Inheritance tax. How much?

Keep_pedalling

Kitchen_Gardener said:

Well my sister is skint and my son is 17. What if no-one can get a loan

You said your sister wanted to buy you out, but if she is skint that obviously is not going to happen and the house will need to be sold. . A Based on the figures you have given the total IHT bill is going to be around £124k, in order to move towards probate you can request to pay by instalments so you will only need to find £12.5k to do that. If you can’t raise that amount them you will have to look at a loan.

Did your mother have any insurance policies?

Kitchen_Gardener

Yes. I forgot I'm sure she had a life insurance policy 

Flugelhorn

Kitchen_Gardener said:

Yes. I forgot I'm sure she had a life insurance policy 

If there is a life insurance policy then that may well be inherited outside the estate and be accessible without probate - may be enough to fund the first instalment of the IHT

Keep_pedalling

If you and your sister are named as executors and are feeling overwhelmed at having to deal with the IHT return and probate application, please don’t panic and hand it over to a solicitor, this will simply add expense and is likely to take far longer to wind the estate up. There is plenty of help available here and there is no such thing as a stupid question. It may not seem like it but your mother’s estate is a simple one and apart from finding the finance to pay off the IHT you should find the process fairly straight forward.

Kitchen_Gardener

Keep_pedalling said:

If you and your sister are named as executors and are feeling overwhelmed at having to deal with the IHT return and probate application, please don’t panic and hand it over to a solicitor, this will simply add expense and is likely to take far longer to wind the estate up. There is plenty of help available here and there is no such thing as a stupid question. It may not seem like it but your mother’s estate is a simple one and apart from finding the finance to pay off the IHT you should find the process fairly straight forward.

Thank you. I was feeling overwhelmed but I reckon we'll get through it somehow. Thanks to people like yourself on forums such as this. 

It was a sudden death and the PM did not identify a cause 😞 but they have released her body for the funeral and are sending an interim death certificate I believe.....

Flugelhorn

that  is incredibly recent - main thing to bear in mind is that you don't have to deal with any of this (well not much) immediately. 

Get the funeral sorted, have a bit of time then sit down and ask questions on here - it is actually straightforward and will get sorted, all the scenarios have happened before

Only thing you need to sort now is the house insurance, that must be done - everything else can wait

Kitchen_Gardener

Flugelhorn said:

that  is incredibly recent - main thing to bear in mind is that you don't have to deal with any of this (well not much) immediately. 

Get the funeral sorted, have a bit of time then sit down and ask questions on here - it is actually straightforward and will get sorted, all the scenarios have happened before

Only thing you need to sort now is the house insurance, that must be done - everything else can wait

My mum paid her house insurance in march for a year I think. Will that cover be ok until the renewal date?

Sea_Shell

No - You need to tell them it's unoccupied and that she has passed.  They may just amend the current policy, or they might cancel and you'll need to get new cover.

They'll be additional clauses that you'll need to comply with.

Kitchen_Gardener

Sea_Shell said:

No - You need to tell them it's unoccupied and that she has passed.  They may just amend the current policy, or they might cancel and you'll need to get new cover.

They'll be additional clauses that you'll need to comply with.

My sister has been staying there for the last few days. She will probably stay until the will is sorted. What do I tell the insurance company?

Sea_Shell

Kitchen_Gardener said:

Sea_Shell said:

No - You need to tell them it's unoccupied and that she has passed.  They may just amend the current policy, or they might cancel and you'll need to get new cover.

They'll be additional clauses that you'll need to comply with.

My sister has been staying there for the last few days. She will probably stay until the will is sorted. What do I tell the insurance company?

The truth.

Just explain the current situation and see what they say.   Don't just let it ride.