C1 Scotland Inventory

muddyboots20

@buddy9

Hello, I’ve seen your comments on this forum and you give very helpful advice. I wondered if you could help me with a couple of questions I have about the inventory.

I am completing an inventory as one of the executors. My mother signed her property to my sister and I in 2008 when she bought her flat. However she lived in the property and for all intents and purposes it was hers. My understanding is this is a gift with reservation of benefit and therefore must be included within her estate. Which is fine, I just wanted to know how it would be detailed on the inventory, if at all. Or if it’s included on the valuation in box 23 instead.

I am also slightly confused by the wording required in box 2 under the declaration, could you help me with this as well? I am her son one of the executors and my sister is the other.

Many thanks!

buddy9

https://forums.moneysavingexpert.com/discussion/comment/81889425#Comment_81889425

If the deceased did not own the house then the house is not shown in the inventory.

If there is a gift with reservation of benefit then the gift is part of the estate for IHT purposes and the value is added when calculating the value for IHT. However - an estate which includes a gift with reservation of benefit is not an excepted estate and an HMRC account is needed using IHT400. 

You will want to confirm that your understanding of house ownership is correct and whether this is indeed a gift with reservation of benefit.

Para 2 suggestion if there is a will and there are no name or address differences from the will.

That I am

along with [sister’s full name] residing at [address] the executor-nominate of the deceased conform to her will dated the [    ]of [       ] which is exhibited, docquetted and signed by me as relative hereto, and that I am the son of the deceased and the said [sister’s full name] is the daughter of the deceased.

muddyboots20

Thank you @buddy9

She also had a small investment bond portfolio with St James’s place, although she was based in Scotland, her adviser was in London, do you know if this would come under personal estate in England?

On page 5 also, my mother would have inherited my father’s nil rate band when he died in 2002, presumable I tick box 22 as yes? 

Sorry to ask you so many questions but for page 2 box 1, how do you name the “Sheriffdom” for Glasgow?

many thanks!

buddy9

Suggest do not use two separate threads