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Reporting an estate to HMRC under informal arrangements - sell property first?
I'm administering my late mother's estate. Do I need to sell the residential property before I report the estate's final position to HMRC via an "informal arrangement" letter? The property requires extensive refurbishment and will certainly sell for less than 2x Residence Nil Rate band (£350,000) and hence should have no…
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Gifting transferring money before death probate etc
So member of family had to reduce savings so transfered 40k into a joint bank account of daughters a couple years back questions on chats today were what to do when god bless her she goes with the cash best way naturally is to tell probate solicitor about it and send it across as part of the estate I presume they will…
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House in trust - CGT
Hoping someone can help or point me to where I can find more information. Situation is: Married couple. H died in 2019. House worth approx £340k at the time. This was the couple's place of residence, and only property. In H's will, his 50% of the property was put in trust for 2 adult daughters. No paperwork work was…
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Distributing funds after probate granted.
So i have been granted probate as a executor of my mothers estate, probate was applied for on the 20th of May and believe it or not it was granted to me as sole executor on the 3rd of June !!, there is no property to sell as i was appointed as a court of protection deputy five years ago for my mother as she had advanced…
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Deed of Variation - Executor signing
I am the Executor to my late mother's Estate. Mum left her house to her 4 children, I am one. I used a solicitor to obtained Probate on behalf of the Estate. There is no IHT due as mum had both the full Nil rate band and the Residence band. The house is in the process of being sold but it is not a done deal.2 of my…
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Beneficiary
Due to older generation moving on, I am now thinking about my situation and would be interested to know what will happen if a will only have the name of the Beneficiary and not their address and they do not live in the UK? They had previously declined to share their address (as I wanted send them a parcel and they were…
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Trust and Estate Tax Return (SA900)
I am hoping that someone can advise me as to the circumstances in which it is necessary to complete SA900 relating to may late father in-laws estate. My understanding is that if non of the following criteria apply then it is not necessary and any tax due by the estate can be dealt with through "informal arrangements". 1.…
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Death of grandparent…
Hi, I have no idea if this is even the right place to post this. But really, really looking for some advice. Back in January my lovely nan died. My Grandad was her next of kin. So obviously everything was left to him (that was hers) they own their house together. We both attended the bank and closed one of her accounts…
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Grant of Confirmation - Form C4(S) for Corrective Inventory
Hi. After having successfully obtained Grant of Confirmation last year, we are now dealing with sale of deceased mothers house. But, solicitor has just advised the wrong title number cited on Grant of Confirmation issued relating to the property, and we will need to use Form C4(S) 2022 to have this amended! Our fault…
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Inheritence Tax on family home.
Hi, When a house is left solely to one's children in a will. I believe this can increase the threshold for IHT to £500,000 before incuring IHT. My question is this. If I left my 3 children 75% of my house that has an approximate value of £300k and left 25% to a friend. What effect would this have on the IHT threshold? Do…
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Clarification of wording in will / property trust
I'm seeking some clarification on the wording of a will (written in 1993) for which I am named as an executor, mainly regarding a property trust (not sure if this is called a life interest trust / IPDI Trust?). To clarify, these are mirrored wills of a married couple, both of whom are still living, where the other spouse…
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Inherited Property
Would anyone please be able to advise, general or legal please? My situation is : my parent has prepared his will, he is living everything 50/50 to my sibling and I, my sibling has lived with dad for nearly 18 years due to marriage breakdown, job losses, not looking for work as dad supplements him, he’s 60, I live in…
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Executors’ absolute and unfettered discretion
The names below are fictional. The figure of £x00,000 is a stated number. My mother passed away recently. She left a will, prepared in 2007. I, “MOORS MAN” am an executor and Trustee of her estate. My sister “JOSEPHINE JONES” is the only other executor and Trustee, who has decided to reserve powers. My father passed away…
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Deed of Variation - Stamp Duty certificate
I've finally managed to make some progress - other executor/beneficiary has finally agreed to a DoV which removes the Will Trust - horray! So their solicitor has drawn up a DoV which seems ok but going thru the IOV2 checklist under box 4 it asks " If the variation alters the destination of stocks, shares or marketable…
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C1 Confirmation please help a newbie
I have been trying to complete C1 confirmation on behalf of my late Mum, I have been assigned as the Executor after my Step Dad resigned as he is blind, grieving and elderly. I have already had one refusal from the courts and am desperate to get it correct before I resubmit. The first was sent by post but I am considering…
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Life Interest - Land Registry Forms
I need some help of how to complete the Land Registry (LR) documents
as the executor of my father Will. Help please! My parents owned their house as tenants in common (50/50),
and when my father died his Will had a section, Life Interest. * I give a life interest in my 50% share of my property at [property address] to my…
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Letting the Family home.
I wonder if anyone could tell me what are the implications to IHT, if a parent goes into care and chooses to let the family home? 1) Would this incure capital gains tax when the house was sold? 2) If the home is left to there children after spending time in a care home. Would this invalidate the £175k increase in IHT to…
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Inheritance tax
Hi We are working thru finalising my godfather estate and have paid inheritance tax and secured probate. We based the figure on an estimate of the value of his property. If we now sell the house and the sale price is higher than the estimate will we owe more inheritance tax?? Thank you
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Beneficiaries?
My friend’s brother died without a will. He was not married nor had any children. He had some money in the bank. He has 7 siblings, 2 of whom have died. The 2 deceased siblings have 2 children each. Are they entitled to their deceased parents’ share or does it just get shared among the 5 living siblings? Thank you.
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Isle of Man Probate - service delivery address required so I can do it myself
Hi folks - bit of a niche problem here. I have volunteered to do Isle of Man probate on a single bank account held at Lloyd's Bank International on the Isle of Man for a friend. I have done probate before and have done some para-legal work in the distant past, so am up to speed with the process and detail. 1. The account…
