Will and inheritance tax

Crackerz

Forgive me for the long post.
I recently lost my nan at 89 and my mother and uncle have been sorting her finances and funeral out. They have come across the will and it seems that my nan has left everything to them and made them joint executors along with a solicitor.

This is what it states.
I appoint the partners at the date of my death in the firm of ****** solicitors or in the firm which at that date succeeded to and carries on its practise (and I express the wish that 2 and only 2 shall prove my will and act initially in its trust) and my son ****** and daughter ******* to be the executors and trustees hereof.

Now this solicitors has joined with another solicitors (moore blatch) and still exist at the same address. My uncle has looked into this new solicitors and they seem not to charge a percentage but a fixed fee which i guess is time spent.
My uncle has said that they will do most of the leg work before going to the solicitors.

So far they have arranged the funeral, sorted out all my nan's accounts. Informed all companies of my nan's passing and asked for a final bill. They are currently filling out the probate form ready to take to the solicitors and now working on the inheritance tax forms.

My nan's house and assets come to around 750k(725k is the house the rest is in her bank account). She has no shares as she sold them last year and put the money in her bank account. She also took a lump sum of a private pension (my grandads) for 18k last year and paid income tax on. Money got put into her bank and she spent a large sum of it on upgrading her very old single glazed windows.

My nan and grandad were married and own the house with no mortgage but my grandad died in 1983 without leaving a will and everything got left to my nan.

They are trying to work out if there will be tax to pay and have asked me to download the forms but I don't know what forms I should download as there seems to be quite a few on the .gov website. Ive told them i dont know what im doing and to just go to the solicitors but he seems to think they can save money on fees by doing most of it themselves.

Can anyone advice me on whether they would be tax to pay and what forms I need to download please? The sooner I've downloaded them the better. All this is given me a headache and stress I don't need but my mother has asked me to help so I feel I must. Any helpful advice would be greatly appreciated.

Thank you.

Keep_pedalling

Your GFs nil rate band can be transferred in full, and two lots of primary residence nil rate band will also apply, which means her estate is £125,000 below the level where IHT kicks in.

For future reference please split long posts into paragraphs, one big wall of text is not easy to read.

Crackerz

Thank you for replying. If that is the case would I just need to download the form where tax is not due and nothing else? I've looked at a form which says about transfer of nil rate from a deceased person but it says for deaths after 2008 and will need to send proof of my grandads gifts prior to death and copy of will but he didn't have one.

Tom99

[FONT=Verdana, sans-serif]Because you will want to claim the Residence Nil Rate Band you will need to make a full return even though no tax make be payable – there will be quite a few forms to fill in probably a minimum of 10 even though the estate is quite straight forward.

[/FONT] [FONT=Verdana, sans-serif]Use this link and follow the “Inheritance Tax Due – or a Full Account is Required”

[/FONT] [FONT=Verdana, sans-serif]https://www.gov.uk/government/collections/inheritance-tax-forms[/FONT]

[FONT=Verdana, sans-serif]Many of the forms come with detailed user notes so read everything through before filling any in. By all means print out the form to look at but fill then in using the .pdf format on a PC/laptop because that way all of the calculations necessary will be completed for you.[/FONT]