Credit Card holder death.

pearl123

badmemory wrote: »

If it's value is zero have you thought of just signing it over to the squatter. Or do a deed of variation giving it to them?

The squatter, apparently is happy to pay a small rent, but even they do not want to buy the land for a token gesture. Even the squatter can see it is a liability.
This info is passed onto me via a relative, but he's not interested in helping me getting the land problem resolved. If it can be resolved.

Norman_Castle

pearl123 wrote: »

So to make this clear, I can start gathering info and then later pass on details to a solicitor for them to procedure further?

I suspect you can instruct a solicitor to do as much or as little as you want. Presumably if you have inherited this land it either needs to be sold from the estate or ownership transferred to you to be sold at a later date. This is likely to need a solicitor.
With regards to the credit card and banks they will need to be informed of the death to close the accounts. I would wait for a final statement which should be paid from the estate.

Gather any paperwork then phone the credit card company and banks and ask for the bereavement team. They will advise how and when this needs to be paid.
Keep a record of what you do.

Sorry for your loss.

Tom99

A UK solicitor will not be of any help with land in France.
If you think it genuinely has no value than put that on the IHT forms with an explanation.
You will presumably need a french legal expert? Would you need the equivalent of probate in France to transfer the property to you?
Since it is worthless is doing nothing an option?

pearl123

Tom99 wrote: »

A UK solicitor will not be of any help with land in France.
If you think it genuinely has no value than put that on the IHT forms with an explanation.
You will presumably need a french legal expert? Would you need the equivalent of probate in France to transfer the property to you?
Since it is worthless is doing nothing an option?

I suspect that legally the land needs to be mentioned. I can show an English solicitor, translated letters which suggests the land has zero value.
There is a ruin on the land, which was placed there in the 1940's when rules where less strict. This is now an illegal structure, which should be removed. However, no real access and cost to remove this ruin is an issue, especially since it is worthless. Yes, I probably would need a French legal expert.

Tom99

pearl123 wrote: »

I suspect that legally the land needs to be mentioned. I can show an English solicitor, translated letters which suggests the land has zero value.
There is a ruin on the land, which was placed there in the 1940's when rules where less strict. This is now an illegal structure, which should be removed. However, no real access and cost to remove this ruin is an issue, especially since it is worthless. Yes, I probably would need a French legal expert.

Is the estate above the IHT limit?

If not then all that is required is one figure for the value of Assets Outside The UK, you don't even need to state what that asset is.
If the estate is above the IHT limit you will need to fill in Q1 on FormIHT417 and must state

Description of assets Houses, land and buildings:
You should give a full description of the property and enclose any professional valuations obtained, a plan and photographs of the property if you have any.You should also comment on the following:
•the condition the property was in
•whether it is in a remote or urban location
•what additional facilities the property has, such as a swimming pool
•whether there was any planning permission
•whether a sale of the property is imminent.

All an English solicitor is going to do is attach the details you have provided and sign the form. They will not be adding any value so it would seem pointless to pay them a fee for no real purpose.

bouncydog1

A relative died in France leaving property and unpaid debt. We ended up walking away from the estate and not doing anything at all. That might be your best course of action. We simply sent a letter to the administrator in France stating that the beneficiaries did not want to claim the estate. From memory the inheritance tax is paid based on the value of the estate as calculated by the French authority and is due within 12 months of death even if the property is unsold. French inheritance law is very complex.

Malthusian

Did they make a Will in France?

Is disclaiming the French legacy a possibility? I am aware that usually you can't disclaim part of an inheritance - it's all or nothing. But does that still apply if the assets are in different jurisdictions?

getmore4less

Malthusian wrote: »

Did they make a Will in France?

Is disclaiming the French legacy a possibility? I am aware that usually you can't disclaim part of an inheritance - it's all or nothing. But does that still apply if the assets are in different jurisdictions?

With disclaimers you can select which legacy you want to keep, you can't split one.


With DOV you can split an asset like a cash legacy as a DOV is the same as you making a gift

Just if done in 2 years it gets potential IHT and CGT benefits as if it was the testator making the gift.

pearl123

Tom99 wrote: »

Is the estate above the IHT limit?

If not then all that is required is one figure for the value of Assets Outside The UK, you don't even need to state what that asset is.
If the estate is above the IHT limit you will need to fill in Q1 on FormIHT417 and must state

Description of assets Houses, land and buildings:
You should give a full description of the property and enclose any professional valuations obtained, a plan and photographs of the property if you have any.You should also comment on the following:
•the condition the property was in
•whether it is in a remote or urban location
•what additional facilities the property has, such as a swimming pool
•whether there was any planning permission
•whether a sale of the property is imminent.

All an English solicitor is going to do is attach the details you have provided and sign the form. They will not be adding any value so it would seem pointless to pay them a fee for no real purpose.

Thank you for the info.
No it's not over IHT limit. I will inherit a small terraced house in the uk, plus the useless piece of land in France. Do i need a professional valuation for the land? Or would an letter written 20 years ago by a French solicitor valuing the land at zero value and offering to try and sell it for 1 franc be enough?

pearl123

Malthusian wrote: »

Did they make a Will in France?

Is disclaiming the French legacy a possibility? I am aware that usually you can't disclaim part of an inheritance - it's all or nothing. But does that still apply if the assets are in different jurisdictions?

There is no french will and i can't renounce the land, as I believe you end up renouncing it all.