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Being administrator for Intestacy

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Minty
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Joined: 23 Dec 2005
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PostPosted: 12:02 - 23 Jul 2017    Post subject: Being administrator for Intestacy Reply with quote

Hey,

I know in amongst the masses, there a couple of intelligent folk - myself excluded but has anyone had experience of dealing with an estate that is in intestacy?

Value of estate is above inheritance tax threshold so looking to minimise the hit taken, if at all preferably.

I will be seeking some professional help around this once the will registry search is completed and as suspected, there is no record of a will. But would be grateful of any advice from thems in the know somewhat. Karma

Peace out.
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hellkat
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PostPosted: 13:04 - 29 Jul 2017    Post subject: Reply with quote

Your question has obviously had an intelligent-people bypass.

I do hope my mother's written the will she keeps trying to threaten us all about. Just for the sake of tidiness.

I've not got the energy to do battle about finances on her behalf in death, as well as life.

I really do hope she has spent it all on Pacific-rim cruises.
All the way up to Fukushima, hopefully.





Sorry, no help, just meandering through, on my way to the "gear-grinding" thread.
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Itchy
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PostPosted: 14:02 - 29 Jul 2017    Post subject: Re: Being administrator for Intestacy Reply with quote

Minty wrote:
Hey,

I know in amongst the masses, there a couple of intelligent folk - myself excluded but has anyone had experience of dealing with an estate that is in intestacy?

Value of estate is above inheritance tax threshold so looking to minimise the hit taken, if at all preferably.


It's usually a massive mess. It takes ages and did I say it was a mess?

The IHT liability is on the estate as the estate has no will you can change the divvying up to save IHT if you want. This is more of a generational thing for example rather than:

Grand parent -> son -> Grand son

It goes

Grand parent -> Grand son.

In a nutshell you want to play 7 year clock. Anything given to you 7 years before death is not liable to IHT. This includes normal and or regular expenditure say for instance the deceased used to give you £100 a week.

What happens a lot illegallymind is that the estate is pilfered of easily removable chattels. These are hard to trace well because few people keep an inventory of everything they own.

This includes gold bars, silver, jewellery etc. With houses and land you want to delay valuations until the house prices fall. I've even seen artificial debts (as the estate is the value of the assets minus the debts) being created to reduce the value of the estate.


Of course I am not your representative. There is no contract between you and I in any form and there is nothing binding on what is said here. Merely the above is what happens.
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Minty
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PostPosted: 21:26 - 29 Jul 2017    Post subject: Reply with quote

Appreciated and am looking to go down the deed of reappropriation route or whatever it is called and have a basic understating of things going into trust as an option too. Interesting thought around purchasing things of value though.

Kat, Its a conversation you never want to have with a parent but
trust me, sort the will ASAP.
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hellkat
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PostPosted: 21:45 - 29 Jul 2017    Post subject: Reply with quote

I promise I shall do mine, so that my daughter doesn't have to worry.

But I'm not even up for the idea of raising any kind of financial discussion with my mother.
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Minty
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PostPosted: 23:27 - 29 Jul 2017    Post subject: Reply with quote

I understand. Even with everything that is going on and the frustration and anger it has caused me and me ma, I still felt uncomfortable saying "you know, we need to sort your will out to avoid this again". It feels selfish.

Like you, I will not impose this position on those left behind. Karma Thumbs Up
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UncleFester
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PostPosted: 07:27 - 30 Jul 2017    Post subject: Reply with quote

Better to approach it this way.

If you die and you haven't got your affairs in order 7 years prior .... the government will take up to 40% of it, all of it including any cash assets. Including all the stuff you've already paid tax on, VAT on, everything. If you fiddle the value of property and they find out, they charge you the difference, plus a 40% levy on top of that difference plus the original amount you still owe.

Everyone should get this shit in order, have the conversation early on, get the wills / paperwork done, set the trusts up and then never have to talk about it again safe in the knowledge that it's sorted.

Having to sell the family home and / or some / all of the contents to pay off HRMC is not cool and having to deal with this whilst dealing with the loss of one or both parents / grandparents is a task that should not be underestimated.
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chris-red
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PostPosted: 17:57 - 02 Aug 2017    Post subject: Reply with quote

Can't you just stop shagging your sister/cousin/mum?
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Minty
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PostPosted: 20:13 - 02 Aug 2017    Post subject: Reply with quote

Er, thanks for your input. Confused
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thx1138
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PostPosted: 21:00 - 02 Aug 2017    Post subject: Reply with quote

It's fairly simple in theory.

You apply for probate, following the rules of when someone dies intestate.

Probate can be done with, or without a solicitor.

IMO do it with a solicitor.


https://www.citizensadvice.org.uk/family/death-and-wills/who-can-inherit-if-there-is-no-will-the-rules-of-intestacy/
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Minty
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PostPosted: 22:15 - 02 Aug 2017    Post subject: Reply with quote

Oh it is indeed simple. However, what I am looking to do is minimize/remove the IHT hit which as its stands is substantial. That is money I'd rather went to me ma as opposed to Theresa May.
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thx1138
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PostPosted: 23:46 - 02 Aug 2017    Post subject: Reply with quote

Minty wrote:
Oh it is indeed simple. However, what I am looking to do is minimize/remove the IHT hit which as its stands is substantial. That is money I'd rather went to me ma as opposed to Theresa May.


If potentially big savings then paid advice from specialist probably best option.
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Minty
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PostPosted: 13:18 - 04 Aug 2017    Post subject: Reply with quote

And is what I will be doing - was just seeing if anyone here had been through same process.

I will be looking into making a deed of variation (me and brother waving our right to inheritance as 'everything was supposed to go to my mum').
This can be done through a simple letter, signed by me and my bro. Professional help will be sought to ascertain what my mum can and cant do in relation to using the inheritance (cash gifts etcs).
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