-
Beneficiary
I have worked for 25 years cleaning for a couple, so over the years got to know them quite well Her husband has sadly passed away, but 3 years ago she added me on her will and showed me the will she left me £6000 but payable to me as long as I was still working for her. Sadly she passed a few months ago and have not heard…
-
IHT and Agricultural relief
Can anyone just clear up what exactly the Agricultural relief rates of 100% and 50% mean with regards to IHT? For example with this scenario, am I right in thinking..... IHT limit is £325K Nil rate property band £175k where applicable - making £500k as the threshold before IHT kicks in. Then agricultural land (this is…
-
Do children automatically become administrators in event of no will
Step sons father died suddenly over Christmas, left a house that’s paid for but no will. 2 adult children left. do the 2 children (28 and 30) automatically become administrators of the estate? Or do they have to apply/request to administer it? and we are assuming they’ll need to complete IHT400 at some point too? just…
-
Changing executor on a Will - implications
For various reasons - not least the person's age - I wish to change one of the Executors on my Will and also my wife's. We do not have Mirror Wills, just to get that one out of the way. We made our Wills nearly 10 years ago, and there is no change to any of the Wills' provisions in terms of beneficiaries etc. However when…
-
Want to set up POA - I'm single, with no siblings, no kids.
I'm 60, single, with no siblings and no children. I keep putting off setting up a finance POA because it's difficult to decide who I might want to grant it to - it seems like a big thing to ask of somebody! None of my friends are in the same situation as me - they have siblings, children, or nephews/nieces - so I can't…
-
Our personal wills.
we are seeking to do these and have employed professional/specialist solicitor accordingly .. however we are really struggling to get to grips with this. mirror will seems to be simplest / best option, but we are 'blended family' and mirror will does not seem to adequately protect any beneficiaries(children ) of the first…
-
Clarification on IHT forms
Hello, brand new to this so please bear with me.
-
Death without a will
Hi all. Hope you can help with some advice. In short, a friend of a relative has sadly passed away suddenly at the age of 48. He was divorced but had two teenage children (~ 13 and 15 yo). He had no will and his family wants to know how to find out what assets he had. They believe he had savings in places other than his…
-
What next?
Hi all, happy new year, My mum's flat has been inherited by myself, sister in law (SIL) and two grand kids (2GK) split into thirds. GK's get sixth each. We all agree we want to keep the flat if possible rather than sell it and split the proceeds. SIL wants to buy my third, live in the flat with the GK's having access when…
-
Executors account and Stamp Duty questions
Background: My husband and his sister are executors for their late father who died in 2017, and they are the only beneficiaries to the estate (50/50). The estate comprises of savings, shares etc, and there is a property in which the sister has lived all of her life. First question. They opened an executors account in early…
-
Life Interest in property and Trusts
Can some one please clarify the correct procedure that should be followed when one of the tenants in common dies . Mr F and Mrs F owned a home in equal shares as tenants in common When Mr F died , Mrs F had a life interest in the property until her passing a few months ago . 1 When Mr F died, Land registry were informed…
-
Probate granted - one executor delay tactics
We’ve finally received probate via certificate and the 3 executors (My partner and her 2 siblings) can now distribute the estate as per mums will. Estate consists of one property to sell, and bank/savings/ISA accounts and also a separate account with a life insurance payout in it. At present, late mums bank account is…
-
Lifetime interest
Hi, my dad is currently setting up his POAs and doing his will. He doesn't have a big estate so inheritance tax is not a concern. He says he wants to leave his house to my brother and I but for his partner to live there as long as she wants. This is obviously fine as that's his wish but my brother and I want to make sure…
-
how to declare interest received after probate final accounts
My father has received a further payment from the solicitors who dealt with my mothers probate. He received what we thought was the full amount due to him weeks ago following the completion and signing off of the final accounts but now they have sent him a letter saying extra interest has come to light an they have made a…
-
Over £325 k
A family member may well have more than £325k and may pay inheritance tax.. How do the tax people know? His estate is split between two children and a grand daughter, so I assume that the £500k limit does not apply? His house is worth £270K
-
Tax efficient inheritance
While I administer the estate I wonder if anyone has advice on the most tax efficient way of dealing with money from bank accounts etc. Am I able to put some in an ISA and avoid paying tax on the interest? Or could I put some into Premium Bonds where any winnings wouldn’t be taxed. At present it is in a high interest…
-
Joint mortgage with our daughter and inheritance tax
Myself (58) and my husband (56) had to retire at 55. We purchased our home in 2001 on a repayment mortgage. Hubby was made redundant a bit before I retired. So for a while I was th only one with an income and because the mortgage was high I had to use my pension lump sum to help with expenses. Hubby had no luck getting a…
-
Inheritance tax - unmarried couple
My partner and I are going to set up (long overdue) wills. We are unmarried. No kids - that won't change now. We want mirror wills set up to leave everything to each other, then split various percentages between various family members upon death of the second person. I have just been reading about inheritance tax..am I…
-
IHT 404 Join-Accounts
Good morning everyone I'm looking to try and understand processing my late mothers wills. Which unfortunately has been delayed due to other sibling involved. (Id go to solicitor and let them do the work however they are not wiling to go down that route). Forms where done once already for my mum but failed (I cannot find…
-
Enduring Power of Attirney
My parents completed their Enduring Power of Attorney(property and finance) many years ago. When my dad was diagnosed with Alzheimer’s in 2014, I registered his Lasting Power of Attorney, and did the same for my mum when my dad passed away in 2016. I’ve been able to create an online account and register the LPA there so I…
