Help please - money paid after passing

Ravens221

bobster2 said:

Not an expert but this could perhaps go under - Interest in another estate (Schedule IHT415).

"The deceased may have had the right to a legacy or share of an estate of someone who died before them. If the deceased died before receiving the full legacy or share from that estate, include a value in this box for the assets that they still have to receive. You’ll need to fill in Schedule IHT415, ‘Interest in another estate’ to give details of this interest."

I know technically, if this policy paid out in trust it might not really be part of your mother's estate. But can't see where else to put it.

Thanks for pointing this out - I'll look into it. 

I scanned through the back end of IHT400 and thought maybe box 76 'Other assets and income due to the deceased' would be the relevant one. 

I might contact helpline on Monday if I can't work it out. Thanks again.

Keep_pedalling

Ravens221 said:

bobster2 said:

Not an expert but this could perhaps go under - Interest in another estate (Schedule IHT415).

"The deceased may have had the right to a legacy or share of an estate of someone who died before them. If the deceased died before receiving the full legacy or share from that estate, include a value in this box for the assets that they still have to receive. You’ll need to fill in Schedule IHT415, ‘Interest in another estate’ to give details of this interest."

I know technically, if this policy paid out in trust it might not really be part of your mother's estate. But can't see where else to put it.

Thanks for pointing this out - I'll look into it. 

I scanned through the back end of IHT400 and thought maybe box 76 'Other assets and income due to the deceased' would be the relevant one. 

I might contact helpline on Monday if I can't work it out. Thanks again.

I think you would be on pretty solid grounds including it there. 

bobster2

maman said:

bobster2 said:

Not an expert but this could perhaps go under - Interest in another estate (Schedule IHT415).

"The deceased may have had the right to a legacy or share of an estate of someone who died before them. If the deceased died before receiving the full legacy or share from that estate, include a value in this box for the assets that they still have to receive. You’ll need to fill in Schedule IHT415, ‘Interest in another estate’ to give details of this interest."

I know technically, if this policy paid out in trust it might not really be part of your mother's estate. But can't see where else to put it.

I think that might have been the case if the payout from the life insurance was still pending. Now it has been paid it forms part of the estate to be held by executors, in this case in the joint account they have. 

Yes could be. I was thinking of it in terms of using this box to describe the situation on the date of death. 

bobster2

Ravens221 said:

bobster2 said:

Not an expert but this could perhaps go under - Interest in another estate (Schedule IHT415).

"The deceased may have had the right to a legacy or share of an estate of someone who died before them. If the deceased died before receiving the full legacy or share from that estate, include a value in this box for the assets that they still have to receive. You’ll need to fill in Schedule IHT415, ‘Interest in another estate’ to give details of this interest."

I know technically, if this policy paid out in trust it might not really be part of your mother's estate. But can't see where else to put it.

Thanks for pointing this out - I'll look into it. 

I scanned through the back end of IHT400 and thought maybe box 76 'Other assets and income due to the deceased' would be the relevant one. 

I might contact helpline on Monday if I can't work it out. Thanks again.

There's a help page here for that box...

https://www.gov.uk/hmrc-internal-manuals/inheritance-tax-manual/ihtm10110