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Contesting a will help
Comments
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I did wonder if OP is a sister, so there's older brother, sister, younger brother. Then the wording ' leaving something to my younger son' would make sense.relaxtwotribes said:
Yes, “younger” would be correct where there are only two sons, but my guess is that the will refers to Tom, !!!!!! and Harry using actual names and the OP is using younger as a way to avoid identification.Marcon said:'My younger son' [as opposed to 'youngest son'] could refer to either of the two younger boys.0 -
If you sold a property for less than the actual value then you'd be worse off anyway, £100,000 off the market price would only save £40,000 in IHT so you'd be £60,000 down.otb666 said:i know this is most probably a stupid comment so dont get mad but surely if you could sell property after death for inadequate amount everyone would do this to avoid inheritance taxes. Say the property was worth over threshold but sold for less the estate would have to pay the tax on the difference0 -
Yes - but the person who gets it for a below market price is up!Nearlyold said:
If you sold a property for less than the actual value then you'd be worse off anyway, £100,000 off the market price would only save £40,000 in IHT so you'd be £60,000 down.otb666 said:i know this is most probably a stupid comment so dont get mad but surely if you could sell property after death for inadequate amount everyone would do this to avoid inheritance taxes. Say the property was worth over threshold but sold for less the estate would have to pay the tax on the difference
I think what @otb666 is alluding to is the idea that a will could say "Estate must sell house to X for £100,000" when the house is actually worth £500,000 and X is essentially a beneficiary.
It doesn't work because for IHT purposes the value of the estate is the value on the date of death - not what assets eventually sell for.
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