Value of estate?
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Jimpoplay
Posts: 18 Forumite
My partner passed away last year, intestate.
Letters of administration were obtained, this stated estate gross value not exceeding £325,000
Estate net value not exceeding £6000
A death benefit of approximately £70000 was paid to estate.
There were debts of approximately £65000
There was a property held as joint tenants with another person, value of property approximately £400000
My partner and I were not married/civil partners
So his mother was next of kin by intestacy rules
Other person has agreed to sell property with proceeds going to the estate/mother
The figures on letters of administration are now wrong
Must they now be changed or are they correct value at time of death
Will IHT now need to be paid?
Letters of administration were obtained, this stated estate gross value not exceeding £325,000
Estate net value not exceeding £6000
A death benefit of approximately £70000 was paid to estate.
There were debts of approximately £65000
There was a property held as joint tenants with another person, value of property approximately £400000
My partner and I were not married/civil partners
So his mother was next of kin by intestacy rules
Other person has agreed to sell property with proceeds going to the estate/mother
The figures on letters of administration are now wrong
Must they now be changed or are they correct value at time of death
Will IHT now need to be paid?
0
Comments
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Who obtained letters of administration? Why was the death benefit paid to the estate? It sounds as though they got it totally wrong. They need to get urgent professional advice on how to unscramble the mess. It I not a job to try and DIY despite what some peple will try to tell you.My partner passed away last year, intestate.
Letters of administration were obtained, this stated estate gross value not exceeding £325,000
Estate net value not exceeding £6000
A death benefit of approximately £70000 was paid to estate.
There were debts of approximately £65000
There was a property held as joint tenants with another person, value of property approximately £400000
My partner and I were not married/civil partners
So his mother was next of kin by intestacy rules
Other person has agreed to sell property with proceeds going to the estate/mother
The figures on letters of administration are now wrong
Must they now be changed or are they correct value at time of death
Will IHT now need to be paid?0 -
Who obtained letters of administration? Why was the death benefit paid to the estate? It sounds as though they got it totally wrong. They need to get urgent professional advice on how to unscramble the mess. It I not a job to try and DIY despite what some peple will try to tell you.
It is not DIY
LOA were obtained by probate solicitors
Death benefit was paid to estate as nobody was nominated
I am owed £20k from estate , but estate is not paying until property is sold. I don't believe property IS part of estate , but rather a gift to mother, but her solicitor's say it is!0 -
If property was held as joint tenants it goes directly to the surviving joint tenant , never enters the estate. If surviving tenant is selling they are under no obligation to give anything to anybody. If they choose to do so this is purely a gift to the mother and is nothing to do with the estate.0
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1/2 the value of the house should have been included in the original capital return along with any share of the debt that was secured on the property.
if the joint tenant wants to take the property on through survivorship they need to take on the debt or pay it.0 -
The Estate value would then be correct, if this was a gift to the mother instead of part of estate!
So can I demand my loan is repaid, since executor's year has passed?
Or can this gift be made to the estate?0 -
The Estate value would then be correct, if this was a gift to the mother instead of part of estate!
So can I demand my loan is repaid, since executor's year has passed?
Or can this gift be made to the estate?
Is your £20k part of the £65k debts?
Was there a mortgage on the house0 -
getmore4less wrote: »Is your £20k part of the £65k debts?
Was there a mortgage on the house
Yes my £20k is part of overall debt ( the rest being credit cards)
The joint tenant paid remainder of mortgage, and will be reimbursed from estate0 -
Yes my £20k is part of overall debt ( the rest being credit cards)
The joint tenant paid remainder of mortgage, and will be reimbursed from estate
Did the will specifically say that the mortgage debt would be paid.
if not then not clear why the estate is paying the joint owner.
Where is this money coming from if the only other assets were the £70k payout less the £65k debts?0 -
Noted. If you feel the solicitor is wrong then initially ask them for an explanation. If you are not satisfied you can use the firm's complaints procedure.Who obtained letters of administration? Why was the death benefit paid to the estate? It sounds as though they got it totally wrong. They need to get urgent professional advice on how to unscramble the mess. It I not a job to try and DIY despite what some peple will try to tell you.
It is not DIY
LOA were obtained by probate solicitors
Death benefit was paid to estate as nobody was nominated
I am owed £20k from estate , but estate is not paying until property is sold. I don't believe property IS part of estate , but rather a gift to mother, but her solicitor's say it is!0 -
getmore4less wrote: »Did the will specifically say that the mortgage debt would be paid.
if not then not clear why the estate is paying the joint owner.
Where is this money coming from if the only other assets were the £70k payout less the £65k debts?
There WAS NO WILL, intestate estate!
The joint owner has agreed to sell house and gift proceeds to estate/mother . He only added his name to mortgage as convenience to enable my partner to get mortgage, he didn't contribute to mortgage. The estate claims an equitable interest in property.
A deed of variation will share estate (after joint owners expenses are repaid) between mother 70%, the joint owner 15%, and myself 15% (being the unmarried/non civil partner)
These figures being proposed by mother as next of kin, accepted by joint owner after his offer of straight 3way split was rejected by mother0
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