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Potentially exempt transfers and death of the recipient
Person A gave away three gifts each of £250,000 to their three children X, Y and Z in 2021. I understand that given the total was (way) over £325,000 the recipients will be liable for inheritance tax on these gifts should A die before seven years have elapsed. (Eventually subject to taper relief etc) However, child Z died…
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A Nightmare scenario
My sister has passed away suddenly earlier this week. I expect a death certificate to be issued next week. Her husband is currently in a care home with dementia, he’s physically ok, just forgetful. Her 33 year old son has autism, and has a support team who take him out to various activities each week in his Mobility scheme…
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Unfair will, can I contest upon death
Can anyone please help as I feel that I am being treated unfairly in my father's will. Some years ago my mother died leaving everything to my dad which includes his 2 bed house and a much larger , 4 bed house which has been placed in a trust. I have found out that upon death of my dad my brother who in my dad's eyes can't…
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Will Life Interest In Possession Trust
I am executor and unfortunately the Will has a clause setting up Property Life Interest Trust. The house was sold a few years ago when deceased moved into care home and never updated the Will. The Will includes a subclause saying that if the dwelling was sold then the net sale value should be substituted and held in Trust…
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PA17 - is original needed?
After a lot of effort have finally got agreement that solicitor will renounce their executorship (for a fee of course) - I believe via a form PA17. I understand that the completed PA17 is submitted along with the PA1P when requesting probate. Does anyone know if this has to be: * The original? * A certified copy? * or will…
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Premium bond winnings after death (12 month period)
Whilst premium bond winning are tax free when you are alive, if premium bonds are kept for the 12 months allowable post death, is it a correct assumption that any winnings in the period are taxed at the prevailing rate for the beneficiaries? For example, if £500 was gained in winnings, split 40/40/20 between a 40% payer,…
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Can you use c/o address for benefices?
Where yo have little contact with relatives (nieces) and you don't know their address, can you leave it as 'care of (c/o) e.g. parents. Perhaps adding their address as a codicil at a later date. Or would it be sufficient for the executor to know the address at the appropriate time?
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Placing a home into a trust as part of will planning
I'm not sure if this is the correct group or not, as we have no idea where to start. My mother-in-law would like to place her home into a trust for her 4 grandchildren so that she doesn't lose it if her health continues to deteriorate, and for it to be their inheritance gift when she dies. The 4 grandchildren are all under…
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Sale of family home after parents death
Hello everyone my sibling would like to keep the family home and wishes to buy her 2 siblings’ share. The property was valued at £550k for probate with an actual value of £605k (RICS valuation). Sibling will have to sell their own house to buy it. all three siblings could buy out the others by selling their own house but…
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Probate/IHT Confusion
I thought that I would write some notes to help my OH when I depart. I'm assuming we will still be in IHT territory, my wife would be the only beneficiary so no tax would be due at that time, and my limited knowledge is that she would start the process with the IHT form 400 (with necessary sub forms like gifts given within…
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Gifts, selling or inheritance
Hello, I'm looking for some advice or input on something I'm unsure about. Unfortunately, my father is terminally ill with cancer and he has a few months to live. As far as I am aware his will and affairs are in order. I've been to see him today and he's made a strange request. He wants to sell me his car for £1 and have…
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Beneficiary wants to buy
There are 3 beneficiaries with me included; 2 are siblings of the deceased; I'm beneficiary & executor of the Will (I'm still a while away from grant of probate). One of the beneficiaries is considering buying the house and asked for various info. I've not yet informed the other beneficiary about this (I think that I…
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Insuring empty property
Hi all Any good recommendations of companies who insure empty properties whilst awaiting probate and eventual sale please? Trawling comparison sites but just wary of making lots of calls due to the 'unoccupied' status so doubting most usual insurance companies will cover it. TIA
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Inheritance tax treatment of gifts when first parent dies?
I’m confused and can’t find the answer on HMRC website. I note the rules around gifting and 7yr period etc. What I can't see anywhere is whether any gift becomes liable for inheritance tax when the first parent dies or whether it only becomes a factor when the second parent dies (assuming the first parent leaves their…
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I don't understand inheritance tax
I recently lost my husband, and I feel dreadful. I have been bombarded with correspondence from the authorities regarding tax payments. I am entitled to a widows pension which means that I have to start paying tax. I was my husbands unpaid carer for along time and I was a non tax payer. A Letter from HMRC is asking for…
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Reluctant Executor
Where there are 2 Executors for an Estate, is there a path for one Executor to cancel their role due to inability and/or ill health?
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Inheritance
In short, my aunt passed away in 2022 and had written her will in 2018 when my daughter was 6 years old. At this point I only had one child and my aunt left her quite a bit of money in her will. Fast forward to 2022 when she passed away, I now also have a 2 year old and then went on to have a third in 2023 - so after she…
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"Simple" Deed of variation to change from 3 to 1 beneficiary?
Hi - please can I double check the following? Our sister passed away, leaving an estate under the IHT threshold - mainly being her flat (or the equity in it as it has a mortgage) She left her estate to me and our two brothers. B1 and I would like to change the will via a DOV so that everything goes to B2*. Our reasoning is…
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Applying for Probate for an Adopted Person
Probably the first of many questions! I’m just about to apply for probate for my recently deceased, adopted son. I understand I need to obtain at least 6 copies of his birth certificate - but these are in his birth surname not adopted surname - do I need to order 6 copies of his adoption certificate too? thank you in…
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Premium Bonds and Probate
I am a joint executor, with the spouse of the deceased, of a mirror will. I know there was a previous thread about NS&I requiring probate but it didn't cover my query, which is if we just wind up everything and leave the premium bonds where they are (it is the only organisation requiring probate) am I correct in assuming…
