Inheritance and wills

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    #16
    The solicitor is acting (I imagine) for the will's executor, and can't share information with anyone else without their permission.
    If they are actually the executor, again, they shouldn't share information unless there's a reason.

    The most common cause of delay with probate is family members (usually the executor(s)) not dealing with queries and issues in a timely manner. They put off tasks that remind them of the deceased, as it's stressful.
    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

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      #17
      He is the executor. Guess I'll have to wait some more then.

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        #18
        Originally posted by Raiden328i View Post
        I'll have to wait some more then.
        Last week was the THIRD anniversary of me coming into a legacy that includes a house that I should have inherited seamlessly on my relative's death. Sometimes you just have to be patient as it's out of your hands...

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          #19
          I would out rightly ask your uncle - are you going to inherit. I would also ask for a copy of the document you signed.

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            #20
            Originally posted by Claymore View Post
            I would out rightly ask your uncle - are you going to inherit. I would also ask for a copy of the document you signed.
            I want to just out right ask him but a few family members have said to me to wait. Apparently he is still fragile over it all still.

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              #21
              What do you guys think about this. I've spoken to my uncle today and I think he has screwed me and my sister.

              I phoned him today as I am losing patience now with it. I said what is happening with the probate and why has it taken this long?

              He said its going to be done in the next few weeks and that we need to sit down soon so I can tell you what's going on as there is no inheritance tax to pay. I said it will need paying tho? He said that this trust will give me and my sister about £3000 a year tax free and the rest we get when he is dead but if me or my sister die before him our spouses get nothing? I said but you get your half of the house and we get the other so why would we want it in dribs and drabs plus what about inheritance tax? He then went on one and said he's worked too hard all his life and basically its his to do what he wants with and that his new will of his overrides our nans. Then he said the house has already been sold privately for 850k even tho its only worth 650k and once probate is done i'll tell you what's going to happen.

              I haven't spoken to my sister yet but the house has been sold behind our back and as much as I dont want to pay tax I want a chunk to do what I want with it not what he thinks is best. Do you think I could challenge this?

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                #22
                You need to get the advice of a good solicitor asap. With the numbers involved, a few hundred quid on advice at this stage is money well spent.

                And stop thinking about paying the tax. Do you want to pay a few % of an inheritance of around £200,000, or do you want to avoid paying tax on an inheritance of £0?

                Also, regarding your own (and wife) situation. Why leave specific properties to specific people? It can get messy. Get her to re-write her will leaving a specific percentage to specific people. Then it's down to the executors to sort out how the properties are liquidated but at least there's no argument.

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                  #23
                  Any inheritance tax is paid by the estate as part of the probate process, inheritors don’t pay any further tax on what they receive.There shouldn’t be any inheritance tax on the half of the property that is owned by the trust.

                  I’m assuming quite a bit here, because that’s how you’d normally set it up, but it’s not the only way. A trust is usually set up to remove something from the estate, which has the efffect of removing it from the will (which determines where the estate goes).

                  From the sounds of things, the property has been divided between your uncle who inherits half and a trust for you and your sister (and, I think, your uncle). Your uncle will soon own half the property and the trust already owned the other half.

                  What the trust does is determined by the trustees, who can be guided by any instructions from whoever set the trust up but aren’t bound by them. The trustees have complete control over what the trust does, but have a duty to act in a way that best serves the trust beneficiaries. That duty is absolute and, if the trustees fail in that duty, the beneficiaries can remove or replace them (via a court ruling).

                  But, let’s say that the trust is set to benefit you, your uncle and your sister. It could easily be argued that £3k per annum forever is more appropriate than getting everything as a lump sum. It might not be your preference, but it’s not your choice. Same with who gets anything if you die (lot’s of trusts operate to keep accrued wealth within the blood line).

                  The trust can’t favour your uncle though, so he can’t get more out of it than he’s meant to, and it would be necessary to be able to explain why.

                  It sounds to me that the trust is set up to benefit everyone while the uncle is alive and when he dies, it has no further purpose. At that point, there will only be two beneficiaries and you and your sister could wind up the trust anyway, which releases it’s assets to you and your sister (assuming you’r both alive. Again that’s quite normal.

                  Unless the uncle is enriching himself unfairly, I don’t think you can just assume he’s ripping anyone off. He might be, but nothing you’ve written sounds abnormal behaviour for a trust.
                  When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                  Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                  Comment


                    #24
                    Family trusts are subject to the PET rules, so inheritance tax is payable if the money was transferred to them less than seven years before death.

                    If there is not enough money in the estate to cover the inheritance tax, the tax can be clawed back from the recipients of lifetime gifts, and from trusts created during life, subject to the seven year limit, where that applies.

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                      #25
                      I will get legal advice on it. I'm pretty sure my nan died 5 years after it was set up and he said he wanted his kids to benefit from the trust when he dies.

                      My main issue is he has been very secretive about it all and said to me on the phone 'I am one step ahead of you son' and I said no one is out to steal from you and i've never asked for anything from you or my nan even tho shes sorted out your financial messes the last few years. It's just his whole attitude.

                      When he passes away I don't want to be fighting his children for our half. He has 2 kids with 2 different women and they are 16 and 8 and he's 60 and just the way he was being just doesn't make me trust him. I can see why now he can't hold a relationship and why the older kid doesn't talk to him. If he can't trust me in the 36 years i've been alive then he never will. Not even seen my nans will yet and he said that his new will overrides hers???

                      Comment


                        #26
                        Wills don’t work like that. One person’s will can’t override someone else’s.

                        As I wrote, I think what’s happened is that some (half?) of the property has been left to him and some is in a trust. Once the share of the property is his, his will determines what happens to it. What happens to the share in the trust when beneficiaries die is up to the trustees (there have to be a minimum of two, so your uncle can’t just do what they want).

                        Before probate, the executor can decide who sees the will (unless a court wants to see it). If the executor is being a bit of a dick, there’s not much you can do in practice until what they’re doing becomes manifest.
                        When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                        Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                        Comment


                          #27
                          To the OP - if you want to keep things cordial with your uncle and not get lawyers involved yet, why don't you tell him that you're getting your own will written at the moment and need to establish all your assets and values.

                          I.e. you need all the documentation of what assets you have/will inherit and you also need an up to sayd valuation of the property.

                          If he doesn't give you what you want, them that's the biggest red flag you could possibly get and I'd make an appointment with a solicitor ASAP. You may find a call to the police reporting fraud may soon need to follow...

                          Comment


                            #28
                            JPKeates I hope he has done what your saying but just the way he is being is just suspicious. My wife has free legal advice with FSB and they think it all sounds a bit fishy. But i'll try what security2 is suggesting first and see if he then shows me any paperwork.

                            FSB said probate doesn't take over 2 years and he definitely said to me my nans will isn't valid anymore because of steps he has made. My sister is away at the moment and I think she is going to talk to him as she is more diplomatic than me.

                            Comment


                              #29
                              Your nan’s will may not cover the situation that existed when she died. That happens. For example, if the will said I leave my home to x and y and when she died she didn’t own it, that part would be irrelevant. It doesn’t make the will invalid, but that could just be a figure of speech.

                              Probate can take a long time, particularly if someone’s affairs are disorganised or the executor is just slow. Probate for my father took about 14 months because we couldn’t trace a savings account for a while (and I delayed addressing things because it upset me).
                              When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
                              Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

                              Comment


                                #30
                                OK last one from me before me and him have words. So I was bored at work and decided to look the area up as I thought no way that house is worth that much. Its on bloody rightmove???? He told me that he told estate agents to naff off i've sold it privately

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