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Inheritance: what's the min and max I'm likely to get

deckard3001
deckard3001 Posts: 23 Forumite
in I wanna buy it or do it
Sadly my Grandfather died a while ago and I've just been informed that I'll inherit his assets. Unfortunately it's difficult for me to speak to the executor for numerous complicated personal reasons (families eh?)
The ridiculous thing is I don't know how much is coming my way!
I understand it's gone to probate but it's not enough for inheritance tax to be a factor.
Any ideas what range this could be in? My Grandad was a true old fashioned gentleman so I feel a bit weird asking such a question online but it help me a great deal to know the min and max amounts.
Obviously the figure will be reduced by various bills and expenses.
Cheers.

Comments

  • tigtag02
    tigtag02 Posts: 6,857 Forumite
    Part of the Furniture Combo Breaker
    Anything under £5k doesnt have to go to probate ~ I beleive inheritence tax is £312K so there is quite a range.
    :heartpuls baby no3 due 16th November :heartpuls
    TEAM YELLOW
    DFD 16/6/10
    "Shut your gob! Or I'll come round your houses and stamp on all your toys" The ONE, the ONLY, the LEGENDARY Gene Hunt :heart2:
  • deckard3001
    deckard3001 Posts: 23 Forumite
    yikes - that is quite a spread!
    Thanks for the reply.
  • sloughflint
    sloughflint Posts: 2,345 Forumite
    The spread could be even greater. The upper threshold could be £ 624 000 if he died after 6th April this year and if he had been married and his wife had passed everything to him.
  • localhero
    localhero Posts: 834 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    Sloughflint, the surviving spouse has been able to claim an uplift in the nil rate band since 9th October 2007.
    [FONT=&quot]Public wealth warning![/FONT][FONT=&quot] It's not compulsory for solicitors or Willwriters to pass an exam in writing Wills - probably the most important thing you’ll ever sign.[/FONT]

     [FONT=&quot]Membership of the Institute of Professional Willwriters is acquired by passing an entrance exam and complying with an OFT endorsed code of practice, and I declare myself a member.[/FONT]
  • sloughflint
    sloughflint Posts: 2,345 Forumite
    localhero wrote: »
    Sloughflint, the surviving spouse has been able to claim an uplift in the nil rate band since 9th October 2007.
    Yes I was aware of that.
    My reference to 6th April was due to the £624 000. For the previous tax year it was £ 600 000.
  • deckard3001
    deckard3001 Posts: 23 Forumite
    Either way it's irrelevant in this case.
This discussion has been closed.
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