-
Am I being ignorant?
I reached out to an accountant to help with IHT and CGT for my late Grandmothers estate. The background story is rather complex so long-story short - a local accountant asked for documents to review and by doing so provided a lengthy in-depth summary of what is required for CGT and IHT. My concern is the invoice I am now…
-
Inheritance Tax
Wondering which rules would apply to money gifted now, should the thresholds/ tax rate change in the October statement , eg money gifted now, person gifting money dies next summer and rules change in April 25 would rules at time of gifting or time of death be applicable?
-
Gazette and local paper notice if executors are sole beneficiaries
My sister and I are the only executors and also sole beneficiaries of our late father's estate. Is there any good reason to pay (approx £400) for the section 27 notices because while this protects us as executors, any creditors would be able to claim from us as beneficiaries in any case? It seems an obvious 'no' but…
-
Death in service and employer loans
I wasn't sure if this the correct place to post this - more of wanting to know rather than needing to address. If I have any loans with my employer and die in service, would my employer deduct this from my final salary payable if my death precedes payroll deadlines? If the amount of the loan exceeds my last pay packet, can…
-
Do i pay the charities before taking expenses out of estate
Morning, I’m a bit confused. Once i have probate (applied online yesterday at last!) i know that certain costs can be deducted from the estate like inheritance tax, probate fees, estate agent fees etc. do i take these out of the estate before calculating the 10pc to the charities? Or do i take their money from the net…
-
Can you remove items from a house before you know who it's left to?
Can you remove items from a house before you know who it's left to? Is there a way to report it?
-
Help with Dad's Estate
My Dad is currently receiving end of life care at home due to a recent diagnosis of pancreatic cancer. My sister and I are the executors of his will and while I have time on my hands (currently sitting with Dad throughout the night) I am trying to obtain an understanding of what we need to do regarding his estate when he…
-
Potential Changes to IHT rate
If the IHT rate changes from 40% to 45% in the October Budget, will those that have already started the probate process be protected from the rise or will they also pay the 45%?
-
A Multitude of IHT Questions
Hello everyone, I am hoping I can get some advice here as I am completely lost in the whole process of probate. So my mother passed in June 2024, I am the 50/50 beneficiary to my mums estate alongside my sister. My mother had been in a care home in Ireland (all assets in UK) since 2020 and had no property (all cash and…
-
is it regarded as an asset of my late husband?
Hi, I hope this is the right place for posting the topic. My husband passed away some months back. He did not leave estate, I live in a property where we paid mortgage jointly. We have this car, given by a friend. Husband stopped driving when he got very ill, the car is sorn-ed ever since.Now he is gone, I was thinking…
-
Estate dispute - other side has applied to the Law Society to appoint an arbitrator
Hi, So I'm in a dispute situation over a will/estate with the other inheritor of the estate, and the other side has applied to the Law Society to appoint an arbitrator, via a "Appointment of an Arbitrator by the President Application Form" (annoyingly the form doesn't seem to have a code number). Although I'm not against…
-
POA & will drafted but never signed
Hi folks Im looking for guidance / advice from anyone with experience of a situation that is completely new territory to me and has left me flummoxed. Earlier this year my mum agreed to a meeting facilitated by my half sister with a free will service organised by Macmillan, but contracted out to a legal services company…
-
DIY Deed of variation
Hi everyone, I'm in a bit of a pickle trying to sort out my dear mums will. It will be 2 years at the end of the month, and dad and I are trying to resolve mums will. She wasn't happy with what the solicitor wrote, putting everything in dad's name, and wanted to change it. There is only Dad and myself in the will, and with…
-
Is this counted as a gift....?
Hi, I'm pretty sure I know the answer to this but wanted to check with some MSEs! Thanks in advance. My Dad passed in June 2024. His estate is In August 2019 (so within last 7 years) he gave £60k to my sister's soon-to-be ex-husband, to allow him to pay off the mortgage on the house he shared with my sister. (The house was…
-
Mirror Wills
Hi there, I need some advise relating to Mirror Wills. The section below is taken from my late uncles Will, I am trying to understand what the 'Absolute residuary gift' means in relation to his estate. Has he left everything to his wife and if so can she change her Will? And does that meant that everything under section…
-
How to Protect Parents Assets and avoid 'Deprivation of Assets'?
Hi everyone, I’ve been putting off this post for a few months, My dear mum passed away before Christmas, it’s left me devastated, and I’ve been finding it hard to deal with the Will, and other only child / executor / family duties. Over the next few weeks, I’ll be asking a few questions on here, especially about ugly topic…
-
Debts after death
My Mum passed away in August leaving just enough money to cover her funeral cost. She was receiving a SP and AA at the higher rate. After paying her monthly care invoices, it left her sufficient money (just) to live on. Having paid for her funeral and wake (at my expense) I have now received her yearly tax invoice from…
-
Property valuation type required for probate
My Dad died end of July and my brother and I have the property to sell. Must we get an RICS valuation done for probate? or will an estate agents valuation suffice? or maybe an average of 2-3 estate agents?
-
can executor and beneficiary be absent for weeks/months after someone's death?
To make situation clearer - my daughter was planning to go to another part of the world far from civilisation the next month for a few months. I can certainly see the possibility of me dying but we do not know when (steady quick deterioration, gaining speed in the last few months ). It would not be nice for her to wait for…
-
Lump sum death benefits
Hi all I’d appreciate any advice on the following. Recently a relative died and there is some money in an investment fund. I’ve applied to have this paid as a lump sum but have received the following from them: The Lifetime Allowance was abolished on 6 April 2024, however as you may be aware, there have been some…
