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Inheritance tax
Good morning all ! If a property you have inherited is worth say £2m obviously it falls well within the IHT @40 % threshold. Even after the £1m exemptions ( compounded ) if as you may struggle in todays market to sale . My question is after six months with no sale do HMRT come after you with IHT tax bill . I heard you get…
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Probate Values
I am completing the online probate values, and just need to clarify something. Say I had the following values from the IHT Calculator: Assets in the estate: £100,000 Gifts in the last 7 years: £20,000 Gross Estate Value for IHT: £120,000 Debits owed from the estate: £10,000 Net Estate for IHT: £110,000 Net Qualifying…
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C1 Form help please
Hi all, We've had our C1 form rejected and I followed all the screenshots on here for inventory/wording etc so I think it's the inheritance tax bit that I've got wrong. Can someone please advise? The estate is below the threshold for inheritance tax and we don't need to pay any, but how do I fill this section out to…
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notifying banks & Inheritance tax
Hi i'm after a bit of advice. I very sadly lost my mum recently, to do probate i obviously need to know the amount of my mums estate. i've used the death notification service just over a week ago but not heard anything from the 2 banks in question yet (nat west and santander). When the banks make contact will they…
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I AM CONFUSED ABOUT INHERITANCE TAX
I have some questions and hoping someone can clarify whether I am correct or not. Background My mother died back in 2019 . All her assets (including her savings) were transferred to my father IHT free . My father has passed away recently and I've tried to assess the value of the total estate: 1. Property is a 3 bedroomed…
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Do I really need a Executors Account
Hello, I am currently needing a bank account to put money into. My understanding is that you don't need an Executors Account, but to just keep money separate in a different current account? Some background: The estate is quite large at about 800K and there are four beneficiaries including myself and only one executor.…
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Will Problems
My step-dad is in hospital at the moment after suffering a mild stroke and after scans it was discovered he has Stage 4 Lung Cancer. Given that he probably doesn't have much time left (still waiting for news from oncologist) he has been looking into the will. First of all the property he owns is in both his and my mothers…
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Probate advice
Hi can anyone help with some advice and guidance with completing the online probate form. I believe it’s straightforward in normal circumstances, but I can’t seem to get any answers to my problem. My parents made mirror wills in 2012, and at this stage put half the house in a Family protection Trust, in case either of them…
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Moving into a Probate Property
Hi everyone. Is anybody able to tell me if I can move into a property that is currently awaiting probate, if all parties are in agreement. My brother & I are Executors of our late father's estate & also beneficiaries of the property along with my 2 children, one of whom is under 18. I am planning on selling our current…
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Winding up a discretionary trust
My father died recently, and after all the funeral bills etc there is about £1500 left which goes into a discretionary trust. I'm a trustee of the discretionary trust and my sibilings are beneficiaries, and the trust runs until a deed is drawn up to close it. As there is so little money involved we just want to distribute…
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New Will not signed. Brother not honouring dying mum’s last wishes.
Brother not honouring dying mum’s last wishes. Any advice or opinions would be appreciated. In 2015 my mother had wrote a Will via a solicitor stating
both brother and I, are executor and equal beneficiaries. Very simple estate;
small house and approximatly £10k in bank accounts to be shared 50% each. In 2017 my brother…
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Dividend/Income /Capital Gains Taxes on an estate after death
My mother has recently died and left a will leaving everything to my father. Probate has been granted and there is no IHT to pay. Mum’s assets were shares and bank and building society accounts. My Dad wants to sell the shares and close the bank/building society accounts to finalise the estate. Will he have to pay dividend…
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Letter of administration granted , but when do I officially own the property?
Hi. My mother died a couple of years ago, leaving no will. My siblings and I have had the letters of administration granted( last august) and sister is dealing with the estate, but has still not finalised things yet and is not communicating with us properly.I am receiving universal Credit, and need to tell them when I…
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Disposing of possessions left behind
Hi Those who have seen my recent posts will know that i have an ongoing battle with an AWOL beneficiary, who was given a right of occupation in the deceaseds property. He has now formally left the property. That individual has now got back in touch and keeps saying he will collect possessions he left at the property. Im…
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Inheritance Problem with Bank
I don't know if anyone can help with this but here goes. I am named as a beneficiary in the will of a friend who died in August 2020. There have been numerous delays in paying out the inheritances and the matter remains unresolved. After numerous exchanges between myself, a lay-executor and the solicitor administering the…
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Inheritance tax forms post probate
This morning I have received two forms from HMRC IHT301 part 1 & IHT302 part 1. Both forms state an amount of money and say “To REPAY £x”. Does this statement “to repay” mean I owe them money or they owe me money? If I owe them money how do I pay it?! No instructions given
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Scotland - basic queries re funeral and initial actions
People often post here when they realise a family member will soon die, or has just died, asking for advice on the first steps in dealing with an estate. I've already had some excellent help re the Scottish probate system but want to understand some of the basic differences. The deceased lived in Scotland but the family…
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certified copy for banks and shares companies
Hello, I am trying to sort out my uncle's estate, and we have just been grated probate (YAY). He has a lot of banks and to close them, they need to see an ID and address document. What is the best way to get a certified copy of my ID? I have seen the post office do them (nice and easy), but not sure if they would be…
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Timeline for selling an inherited property?
Hi, I wonder if anyone knows why HMRC ask on IHT form 405 (Houses and Land etc) whether an inherited property will be sold within 12 months of the date of death? What are the implications of selling before and after this threshold? Thanks.
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C1 Form - Your Reference
Hi all, Apologies if this has already been covered, I've been trawling through all the posts and replies from the past but not found it. The very beginning of the C1 Form where you put your name and address in - there's a box that says Your Reference - do I make one up or leave it blank? We don't have a HMRC ref as we…