sister. The beneficiaries of the will are the two children of the deceased. The children are due to inherit when they are 21. The ex-husband is taking responsibility for maintaining the children but I believe that he will need to seek financial support as…
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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.…
