Complex situation, what next?

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  • ChilliBob
    ChilliBob Posts: 2,061
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    Update: solicitor is booked for Friday.

    Upon a rummage we have found lots of useful (and some interesting) documents.

    If you wanted to find all possible bank accounts and shares someone had, besides a paper trail, how else could you do this?

    Interestingly, both Auntie and Uncle did create a will about 20 years ago, but not actually execute it, so it's void in effect.

    In terms of iht, I see £325, but also £650. What I don't understand is how £650 could ever be the case unless the two married people died at the same time? How does this combined threshold kick in?

    Also when we questioned a bank about one of the accounts, they said if it was over 50k it would go to probate, if it was under 50k it would not. This seemed strange to me, I would have thought everything would go to probate.

    Any insights much appreciated. I'm sure the lawyer will clear a lot of this up, but the more prepared my brother and me are the better.

    Thanks
  • xylophone
    xylophone Posts: 44,139
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    Also when we questioned a bank about one of the accounts, they said if it was over 50k it would go to probate, if it was under 50k it would not. This seemed strange to me, I would have thought everything would go to probate.

    As there are solely owned properties involved, you will need probate anyway.

    With regard to comments by one bank, it may be that bank's policy that it will not require a Grant to release monies under £50,000 from the account of a deceased customer.

    https://www.gov.uk/applying-for-probate

    Contact each asset holder (for example a bank or mortgage company) to find out if you’ll need probate to get access to their assets. Every organisation has its own rules.

    With regard to the IHT thresholds see here for transferable nil rate band.

    https://www.co-oplegalservices.co.uk/media-centre/articles-sept-dec-2018/transferable-nil-rate-band-explained/
  • xylophone
    xylophone Posts: 44,139
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    If you wanted to find all possible bank accounts and shares someone had, besides a paper trail, how else could you do this?

    Below might be of interest.

    https://www.moneysavingexpert.com/reclaim/reclaim-lost-assets-free/
  • ChilliBob
    ChilliBob Posts: 2,061
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    Thanks, I did skim that last night, seems the my lost account wasn't recommended on their website when dealing with estates for some odd reason!
  • ChilliBob
    ChilliBob Posts: 2,061
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    Oh and thanks for the coop, link. Especially relevant I feel in our situation where my uncle passed away, without a will, and my auntie outlived him by more than 28 days.

    I'll read it again later more carefully.

    Thanks again.
  • Flugelhorn
    Flugelhorn Posts: 5,491
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    ChilliBob wrote: »
    Interestingly, both Auntie and Uncle did create a will about 20 years ago, but not actually execute it, so it's void in effect.


    Thanks


    What do you mean by not execute it? that is usually only done after the person has died and the executors get probate. Did they sign the will and was it witnessed?
  • ChilliBob
    ChilliBob Posts: 2,061
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    Probably yes. That was second hand info from my brother who called the solicitors the will was made with 20yrs ago.

    Obviously there could be one with another company, but we feel this is very unlikely, we'll find out for sure on Friday though.
  • xylophone
    xylophone Posts: 44,139
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    With regard to your comments about both aunt and uncle "not executing" wills, I had assumed that you meant that wills had been drafted but never signed or witnessed - is that what you meant?
  • ChilliBob
    ChilliBob Posts: 2,061
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    Yup, exactly that
  • Hi not sure if I’m in the right place but would like some advice. Basically my mum died when I was ten I’m not 62. Mum and dad had bought the family house together. When she died me and my siblings moved in with our mums sister just down the same street. Dad remarried but always stated that the “HOUSE” was ours when he died. He died in 2011 and his will basically said that the house and contents etc was left to me and my siblings but we had to let his wife live in the property right to occupy until her death or she no longer lived there and then the right to occupy clause would end. He then left everything else to his wife. She died last year so we are going through probate and the wife’s niece was left all my stepmothers money and obviously my dads but that’s fine as we were left the house. Now the niece wants a slice of the house either give her £100000 or she wants 25% of the house sale? My stepmother did not include her house in the will, she was on the land registry but with a restriction that I’ve been told makes them tenancy in common which is basically used to protect first marriages children from what rightfully theirs. What I want advice on is: because my stepmother did not include it in her will and because the house was basically my mum and dads is that her honouring my dads wishes and does the niece have a right to claim some money from the sale of the house.
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