Heads spinning

Worried_and_concerned

My mother has just died, my 2 brothers lived with her, 1 is disabled, there is no mortgage. She has left the house to all 3 of us but stipulates if the house is sold my disabled brother is to have a home brought and the rest split between us, the brothers wish to stay in the house at present and I am happy with this. She also had approx 80 grand in savings, she has made me and my brother executors of her will, but honestly I don't have a clue what to do, I've done the obvious registered death, booked funeral froze banks, ect ect but can someone advise if I have to apply for probate I've been told two different things, also if they continue living in the house do we have to pay IHT? What do I do about land registry do all our names go on it
Please shed some light in this crazy period :j

jackieblack

This might be a good starting place, if you haven’t already seen it.
https://www.gov.uk/wills-probate-inheritance

TonyMMM

Most importantly - don't feel you have to rush into doing anything beyond the funeral arrangements and grieving.

The practical arrangements of the house/will etc can wait a while.

Take your time.

The first thing to establish, when you are ready, is to confirm who your mother named as executor in her will ?

bspm1

TonyMMM wrote: »

Most importantly - don't feel you have to rush into doing anything beyond the funeral arrangements and grieving.

The practical arrangements of the house/will etc can wait a while.

Take your time.

The first thing to establish, when you are ready, is to confirm who your mother named as executor in her will ?

The first post clearly states that the OP and his brother have been named as executors.

Worried_and_concerned

I am the executor

pip895

Going through the process myself at the moment - the only fly in the ointment re taking your time is that there are changes to probate fees coming in "sometime soon" - should have come in back in April but didn't get the parliamentary time so got delayed.

The effect would be the fee changing from £215 to possibly thousands depending on the size of the estate.

Also does anyone know how patient the tax man is? My dad used to pay tax by instalments - one is due now I think, but at the moment the bank is sitting on the available cash??

Marcon

pip895 wrote: »

Also does anyone know how patient the tax man is? My dad used to pay tax by instalments - one is due now I think, but at the moment the bank is sitting on the available cash??

See https://www.gov.uk/government/publications/rates-and-allowances-inheritance-tax-thresholds-and-interest-rates/inheritance-tax-thresholds-and-interest-rates and scroll down to 'Inheritance Tax interest rates'

TonyMMM

bspm1 wrote: »

The first post clearly states that the OP and his brother have been named as executors.

so it does

Keep_pedalling

IHT is only going to be an issue if her estate is over £475k, or up to £950k if she is a widow.

Keep_pedalling

One other thing to consider is how you split the assets. If for instance the house is worth £160k then you could take your share in cash and your brothers share the house 50/50.

This would avoid capital gains issues for your if the house was ever sold, and would allow you to have access to your share rather than it being tied up in a house for potentially many years.

If you are not already a home owner taking the cash would still allow you to take advantage of the incentives on reduced stamp duty for first time buyers and avoid the additional stamp duty for the purchase of a second home.

Edit - this might also help with regards to your other thread.

Marcon

Keep_pedalling wrote: »

IHT is only going to be an issue if her estate is over £475k, or up to £950k if she is a widow.

That assumes her late husband (if any) left everything to her, so no IHT allowance used up...