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Gifts for IHT: interaction between tax years and date of death
I’ve read HMRC’s guidance notes on gifts, including the seven
year rule and the annual (per tax year) exempt amounts of £250 per recipient
and £3000 respectively. I’d like to ask
two specific queries about the interaction between date of death and tax years.
Thanks in advance for shared wisdom on these technical points,…
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Overpayment Recovery Of State Pension & PIP
Hello, Not sure this under the correct category but the nearest I could find. In Brief, My wife died last October (5th) . I filled in the 'inform everyone' form . I do recall getting a letter saying nothing was owed at that time . (need to find it) Today and yesterday I have received two letters, one regarding state…
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Am I entitled to a share of a will?
M-I-L died 10 yrs ago, Her will passed all assets/property to F-I-L. F-I-L now died & his will to be split 50-50 to both sons. My late partner (son) died 2 years ago, I was main beneficiary of his will alongside our 2 children. We were not married. Will not amended following sons death as f-I-L had dementia. Am I entitled…
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Information on burial site / grave location
Long story short, I am trying to locate a burial / grave location in the UK.I intend to pay my respects on my return to the UK but although the family of the deceased held an open to everyone funeral service , the internment was private with strictly only immediate family permitted to attend. I have written to the Town…
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Natwest Bereavement online service timescale
Anyone recently used Natwest's online bereavement service to close and transfer a deceased's bank accounts, if so I was wondering how long does it usually take to transfer the account once you've given them all the information required and signed the Release of Funds agreement? I signed mine over a month ago but not heard…
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Changing executorship from solicitors to family
This discussion was created from comments split from: Changing Executors and IHT with charity bequests.
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Is this Legally Sound
Child appoints themselves their parents carer. Parents have valid wills with each other as beneficiaries then their 3 children equally as beneficiaries on the 2nd death Said child has parents add an "expression of wishes" to their wills which is worded such that this child and partner will be paid from the Estate on first…
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Gifting a rental property to your children or grandchildren and CGT
Hello The scenario/possibilities are above. The property is in England. If someone were to gift a BTL to their child/grandchild, I'm aware there may be a CGT liability depending on any price gains and allowances/etc. Once this BTL property was gifted as mentioned above, two questions. 1: If the child/grandchild were to…
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Interest Due on Client Funds Held by Solicitor
The Administration of a family members estate is drawing to a close and final accounts have been drawn up by the Solicitor. It is apparent from these that sums held on account pending distribution to beneficiares have attracted an interest rate of 1.3%. This seems a very low when rates in excess of 4% are readily available…
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Giving up Life Interest to Pay Other Beneficaries
Hi all I was a life interest beneficary in a property which I shared ownership with my wife as tenants in common. She died in 2022. This has now been sold, and I have bought a new home using my own funds and I did not require the trustees to help me with buying my new property. A solicitor has provided the following advice…
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Probate final stages - How to transfer house to ltd company efficiently and other questions
I’m the Executor of my late mother’s estate and think I'm near the final stages of finishing things up. There is no IHT to pay on the estate. The headline figures are that the family home was valued at £240k at death and there are shares and savings at approx £150K in shares/savings and the estate is eligible for the…
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Help please
Hi. My mum died some 9 years ago. Probate didnt take too long but still it has not been finalised. To make matters even worse, it is my late fathers firm of solicitors who are dealing with it. There are 3 executors and 2 of my 3 siblings inheritance is in trust, complicating things. I have already complained to the `Legal…
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Inheriting the money in an ISA that moved?
I was recently gifted some money in a relation's Will. At the time they made their Will, the person had a cash ISA, and left me whatever amount was in it after they died. Now, in the several years between making the Will, and their death, that person moved the money from the ISA into another cash ISA with a better interest…
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Which of our names to use for Probate?
My lovely mother passed away on Friday and has left her estate in her will to my sister and myself. My sister and I have split the jobs to do, and I will be doing the Probate myself. However, in her will, my mum put my surname as my husband's, despite the fact I kept my maiden name when I married, and she put my sister's…
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Executors not distributing estate 9 mths after probate, while one of them is driving my mothers car
Mother died 1.5 years ago, probate achieved 9 months ago, My sister gets has a pecuniary legacy to include any inheritance tax due, and then my sister and i are 50% 50% beneficiaries of the residuary estate. My sister and another professional wills probate company ( not a registered solicitor) are executors. In the 1.5…
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Will Trust - Life tenant
I am a life tenant of a will trust set up by my mother. This is for cash only, no property. The trustees have invested it but have split it 60% income (for me) and 40% growth (for the remaindermen). I think this is unfair as I am 18 just going to Uni, and I think an 80:20 split would be fairer as I need the money now - and…
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Partition of trust and tax implications
My father passed in 2019, leaving his 50% share in his estate to me; currently held in trust as his wife has a life interest where she may may live in the property until she passes away or no longer wants to live there. She has asked through a solicitor (we do not have a relationship) if I would be interested in a…
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Discharge of legal rights
I’m in Scotland. I’m executor of my brother’s will. He has 3 children none of which are named in his will as he has named his grandchild as beneficiary. I have a discharge of legal rights document from one of the children from 12 years ago and it states, ”I hereby assign to my father and to his executors and assignees…
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IHT Calculator - Confusion for Probate
All I am about to apply for probate and I am struggling with some of the questions as it’s not coming out how I would expect. Person A has died recently and their husband/wife died before them in 2002c which they left person A everything. With this in mind, then this would mean that they have their own allowance of £325k…
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Resealing the grant of probate
Hello, Does anyone have any experience of resealing the UK grant of probate in a commonwealth country? I have received the UK grant of probate and need to have it resealed in New South Wales Australia, to be able to access shares held there. One of the steps involves having a signature witnessed by an Australian solicitor…
