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Will Trust and Ownership of Property
Mother & Father lived in house as Tenants-in-Common. Mother died in September 2022. Her Will stipulated her half of the house was to be left in Trust for Father and Me. Following Mother’s death, Solicitor registered the Will Trust in August 2023, naming FATHER and ME as both Trustees and Beneficiaries. As Lead Trustee, I…
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Probate/Equity Release Question
Hi there, I’m in the process of applying for probate on my late father’s estate on the Gov.uk website. His gross estate is £305,000 however he had an equity release on the property which is approximately £140,000. My question is do I take this amount off for the net estate value? Many thanks
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How can I help - Is POA Applicable here?
Hey guys, I'm in a bit of an odd situation and I'd appreciate some advice. Essentially about 4-5 years ago my Uncle passed away, then my Aunt. Neither had a will unfortunately, and due to complexities the situation is still ongoing with solicitors. My Mum has been acting as an administrator up to now, however, there's been…
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Inheritance Tax Understanding
Hello Can I check my understanding of inheritance tax please. If a single (divorced) person dies and leaves everything to their adult children does that mean the estate can be up to the value of £500k before inheritance tax is payable? £325k + £175k (as the house is being passed to decedents)? Is this still correct if the…
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Questions about using a deed of variation to redirect my share of an inheritance to a charity
My partner died earlier this year. We were not married and owned our house (outright) as joint tenants. I am named as executor of her will and an also named as a beneficiary of her residual estate - a share of 10%. The net value of her estate is well over the nil rate threshold of £325,000 so there will be inheritance tax…
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Tax on fixed rate bond interest when bond holder dies
Scenario: 3 year fixed rate bond taken out in Nov 2022 where interest is paid into the account annually but cannot be accessed until the fixed rate period ends. Interest is reported to HMRC annually by the bank. Bond holder dies April 5th 2024 with one interest payment having been made into the account in Nov 2023. Account…
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TSB BANK - Can they take money from someone with Dementia... as long as they send a letter annually
In August 2022, I was made aware that my in-laws Jim (84 years old and in and out of hospital – Passed away November 2023) and Joan (87 years old with Dementia) had been paying £15 per month for a gold JOINT bank account with the TSB since February 2003. In nearly 20 years they had tried to use the benefits of this account…
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Council tax?
Hi all Not sure if this is the best category to put this thread in so apologies if I've got it wrong! Two years ago mum passed away. Due to an ongoing dispute with a bank it's only now that the house is on the market.Their council puts a 100% penalty surcharge on property empty for two years.There's enough cash left in…
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Selling property in role of executor to current tenants
My late husband owned a flat that has been rented out for about a decade. Following Probate I paid off the remaining mortgage. I’m both the sole beneficiary (barring a couple of sentimental gifts and a charitable donation) and executor of his estate. I plan to sell the flat as executor and then distribute the proceeds to…
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Distribution of estate
I am the residual beneficiary of an estate along with my sibling (no other beneficiaries) which is being dealt with by a solicitor as executor. Probate was granted at the end of February. There was a property to sell where a sale was agreed back in December with the buyer happy to wait for probate to be granted. I emailed…
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Unexplained cash transfers
I am applying for Letters Of Administration for my mum's estate. Somewhat complicated situation as explained in other threads. I have bank statements going back 7 years and have noted sums totalling around 28k being transferred into her account about 6 years ago. She (and my late dad at that time) were both on state…
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Solicitor asking about transfer of Inheritance
My son and his partner are purchasing a property, he mentioned to the solicitor acting on his behalf that I gave him a 5k gift from money my mother had given me from the sale of her house (and downsized). I received a letter from the solicitor asking to confirm where my son had gotten the money from which I replied it was…
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Update on dispute over jointly inherited house, and more questions
Quite some time ago I had some good advice and support on a previous thread about the situation with the late father's house. https://forums.moneysavingexpert.com/discussion/6232470/possible-dispute-over-jointly-inherited-house/p17 In a nutshell, dad died, brother lived with him in his house, dad's will left the estate…
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Help understanding will
Sorry for the long post but I thought it best to include as much information as possible. My husband was offered a free will consult by a firm through his employer. We then paid the firm to draft our wills. We are in our 40s and have no children. We own our own house as joint tenants. I just wanted a simple will, where…
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Net qualifying estate value for IHT
I am doing IHT and Probate for my Mum, as her husband (my step-dad) died recently. There was no will. I've calculated estate as being £107k cash and a one-third share of a £300k house which he co-owned with my Mum. So that's £107k I've entered as Gross value for probate and £207k (£107k + £100k) which I've entered as Gross…
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Joint tenancy question
supposing you were a widow(er) or a single person and wanted to leave your house or flat to your son on your death one way obviously would be to make a will and on your death probate would be required and eventually the transfer would be made are there any advantages or disadvantages of doing it a different way so the…
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Inheritance ID
Solicitor wants ID so they can put inheritance into my bank account. Letter states photo driving licence needed. Passport is lost. Would they accept a Provisional photo driving licence
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Repossession if no financial interest
Hello all, My mother in law passed away in October. Leaving no instructions or will. Our assumption currently is that the assets will be divided between her two sons, my husband and his brother. The brother still lives in the property, however has no financial connection to the property, is unable to pay the rent or…
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Tenants in Common – What to do when one tenant dies?
Hopefully a simple ‘tenants in common’ query… In 2020 my parents became ‘tenants in common’
on the property they owned and lived in together. It was a straight forward ‘tenants
in common’ agreement – documented by a solicitor, which states they each own
50% of the property, and upon their deaths their 50% ownership should…
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Probate with no will and creditors
my ex died recently leaving a half paid for house, some debts and no will. I've been quoted 7.5K for a probate solicitor. We have 3 kids (2 adults, and a 16 year old now living with me permanently). I'd like to save as much as I can for them obviously. Does it sound feasible for us to go through getting probate/letters of…
