To process my father's will does my mum need to post copies of all financial documents to executor?

elsien

Autumn868 said:

Keep_pedalling said:

Autumn868 said:

Thankyou for all the advice.

It's truely disgusting how the government takes away nearly 50% of the wealth that people spend all their life work hard to build-up! *_*
Hopefully in the coming years this absurd tax will be scrapped (or atleast significantly amended)

I hope not, I don’t see why unearned money you get from an inheritance through accident of birth should be tax free, when money earned through work is taxed. 

IHT is nowhere near 50%, and an estate’s tax bill is going to be well under 40% when you take the allowances into account. In your case you and your siblings you going to inherit £1M tax free, plus 60% of the remainder, I don’t consider that disgusting. 

Yes... So that money, which was earned through work, has ALREADY been taxed.

If people are failures in their life by failing to ever get a decent paying job / or build a profitable business, well that's their own fault.
But the people who do make a success of their lives by building-up a solid amount of money (which is heavily taxed when they earn it), should then be free to do what they please with their hard-earned money (including using it to help give their children financial stability & security for life).

All IHT does is cause people to be heavily taxed at the point of earning when they make a success of their life ~ Then have that same money re-taxed again for a 2nd time at an extremely high level when they die.

I don't want to derail the thread so won't be commenting further, but do you realise just how that sounds? 

Keep_pedalling

Autumn868 said:

Keep_pedalling said:

Autumn868 said:

Thankyou for all the advice.

It's truely disgusting how the government takes away nearly 50% of the wealth that people spend all their life work hard to build-up! *_*
Hopefully in the coming years this absurd tax will be scrapped (or atleast significantly amended)

I hope not, I don’t see why unearned money you get from an inheritance through accident of birth should be tax free, when money earned through work is taxed. 

IHT is nowhere near 50%, and an estate’s tax bill is going to be well under 40% when you take the allowances into account. In your case you and your siblings you going to inherit £1M tax free, plus 60% of the remainder, I don’t consider that disgusting. 

Yes... So that money, which was earned through work, has ALREADY been taxed.

If people are failures in their life by failing to ever get a decent paying job / or build a profitable business, well that's their own fault.
But the people who do make a success of their lives by building-up a solid amount of money (which is heavily taxed when they earn it), should then be free to do what they please with their hard-earned money (including using it to help give their children financial stability & security for life).

All IHT does is cause people to be heavily taxed at the point of earning when they make a success of their life ~ Then have that same money re-taxed again for a 2nd time at an extremely high level when they die.

Well I think you have just insulted the vast majority of people in the UK with that statement.

Just to take you up on the old chestnut that all that wealth has already been taxed I doubt  that very much. Those with estates in IHT territory have not built up that wealth simply through taxed earnings. In our case our joint estates would be well under the £1M tax free threshold if a) our house had not gone up in value 11 fold, b)  we had not inherited money ourselves, and c) our investments had not delivered significant gains over the last 11 years. 

None of that wealth involved any work and tax was only paid on C which is no longer the case as it has all been shifted into ISAs. 

Had your father really been concerned about IHT then he could have taken action in his lifetime to reduce the amount or even avoid it altogether. IHT is not known as the voluntary tax for nothing.

Mojisola

Autumn868 said:

If people are failures in their life by failing to ever get a decent paying job / or build a profitable business, well that's their own fault.

This is so sad.  I hoped that if there was one lesson we'd learned from the current crisis was how important the "low skilled" and low paid workers were to our society. 

If they all decided to stay home rather than go to work and be 'failures', it wouldn't matter how much money you have - without them, nothing works.

xylophone

If people are failures in their life by failing to ever get a decent paying job

Have you paused to consider how many jobs that are vital to people's well being are not particularly well paid?

And how does not being well paid constitute being a failure?

Time for you to consider your attitudes?

Autumn868

I'm sorry but what I have said is factually correct & true.

During school & college you are encouraged to work hard to get good-grades so that you can then get a well-paid job in your future life.
So from childhood everyone's motivation to progress in life is based around getting a decently paid job, so you can then have a comfortable life.

I'm ofcourse not saying that everyone can become a millionaire CEO or managing-director | However if someone never ever manages to progress in their career at all, they clearly haven't been successful.
I personally only earn just over 30k so merely the basic average salary that most people are on (and below the average for London where I work), thus have only achieved a mild level of success so far myself.
However given that the only money which I actually receive into my bank account at the end of each month is money which has already been fully taxed, there is no logical reason why that money should then be re-taxed again for a 2nd time based on how I choose to spend it!

•

And in response to the post who said that it's merely ''luck'' that people have amassed wealth via property & investments in the stockmarket | That is just total utter nonsense!

As to 1stly have sufficient surplus money to even buy property and/or invest in the stockmarket that person would of needed to work hard, achieve success in their career-path, and also be responsible with their money.
THAT isn't luck | It's simply a person making the conscious decision to consistently work-hard, push themselves daily, and make sacrifices in other areas of their life in the pursuit of financial success.

Moreover, they have then made the conscious intelligent decision themselves to USE that money which they have worked-hard for and saved-up to invest into assets which will grow in value in the medium-longterm, rather than to just spent it recklessly.
Again that is not ''luck'', it's a conscious choice of making a sacrifice in the short-term for the chance of a better end result in the long-term.

If you give 2 people 150k, one person spends it on a ferrari / the other invests it into a property....
When 20years later person 1# simply has an old car which has lost most of it's value :: Wheras person 2# owns a property now worth 300k...
That isn't ''luck'', it's the result of the sacrifice they made.

•

And so if someone works hard their whole life, thus achieves success in their chosen career and so earns a good salary...
But then rather than choosing to recklessly squander & spend it, they choose to save & invest so they can pass it onto their children to provide them with a financial head-start in their life, it's just sad & disgusting that they should be penalised for being responsible rather than reckless, by having that money re-taxed for a 2nd time (after it was already taxed when they initially earned it).

Bobziz

Time to put the shovel down ?

xylophone

During school & college you are encouraged to work hard to get good-grades so that you can then get a well-paid job in your future life.

There  are many who work willingly and hard and yet  are unable to achieve high grades.

If you or yours were ever in a hospital, no doubt you would expect scrupulous cleanliness - do you think that the cleaners earn a fortune? I can assure you that they don't. Are they therefore failures?

 there is no logical reason why that money should then be re-taxed again for a 2nd time based on how I choose to spend it!

But it is taxed again when you spend it - ever heard of VAT? And the "logical reason" is that the government needs the money to pay for heath care/infrastructure/ national security/education etc etc.

Mojisola

Autumn868 said:

there is no logical reason why that money should then be re-taxed again for a 2nd time based on how I choose to spend it!

Much of the IHT paid is voluntary because, with financial planning, it's a tax that can be avoided or, at least, reduced.

xylophone

Much of the IHT paid is voluntary because, with financial planning, it's a tax that can be avoided or, at least, reduced.

It would seem that the OP's father did not choose to make PETS and that mother is unwilling.

We had previously (over past years) mentioned her gifting various assets to myself & my siblings, however by her nature she doesn't trust anyone who's not family (and so as she dislikes the partners of my siblings she simply never actually takes any real steps towards gifting anything).

Keep_pedalling

xylophone said:

Much of the IHT paid is voluntary because, with financial planning, it's a tax that can be avoided or, at least, reduced.

It would seem that the OP's father did not choose to make PETS and that mother is unwilling.

We had previously (over past years) mentioned her gifting various assets to myself & my siblings, however by her nature she doesn't trust anyone who's not family (and so as she dislikes the partners of my siblings she simply never actually takes any real steps towards gifting anything).

Indeed, IHT is a tax on financial hoarders, for people who are more generous in their life time not so much of a burden.