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Elderly relative ill and not sure what her son's situation might be
Hi, Trying to help some relatives. Mother and son have lived in the same house for many years. House is owned by them 50/50, fully paid up, no mortgage. Although they made a will a long time back, it never got signed because waiting until moved house ... but never did. So no will. Mother is 90 and health deteriorated…
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Are wills legally binding, if not then why bother creating one?
Updated Seems that wills can only be used to leave your estate directly to someone and that any caviats beyond that can be ignored (pointless) ------ Are wills legally binding, if not then why bother creating one? I watched a program on wills where a couple created wills to benefit each other, and on the death of both, to…
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Ltd Company
Hello, We inherited a Ltd company which was our late fathers a few years ago. There was no inheritance tax to pay but the Ltd company had a bank balance of £40k. The accountants our father used wound the company up and we dealt with the distribution of the estate. At the end of the financial year, we filed self assessments…
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Asset sold after probate for more than its estimated value: IHT or CGT?
Mother died leaving a work of art which I as executor intend to sell by auction once I have probate. Her estate will incur IHT. I have had the painting valued, and I put that figure on the IHT submission. If it sells for more than the estimate, do I notify HMRC and pay the additional IHT due. Or do I, as executor, declare…
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DEED OF VARIATION - SCOTTISH WILL
On behalf of an executor I'm looking for any constructive advice please on the following situation. I understand, from what Iv'e read, that you can vary a will within 2 years from the date of death. The situation is that an elderly parent passes away and they own a half share of a small house. They also had some savings.…
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How to use Probate Reserved Power to complete process
I am trying to help a good friend through a bit of a mess following the death of his brother. Basically, my friend and his brother (now deceased) were the only two children of their Mum and Dad. The father died back in 2004 and mother died in 2010. The brother never got around to sorting the estate of the Father, and just…
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New Gov.uk Probate Application
I am wondering how many people have used the new gov.uk probate application online? Are they finding it a quicker / Straightforward service? I submitted the requested original will with my application the 3rd week of August. Currently it's still on the documents received (step 2). Personally I found it very straightforward…
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Guessed at property value for probate
Mum died late last year and left a small terraced house which we thought would be worth about £75,000. Probate has now been granted for £165,000 and we are wondering if we do the house up to sell i.e. redecorate etc, And it sells for a bit more - Would we be liable for CGT as the estimate for the house was purely guessed…
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Inheritance and income tax
I have received a portion of an inheritance and there is no inheritance tax to pay. I will be getting more as and when we sell a house. My question is, how does HMRC know not to tax this as income? If classed as income it will take me well into the 40% income tax bracket. I am going to use my ISA allowance this year and in…
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Executor’s Expenses - Interest
I have kept very careful accounts to back up my claim for executor’s expenses. However, from date of death to grant of probate 18 months have passed. During that time I have had to shell out about £8,000 pounds of my own money to pay things such as solicitor’s deposits, maintenance & insurance on an empty property,…
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Death of ex husband
Would anyone know if I can claim unpaid child maintenance from an ex husbands estate as I have recently found out that he died just over a year ago? (That’s if he had anything) I know that he married again and had a child with his 2nd wife.
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Money left to under-18s in will
I need some advice. My mother recently passed away. Her will names me and my sister as the executors of the will as well as trustees. In the will, my mother has left £25'000 to be given to each of my children (currently aged 5 and 2) when they reach 21. I'm not sure exactly what my next steps should be. Do I need to set up…
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Treatment of savings bond on death of holder
Hi, Does anyone know how Nationwide deal with fixed rate online savings bonds on the death of the sole holder ? Their t&C's state that the account will remain open until they receive the paperwork to enable closure. There will be no penalty or loss of interest. However, the bond certificate will automatically be cancelled…
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Free and Cheap Wills discussion area
This thread is to discuss the Free and Cheap Wills guide Just click reply to discuss
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Inheritance and DWP
Hi all, I am new here with a question regarding inheritance which I hope some of you can help answer. My father passed away early this year leaving what little he had in his bank account to me as his sole heir. He had no other assets other than his bank account. At the time I was so distraught that I couldn't think about…
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IHT - Property
Hi My mother has Dementia but now has undiagnosed (yet) medical condition. She’s currently in hospital where it has on more than one occasion been suggested we should be looking at end of life care but whether that’s 1 month or 1 year, no one knows. She has £40k cash and a £525k house. She was divorced 40 years ago and my…
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meaning Net estate value for IHT: for the estate for inheritance tax on probate
Hi We recently completed a probate application online. They've come back asking for a lot of the figures again but haven't said why. So not sure if we've done something daft. Looking at our lodged application, which is downloaded from their portal as check-your-answers.pdf I don't understand the line/entry "Net estate…
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Trust Funds
My father has left money to my 16 year old daughter in his will. Because she is under 18, we have been told we have to create a Trust Fund for this. That's fine, but I cannot find any banks/savings institutions who offer Trust Fund accounts, other than Skipton and the nearest branch is 20 miles away. Would anyone know of…
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Council tax
My dad passed away in 2nd August 2020, he lived alone, I was living in a different area, his sister dealt with everything after his death, I was only 19, I have now received a letter from a debt collection agency for council tax owed from 2nd August 2020 to 28th October 2020, I have contacted the debt collection agency and…
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C1 permission form Scotland
Any help welcome.. Dad passed away, his will left everything to Mum House bank accounts Mum passed away last year her will leaving everything to myself and brother both named executors my brother has now passed away suddenly(no will) no legal process started at all ....What is the way forward I have forms for C1
