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Gifts with reservation - Personal Possessions
Can you gift someone an item whilst you're alive, but keep it in your possession (to enjoy/wear), but which will then pass directly to them on your death, outside your estate? Fully documented of course. Rather than having to make specific bequests in your will (or intestacy), or cause any arguments about "liquidising"…
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Reduced rate of inheritance tax
Afternoon everyone, i am just starting to look at the forms.. the estate has left 5pc to one charity and 5pc to another. So the inheritance tax can be at the 36pc rate. Has anybody filled this in recently and can give me some guidance? There are two executors (myself and brother) only beneficiaries are myself and brother…
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Help please… Nil rate band
Going potty staring at this form…. I cannot see where to add the nil rate band on the form…it’s the 325,000 allowance. Not entitled to the residence nil rate band. I think it must be staring at me somewhere… but i cannot see it………. dont worry, have just seen where i put it… on iht430 form…
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Funeral Plans
Just looking for advice. My parents have been very independent until their early 80's when they agreed to a LPA for Health. Just discovered that my parents (in late 80's) have two funeral plans each, one is paid up and covers literally everything (Gold standard) and the second plan is with with the Coop they are paying a…
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Inheritance Tax Calculator
Hello, I’m in the process of dealing with my father’s estate and
Probate, and am confused by the Government’s websites regarding Inheritance Tax
and how to value an Estate for IHT. To clarify the situation, my father’s home is in Tenants in
Common with his wife; they each own half the house’s value. He has left his half of…
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Backdated widows allowance
Is backdated WPA not classed as savings for a year if on UC? Also can I split the money between my kids?
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Probate & Discretionary Trust - where do I start?
My mother has passed away leaving her home in a trust to my brother and me. We haven't worked out her cash assets yet, but they're between £150-£200k. It seems using a solicitor for probate is really expensive; should I apply for that myself since it's under the IHT threshold? I have no idea where to start with the trust -…
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Taxes on Pension lump payment from a foreign pension scheme
Hi, Apologies if this is something already covered elsewhere but I've searched in vain on the forum and also on the internet. Can anyone tell me how UK IHT and income taxes would work on a lump sum payment to a beneficiary from a US based pension fund? My situation is that I was a named beneficiary for a lump sum payment…
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Natwest bereavement portal
Has anyone else found the NatWest bereavement system slow and useless? i uploaded all that was required except grant of probate a few months ago. When grant of probate was issued, I uploaded that. When I filled out the closure form there was an error with their system which wouldn't let me enter info in some of the boxes.…
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Has probate been granted?
Apologies in advance for the naivety. I'm very new to probate matters. I am in the process of buying a house which, annoyingly, was listed for sale before the whole probate process was even started. My offer was accepted in October but the probate application was only submitted, online, in February. Today, I logged into…
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Inheritance tax checker
Hello, everyone. I'm just starting the probate process for my mother's estate. It is an excepted estate and everything is being left to my father. Just under five years before she died my parents made gifts totalling £90,000 to us children. The government's online inheritance tax checker doesn't appear to apply any…
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MyWishes 'tech for good' platform
Hello MSE Team, Thanks so much for all that you do and recommend. My husband and I are starting to put a plan together for
our End Of Life. I’ve downloaded the LifeBook (AgeUK) recommended by MSE and
have started to work through it. Have you had any experience of the digital application
MyWishes It’s a free to use, 'tech…
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PROBATE QUERY
Co-op Legal Services are dealing with my late father's estate and obtained the Grant of Probate in December 2023 (as my father left a will). They first approached me in August 2023 (as I used Co-op Funeralcare for his funeral), shortly after his death in late July and listed what bank and savings accounts he had which were…
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Married couple Property ownership & Inheritance tax ?
I am just sorting my elderly parents monies etc ( still both alive) They are married and the house is in my fathers sole name They have mirror wills . I understand that property money etc will pass to the surviving spouse automatically as per will but on first death myself and brother are getting 100K each from that…
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House For sale after death
MIL died in January and she had no will. We are currently sorting out her home and will have it valued today. We will then apply for probate. Question is when can our should we put the house on the market?
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Working Out Investment ISA's and Interest for IHT
I am working on my late mother's estate and have hit bit of a stumbling block - I am looking over her investment ISA's with Aegon and Fidelity but find it near impossible to clearly see what profits/gains/income she made per tax year. Aegon are particularly terrible when it comes to the paperwork they send out. I…
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LASTING POWER OF ATTORNEY - GUIDANCE ON CHILDREN
I am currently
listing an ‘Attorney’ which is my husband and a ‘Replacement Attorney’ which is
my sister, however, when speaking to friends, many of them are in fact having
as their ‘Attorneys’ their children who are over 18 years of age. My husband is
the same age as me, 51 years, and my sister is 47 years. I have…
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Letter of probate
Please help learning difficulties,my dad died 4 years ago I need too update land register by solicitor ,the house and everything else worth under 190,000 when I fill in the government site asking which form Iv filled in iIHT400 or IHT205 im not sure which one I need,my dad left a will im the only one on the will or do I…
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Not clear about inherited ISA allowances and APS - seems unusually generous.
My father passed away with three cash ISAs and two shares ISAs. If I'm reading the letters from the banks correctly, my mother can: Add the total value of the cash ISAs to her allowance. So suppose the total of my dad's cash ISAs was £86k, then she'd be entitled to put £106k into her own ISA this tax year, and then back to…
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IHT Advice
Hi - my wife and I gifted a property 5 years ago (worth £700K) to our children. 4 years ago we gifted another property into trusts (Worth £700k). My wife passed away last year and I'm now to work out how much tax may be owed. Am I right in thinking nothing is owed owed on the first property and then tapering is applied to…
