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Car finance
Hello I am hoping someone can offer some advice. My dad passed away very suddenly with quite a large amount of car finance. I have had to take over dealing with this as my mum is in a state of shock. The car finance was solely in my dad’s name and the house was in joint names as was their bank accounts so there are no…
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Help needed regarding Joint Executors
A few years back we had mirror wills drawn up by a solicitor which on first death leaves everything to surviving spouse (who would be the executor) and on the second death to our three children. Two of our children live abroad so I was concerned about the executors at that stage. I took the solicitor's advice to appoint…
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Giving jointly owned house
My dad and uncle currently own an equal share in a house
that my grandfather used to live in and own. They would like to transfer ownership to me
in the most tax efficient way. The most obvious route is for my uncle to give me his half,
and my dad to give me his half. As I understand it, if they both live for more
than…
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Probate and executors ( Scotland )
Hi my late wifes mother passed away about 4 years ago and my late wife and her sister were executors of her estate . Some background information may help . My wife and I were planning on buying out her sisters half of a house and moving to Scotland as my wife had lived in England for almost 30 years and wanted to go back…
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Will inheritance advice
My parents have made wills which states their house will be split between me and my two brothers one of my brothers wants to give me his share (value approx £40k) if he gifts it to me will I have to pay tax on it or is it possible for me to buy it for a token amount ie £1 thanks
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Personal Chattels promised but not "officially"
In a will from 1999 there is the following clause ..... 1) "I give to my husband all my personal chattels as defined by Section 55(1 )(x) of the Administration of Estates Act 1925 for his absolute use and benefit and it is my wish (without imposing any legal obligation upon him) that he should deal with this bequest in…
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The Dreaded IHT403 - Gifting
Looking for some help in completing HMRC form IHT403, specifically gifting from income. There don't appear to be any guidance notes whatsoever and I've now written to HMRCfour times asking for clarity - tried phoning, but lost the will to live while waiting to get through. Attempt one never got a reply as I didn't send it…
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Any experience dealing with a partners debt who has passed
Hello, My Husband passed and I'm trying to sort out his affairs. We own a home together and have two small children, I really don't want to sell our home or become homeless so any advice or support would be so incredibly helpful and welcome. We own a home together which we are still paying a mortgage for, He has about £40k…
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IHT property valuation - sale within 12 months
Advice needed about question 12F on Form IHT405. I've got a professional valuation of the house as at the date of death (April 2024). That obviously goes in Box 8G. The house is going on the market shortly, and estate agents are suggesting we won't get that price. Question 12F says, if you are selling the house within 12…
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Assent question: ID1, ID3 or not required?
Hi, My mother passed away earlier this year and left a will naming my sister and I as joint executors. The family home has been left to my sister and I - it's the only house I've ever lived in and for the time being I will continue to live there, my sister has her own home. We received the grant of probate about a week ago…
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IHT pay by installments calculation
Hi How do I calculate what IHT I need to pay now if I apply to pay by yearly installments? House value £545,000 + Other assets £440,000 (share ISA) = £985,000 Less nil rate allowance £500,000 IHT due £485,000 x 0.4 = £194,000 Do I just need to pay 10% ie £19.4k before probate? Thanks
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What, if anything, is required after death?
a friend of mine's mother has recently died leaving no will and very little in assets, having given away (substantial) gifts over the last few years I have told them there is probably some kind of inheritance tax reporting required but I'm at a loss to say who has to do what as there is no will and no executor and nobody…
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Inheritance tax, and jointly owned property sold to pay care debt
Until recently my projected estate would be under the inheritance tax level. However, I was a joint owner of my late mum's rental property, which had now reverted to me by survivorship, and would take me over the line. The property will need to be sold so that my mum's half of the value can go towards the care debt that…
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Lifetime interest in property registration
My deceased partners Will left me life time interest in the property as tenants in common and his share of property left in trust to his 2 daughters. I have received Grant of Probate and told I need to register my lifetime interest with the HMRC. I have gone on their site and started to register the trust choosing…
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payments to spouse for household expenses
Husband and wife, both with independent income. No joint accounts. Husband gives wife £2000-£2500 per month for household expenses (24-30 p.a) Husband records this 24-30k as part of his 'normal expenditure'. Thus reducing the amount of surplus income from which he could otherwise have made 'gifts out of income'. So if she…
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Deed of variation - residual bequest
I want to pass the inheritance that I’m due from my aunt to my kids. The solicitor that’s been dealing with the fairly complex estate is drafting the Deed of Variation, and I’ve run into a few problems: - my inheritance is the residual estate, and we don’t yet know how much it is - the solicitor has estimated that the…
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Dealing with estate issues/questions TY
Quick questions for clarity, thank you. As I understand it as my mother passed away in 2006 and my father passed away recently the total threshold would be £600,000 and since my father's estate was well below that I won't have to declare the estate? After contacting tell it once, would any outstanding tax be automatically…
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Help with house sale and paying for Care home for mum
Hi, Im new here hoping for some help with a question regarding inheritance and care costs. Mum had dementia, dad died this year and she moved into care home privately funded. Dad changed will on deathbed to split his inheritance between me and mum until she dies and changed property into tenants in common on solicitors…
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tenant in common and care home fees
Hi My mother died last year leaving her 50% share of their property to her 2 adult children with my father able to live in the property for his lifetime They were tenants in common It is likely my father will need residential care at some point in the future and will be self funding Will his financial assesment just take…
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Inheritance Tax
Sister and I are Executors of late fathers estate. Inheritance tax has been calculated but IHT form not yet submitted, and we have split the amount proportionately to what we are to inherit. The estate is asset rich, cash poor but neither want to sell property to pay tax. I have paid mine over to HMRC in full and sister…
