Inheritance and property left over

dta

My mother passed away several months ago and we are in the process of getting her property and things sorted in her will. I have just received the keys to her property and have been going through her letters trying to deal with what I can.

There are letters from the land registry about a property she owned that was not in her will. She signed to transfer before she died but was not sent to them until after she died.

As its not part of her will and transferred as a gift is there any tax implications such as inheritance. Also would it still be ok because they didnt know she had died when it was sent. A friend told me this is invalid and would have to go back to probate but id rather not have to deal with it.

I think the answer to both is very simple but we cant find it anywhere and cannot afford the fees for a solicitor. I have never owned property just rented all my life and being new to all this is a nightmare. Any help would be very much appreciated.

Thanks Darren

holly_hobby

All property, assets, chattels and money form part of her estate and have to be dealt with through probate - regardless of their inclusion in a valid will.

The difference for assets not included in the will, is that the beneficiaries are those as determined under intestacy laws - to which if the completed tsf forms were not submitted until after her death (ie SHE didn't submit them, but someone else), and to an individual other than next of kin as determined by intestacy regs, I would think there will be a very real issue.

IHT is in relation to the value of her total net estate (325k if no unused spousal tsf available or upto 650k if there is full or an element of unused spousal nil rate relief existing) - again regardless of whether the assets was nominated in the will.

Apart from the probate issue, the IHT thresholds noted above will tell you if there is an IHT issue.

Hope this helps

Holly

Yorkie1

holly_hobby wrote: »

All property, assets, chattels and money form part of her estate and have to be dealt with through probate - regardless of their inclusion in a valid will.

The difference for assets not included in the will, is that the beneficiaries are those as determined under intestacy laws - to which if the completed tsf forms were not submitted until after her death (ie SHE didn't submit them, but someone else), and to an individual other than next of kin as determined by intestacy regs, I would think there will be a very real issue.

IHT is in relation to the value of her total net estate (325k if no unused spousal tsf available or upto 650k if there is full or an element of unused spousal nil rate relief existing) - again regardless of whether the assets was nominated in the will.

Apart from the probate issue, the IHT thresholds noted above will tell you if there is an IHT issue.

Hope this helps

Holly

Just wondering - if the will has a residue clause (i.e. how the residue is dealt with), wouldn't the assets fall into that, rather than intestacy provisions?

holly_hobby

Depends upon the terms of the Will Yorks.

H