Testator predeceased by trustee

MrsMS

Jenniefour wrote: »

That's your choice but do it in the proper legal way - having checked with solicitor first there is not a more recent will. You mention IHT, so I assume that the estate is worth enough for IHT to be due. It's not possible to tell from your posts if that is the case or not, but there is a hefty allowance for married couples which would apply in this case.

My fathers estate is totalling at the moment 1.8 million

Jenniefour

MrsMS wrote: »

My fathers estate is totalling at the moment 1.8 million

OK, yes, there will be IHT to pay. Since the estate is so big it might be worth engaging a solicitor to do the heavy lifting for you - get some quotes first!

I wouldn't normally recommend getting a solicitor, but I personally would not agree to be executor without significant legal assistance with an estate worth that much - unless I was an extremely well versed business/financial person used to dealing with hefty amounts of money and HMRC.

Keep_pedalling

MrsMS wrote: »

Reading back through my replies
to you all, it seems that I know what I need to do....... I need to share this legacy between all of us equally. Its the right thing to do xx

You will need to get your sister to agree to this, as she needs to be involved with the DOV,

MrsMS

Jenniefour wrote: »

OK, unless I was an extremely well versed business/financial person used to dealing with hefty amounts of money and HMRC.

Yeah non of the above apply :whistle:

Keep_pedalling

MrsMS wrote: »

I actually believe it possible that my Dad has a more recent will. After his wife died in 2014. Although, I have searched tirelessly and am now out of options.
He was a very astute business man and I think that he would have kept his will up to date.
At his home I found many references of "how to leave your estate in death" Saved pages on his phone, newspaper clippings ect.
So sad that he researched but maybe he never actually got around to use his knowledge,to effect.
He thought he had another good 20years in him

The will should have been updated when he sold the house he planned to leave your sister, but like many people he probable thought there was no urgency to do so. A will is one of the most importanr documents we ever draw up, but too many fail to keep them up to date, and even more fail to make one at all.

Whatever the outcome of this you are going to be have considerable more wealth than you had, do make sure you have yours up to date, and think about IHT tax planning, no one knows exactly when we are going to die, so plan as though today is your last one.

MrsMS

Jenniefour wrote: »

OK, yes, there will be IHT to pay. Since the estate is so big it might be worth engaging a solicitor to do the heavy lifting for you - get some quotes first!.

Would I not be best just using my Dads law firm (although this was not the law firm that held the will. Confusing!)
Would his own lawyers be the best for the job regardless of their charge because they know my Dad?

MrsMS

Keep_pedalling wrote: »

The will should have been updated when he sold the house he planned to leave your sister, but like many people he probable thought there was no urgency to do so. A will is one of the most importanr documents we ever draw up, but too many fail to keep them up to date, and even more fail to make one at all.

Whatever the outcome of this you are going to be have considerable more wealth than you had, do make sure you have yours up to date, and think about IHT tax planning, no one knows exactly when we are going to die, so plan as though today is your last one.

Thank You Keeppedalling x

Jenniefour

MrsMS wrote: »

Would I not be best just using my Dads law firm (although this was not the law firm that held the will. Confusing!)
Would his own lawyers be the best for the job regardless of their charge because they know my Dad?

Possibility worth considering - if they deal with probate matters. Ask them. Get some quotes before you make a final decision. Post back if you need to check anything concerning this when you have some quotes.

MrsMS

You are all very kind. Thank You x

Yorkshireman99

Jenniefour wrote: »

Possibility worth considering - if they deal with probate matters. Ask them. Get some quotes before you make a final decision. Post back if you need to check anything concerning this when you have some quotes.

The other thing is insist on the fees being strictly on the basis of the work done rather than percentages.