Probate & IHT Initial Questions
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Reference to overseas property which country is it in? If there is no will for assets in that country then the foreign intestacy laws will apply. You will need the services of a lawyer in that country or of a U.K. Solicitor that is also qualified there.Keep_pedalling wrote: »You have the added problem of a foreign property to deal with. Did he have a seperate will covering that? If not it is likely that the intestacy rules of that country will apply.
Trying to wind up an estate where the deceased had not kept a decent set of financial records for their executors can be a nightmare, but unfortunately for you, the executors are the only people responsible for sorting out whatever mess is left.0 -
Hi All - my dad left comprehensive financial records.
My detailed question is more around what mix of funds from 3 years ago were in my name vs. his name. I'm not sure anybody would keep such a record.
I've no doubt banks have records - but will MY bank show WHERE/WHO the deposit came from? I'm not sure if it wouldn't have been cashed in to HIS account (of which bank account I don't know) and then transferred over to me. So many questions, so many accounts, I wouldn't no where to start.
I can cash in XK of YOUR premium bonds today, to my bank account. It will just show as DEPOSIT JOHND17, rather than the origin of the funds.
Re foreign property - Cyprus, yes a will was made there and leaves it entirely to me (not my mum as per UK will).
I don't imagine there will be similar issues with my Mum as the very fact it may go over is due to property/savings in purely his name (unless the taxpayer usually taxes things THREE TIMES, which I don't doubt).
I've just seen a new 16/17 tax piece around main residency, taking the allocation up to £100k. Not sure if this applies, but will research.
Thanks for your help by the way - frustration isn't directed towards anybody here!0 -
The primary residential relief will not help as that only kicked in on the 6th April, and it seems your father died in February. Unfortunately your mother cannot benefit from his allowance as they were not married.
By comprehensive financial records, I mean 7 years of records of gifts to his children and, again as they were not married, your mother. Any other IHT planning actions taken should also be documented.0 -
Sometimes you have to step back and realize it migth take time to find the info you need.
there may not be easy answers to some things and it may take multiple inquiries when something you try does not work.
over time you build up the complete picture like a jigsaw.
It might just need 7 years of statements, banks should have 6 years worth.
the answers won't happen overnight, this could take a few weeks/months.
your records could be a waste of time you probably need to start collecting dads picture over the last 7years.
how old were you when your "bonds" were cashed in, if really in your name then unusual for then to be cashable by someone else if over 16/18 surethey were not in a trust.
I found MSmoney a very good tool to build a financial history of someone and collect the info needed for tax returns and the IHT forms. .0 -
He passed in March. Not registered as yet.
Re the new law, i don't understand it as it references decendents rather than partners - it's confusing, i need official advice. I wonder if as my mum and me are both executors whether the home moving to me would benefit from the allowance. Would be even worse luck if it did, but wouldn't apply as it came in April.
Re the several months - i don't know anyone that has taking this long for probate. Accounts will all be frozen, with my mum needing access, not least for funeral costs etc.
I don't know what account he would have originally cashed in to so no clue where to start.
The only help would be internet banking but i only signed up for this for his latest account recently (which i know isn't strictly allowed). So not sure how i get 3 year old transactions from a bank account he may have closed.0 -
The extra IHT allowance only applies to blood descendents and nobody else. They only apply to deaths since your father died so has no relevance to you. Details of the IHT allowances are hereHe passed in March. Not registered as yet.
Re the new law, i don't understand it as it references decendents rather than partners - it's confusing, i need official advice. I wonder if as my mum and me are both executors whether the home moving to me would benefit from the allowance. Would be even worse luck if it did, but wouldn't apply as it came in April.
Re the several months - i don't know anyone that has taking this long for probate. Accounts will all be frozen, with my mum needing access, not least for funeral costs etc.
I don't know what account he would have originally cashed in to so no clue where to start.
The only help would be internet banking but i only signed up for this for his latest account recently (which i know isn't strictly allowed). So not sure how i get 3 year old transactions from a bank account he may have closed.
https://www.gov.uk/inheritance-tax/overview
Banks will usually pay the funeral costs direct to the undertaker if you present the bill.
It is a criminal offence to access the deceased's account online in the way you have. If you have not told the bank of the death they may not be too keen to help you.0 -
He passed in March. Not registered as yet.
Re the new law, i don't understand it as it references decendents rather than partners - it's confusing, i need official advice. I wonder if as my mum and me are both executors whether the home moving to me would benefit from the allowance. Would be even worse luck if it did, but wouldn't apply as it came in April.
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If your parents had been married, although the new nil rate band could not have been used against his estate, it could have been transfered to your mother's on her death, potentially saving £40,000 in IHT or more. For unmarried partners however it can't be transfered so is lost for ever.
If you father has transfered assets to you in one form or another surely you don't need the details of where it has come from, but where it resides now.0 -
He passed in March. Not registered as yet.
Re the new law, i don't understand it as it references decendents rather than partners - it's confusing, i need official advice. I wonder if as my mum and me are both executors whether the home moving to me would benefit from the allowance. Would be even worse luck if it did, but wouldn't apply as it came in April.
Re the several months - i don't know anyone that has taking this long for probate. Accounts will all be frozen, with my mum needing access, not least for funeral costs etc.
I don't know what account he would have originally cashed in to so no clue where to start.
The only help would be internet banking but i only signed up for this for his latest account recently (which i know isn't strictly allowed). So not sure how i get 3 year old transactions from a bank account he may have closed.
https://www.gov.uk/guidance/inheritance-tax-residence-nil-rate-band
THE KEY PARTBasic rules
An estate will be entitled to the RNRB if the:
individual dies on or after 6 April 2017
For account statements, balance at DOD, interest accrued etc. you deal with all institutions in writing requesting the information you need.
The letter ping-pong can take weeks to get what you need sometimes if you don't have details like account numbers and have to request them first.0 -
Cheers for the scare tactics re online access : bothered ! I'm going through enough. Lock me up.
Ok so the allowance isn't valid but i was trying to understand it (pasting the unclear laws from law makers doesn't make it easier to understand) why does it reference decedent's and not partners? If it's blood relatives then that takes me but another piece of amazing luck it comes in 4 weeks after...0 -
Not scare tactics at all. Just facts! You are not the first to have done it nor will you be the last. As for the extra allowance for blood descentents this was a political ruse to give the appearance of increasing the IHT limit but in fact limiting it to those with children. Many unmarried couples fall foul of the law that they have few rights regarding their partners. Like any other aspect of life it is up to the individual to know the law.Cheers for the scare tactics re online access : bothered ! I'm going through enough. Lock me up.
Ok so the allowance isn't valid but i was trying to understand it (pasting the unclear laws from law makers doesn't make it easier to understand) why does it reference decedent's and not partners? If it's blood relatives then that takes me but another piece of amazing luck it comes in 4 weeks after...0
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