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Eliza
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23-01-2017, 12:10 AM
21

Re: Probate

Originally Posted by Muddy ->
Rehab
If your will is straight forward ie all going to your daughter it's not hard at all.
You just get several copies of the death certificate and send it to the various places .
If your daughter sells the house she will only have to pay capital gains tax on the amount it has gained since the day she inherited it.
She will also have a CGT allowance of £11100.
She will have to pay inheritance tax if your estate is over £325k it is charged at 40% over this amount.
The will of my FIL was straight forward ,ie all going to his son and me, it still had to go to Probate .
Rehab44
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23-01-2017, 12:10 AM
22

Re: Probate

Thanks for that Muddy, you have just opened another bloody can of worms that I was not aware of
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Muddy
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23-01-2017, 12:16 AM
23

Re: Probate

Originally Posted by Eliza ->
The will of my FIL was straight forward ,ie all going to his son and me, it still had to go to Probate .
Of course unless you leave less than £5000 all wills have to go to probate .
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23-01-2017, 12:21 AM
24

Re: Probate

Originally Posted by Rehab44 ->
Thanks for that Muddy, you have just opened another bloody can of worms that I was not aware of
You're welcome .
You didn't think you were going to shuffle off this mortal coil tax free did you?
Unfortunately IHT once the province of the super rich has now caught up with everyone owing to the rediculous price of houses .
However the good news is this changes this year .
Now you can pass on the family home tax free to a family member up to one million pounds.
It's complicated so you probaby will need a solicitor to sort out George Osboure 's tricky arrangement.
Meanwhile it's all grist to the solicitorial mill
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23-01-2017, 12:31 AM
25

Re: Probate

Originally Posted by Rehab44 ->
I will take your advice on that and run it by her.


I can't take the credit for it Rehab, it was Swimmy's idea and I merely agreed with him.
I think I would probably appreciate being asked, so maybe your daughter would too.
Hope you're not planning to go anywhere just yet though.
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23-01-2017, 12:40 AM
26

Re: Probate

Originally Posted by Muddy ->
You're welcome .
You didn't think you were going to shuffle off this mortal coil tax free did you?
Unfortunately IHT once the province of the super rich has now caught up with everyone owing to the rediculous price of houses .
However the good news is this changes this year .
Now you can pass on the family home tax free to a family member up to one million pounds.
It's complicated so you probaby will need a solicitor to sort out George Osboure 's tricky arrangement.
Meanwhile it's all grist to the solicitorial mill
Looks like I will have to hang on then Muddy But thanks for all the info, it certainly looks like I am going to have to get a solicitor......bugger!
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23-01-2017, 12:42 AM
27

Re: Probate

Originally Posted by Mups ->
I can't take the credit for it Rehab, it was Swimmy's idea and I merely agreed with him.
I think I would probably appreciate being asked, so maybe your daughter would too.
Hope you're not planning to go anywhere just yet though.
Just doing a bit of forward planning Mups, prior preparation and planning prevents piss poor performance as they say
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23-01-2017, 12:44 AM
28

Re: Probate

When you register a death they fill you in on everything.
They notify all the revelant offices and you can pick up leaflets explaining exactly what you have to do including the probate process.
The good thing is you won't have to do anything
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23-01-2017, 12:45 AM
29

Re: Probate

Yes, you are no doubt right, Rehab.
I did my will a couple of years ago, but I want to change it, so need to spend some time thinking about it more carefully this time.

What would you like me to leave you?
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Pumicestone
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23-01-2017, 02:04 AM
30

Re: Probate

There is NO 'death tax' or 'inheritance tax' or any of that sort of crap in Aus.

The entire estate goes to the beneficiaries - less any admin/legal costs.
 
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