We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
Inheritance tax and life insurance


Comments
-
There was life insurance which paid out just after mum died.
It is quite possible that the policy was written in trust and was therefore never part of your mother's estate. In such cases, the money is paid direct to the beneficiary(ies).
Were you the named beneficiary?
Your mother was the sole owner of the property? Have you advised the mortgagee?
https://www.landc.co.uk/insight/2015/01/who-is-responsible-for-a-mortgage-after-death/
Are you your mother's sole heir?
0 -
Easy to panic, but there's really no need, even if you have got things wrong. Honest mistakes can be a pain to sort out, but they aren't anything like deliberate fraud/utter negligence, which are the things which could trip you up.0
-
Thanks for your help. IHT is now closed as there is no tact to pay so just waiting for probate to grant letter of administration.
My intention is to get a mortgage on the property to pay of outstanding balance but with the current situation it’s a little tricker. I am just hoping the mums mortgage will be patient and understanding as this is my home where I’ve lived with mum all my life and my children’s home.
the life insurance was paid out directly to me so not sure if that makes me the sole beneficiary?
ye I have advised the mortgage who have froze the account until June but this isn’t very far away? The whole situation has been so stressful we didn’t expect mum to die and how she died was horrific and degrading so it’s been a real trauma.
0 -
Keep in touch with the mortgagee - have you discussed taking out your mortgage with the same mortgagee?1
-
I have kept in touch with them but I’ve not asked them incase it was declined I thought they might enforce sale quicker.0
-
I thought they might enforce sale quicker.
You are intending to remain in the property?
The mortgagee will know that there cannot be any transfer of ownership until you have Letters of Administration.
If you are in a position to take out a mortgage loan, there seems little harm in your exploring this with the mortgagee?
0 -
kris80 said:I have kept in touch with them but I’ve not asked them incase it was declined I thought they might enforce sale quicker.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 351.9K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.1K Spending & Discounts
- 245K Work, Benefits & Business
- 600.5K Mortgages, Homes & Bills
- 177.4K Life & Family
- 258.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards