Deceased's House valuation/CGT question/s!

izaac

getmore4less- I am doing research- that's why I'm on here!

The costs for professional help do seem to vary wildly, but I am still rather surprised at how much you have to do yourself, anyway, even when you're paying others!

Thanks for the advice about the Will automatically creating a trust.

izaac

Thanks, SeniorSam

I am thinking that what I need is for someone to check over the probate application before I send it- I've been told the court reject about a third of applications but of course, don't have the time or interest in telling you where you've gone wrong.

On Tuesday I've finally got an appointment to see mum's bank (her accounts are frozen!) to wave the death certificate at them. I am planning on opening a bank account there to 'store' all the monies that will be coming in so I can turn it into an Executor's Account once I have Probate.

At what stage do we appoint executors for the children's trusts? Can the parents be that?

getmore4less

I understand you are researching, you need to use multiple resources.

Have you read through the IHT forms and looked up more info on everything?

Google more, read multiple places about the same thing, loads of reading material and these will bring up follow up questions, there are some good books available through library or purchase.

The probate forms are relatively easy, the IHT forms needs a bit more work especially if the estate is not an excepted one.

You need to understand the needs for financial advice re. the <18 trusts, will depend on the amounts. Also how to appoint alternative trustees if the executors want to pass that job onto someone else.

https://www.google.co.uk/?gws_rd=ssl#q=under+18+will+trusts

Wills include by default standard provisions that outline the defaults without the need to include them in the will, these include the powers that the trustees have some of the standard provisions are not obvious.

SeniorSam

Parents of the child beneficiaries are idea for Trustees. You do not need professionals unless there are complicated investments. As mentioed earlier, Building Societies handle a lot of Trusts for children. You could easily have a word with any building society about this. If there are several years before the children will be 18 years of age, you can vary the investments, but be cautious, as it is the Trustees responsibility to act in their best interests.

You will also find that the Probate Office have very helpful people at the end of the telephone line, or face to face if you want to check the probate applicaton through. Ny doint this yourselves, it saves the costs of the solicotors/professionals.

Sam

xylophone

The parents can hold an account as "bare trustees" for each child.

"John Brown and Mary Brown Trustees for Susan Brown"

Example http://www.nationwide.co.uk/products/savings/smart-limited-access/features-and-benefits

The child will have the absolute right to access and control at the age of 18 (16 in Scotland).

The income is taxed as the child's. Complete R85 if appropriate.

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/293747/Fact_sheet_template_-_10__tax_9.pdf

After age 16, any R85 must be rescinded and any overpaid tax reclaimed on the child's behalf.

As Trustees, you might choose to use some of each child's money to contribute the full amount to his JISA each year, as though the child can take over as contact at 16, he cannot take money out of the account until he is 18.

https://www.gov.uk/junior-individual-savings-accounts/overview