Notices
General Chat This forum is for general topics and chat type threads.

Reply
 
Thread Tools Search this Thread Display Modes
Old 3 Aug 20, 06:07 AM  
Link to this Post
#11
disney332
Imagineer
 
Join Date: Oct 09
Originally Posted by Pumba75 View Post
OP, firstly let me extend condolences on your loss -I hope you and the family are doing ok.

Secondly, Colette is spot on here.

As well-meaning as it may be, there are a couple of bits of information already on this thread that aren't strictly accurate.

Please get professional advice before doing anything - a mistake at this stage could end up being costly.
Interested to know what information is not accurate in your opinion. Any chance you can expand upon your reply?

OP - Yes see a qualified professional, expert in Scottish Law.

Disney332
__________________
disney332 is offline Boy Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 3 Aug 20, 08:40 AM  
Link to this Post
#12
janeg88
Thread Starter
Imagineer
 
Join Date: May 09

janeg88's Reviews
Restaurant Reviews: 1
Yes I know advice from strangers of the Internet is not always accurate, although its a very good starting point and often brings information that you haven't been aware off, and then gives you the opportunity to check the fine print.

Thanks again folks, I've a list of things to do when 9 o'clock comes.
janeg88 is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 7 Aug 20, 01:19 PM  
Link to this Post
#13
janeg88
Thread Starter
Imagineer
 
Join Date: May 09

janeg88's Reviews
Restaurant Reviews: 1
Just a little update, it seems dad and the family solicitor was very much on the ball a few years ago.

Mums share of the house now goes into a trust fund until dad dies. This means only half the house can be used for care home fees.

All the rest of mums estate passes to dad, but we have two options as described by other posters.

I can either put a claim in for 1/3 of mums estate, or we can do a deed of variation as disneyy332 describes, this is the route we plan to take.

Also a large bulk of the money is invested in a personal investment plan, that doesn't need to be included in the sum total of mums assets. This has lost money since last year due to Covid but is still a substantial amount.


IF IHT remains the same we will fall into that bracket by 100000 or so, but its not as bad as I first thought.

Thanks for everyones input
janeg88 is offline Girl Mouse Click to view Members Trip Plans Add Member to Ignore List
Old 7 Aug 20, 01:25 PM  
Link to this Post
#14
disney332
Imagineer
 
Join Date: Oct 09
Originally Posted by janeg88 View Post
Just a little update, it seems dad and the family solicitor was very much on the ball a few years ago.

Mums share of the house now goes into a trust fund until dad dies. This means only half the house can be used for care home fees.

All the rest of mums estate passes to dad, but we have two options as described by other posters.

I can either put a claim in for 1/3 of mums estate, or we can do a deed of variation as disneyy332 describes, this is the route we plan to take.

Also a large bulk of the money is invested in a personal investment plan, that doesn't need to be included in the sum total of mums assets. This has lost money since last year due to Covid but is still a substantial amount.


IF IHT remains the same we will fall into that bracket by 100000 or so, but its not as bad as I first thought.

Thanks for everyones input
So pleased that you are getting sorted.

For anyone interested, you have 2 years from date of death to execute a deed of variation for IHT avoidance.

Perfectly legal, perfectly acceptable but sadly often overlooked.

On the subject of leaving half your property in trust for the survivor to enjoy for the remainder of his or her lifetime as in the OP case, it is necessary to look at how the house to owned and the majority of the time you will have joint ownership. Your solicitor on re-writing your will, needs to sever the joint ownership and create a.50% each ownership known as tenants in common. Failure to do this at the land registry will mean upon death, the survivor automatically inherits the whole asset which is the same as any other jointly held asset with your spouse such as a joint bank account.

Disney332
__________________

Edited at 01:43 PM.
disney332 is offline Boy Mouse Click to view Members Trip Plans Add Member to Ignore List
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Forum Jump


All times are GMT +1. The time now is 12:55 AM.


Powered by vBulletin - Copyright © 2000 - 2020, Jelsoft Enterprises Ltd.
Latest News
Posted in Airlines
On 3rd August 9:48am
The Civil Aviation Authority (CAA) has conducted a review into airline refund practices during the... Read More »
Posted in Disneyland Paris
On 1st August 1:13pm
With the new Ratatouille ride coming to EPCOT at Walt Disney World, Disney has released... Read More »
Posted in Walt Disney World
On 30th July 9:26am
Disney has not only been welcoming guests back to their theme parks, they have also... Read More »


theDIBB Menu


Exchange Rates
US Dollar Rates
ASDA  $1.2779
CaxtonFX  $1.2728
Covent Garden FX  $1.2848
FAIRFX  $1.2730
John Lewis  $1.2811
M&S  $1.2559
Post Office  $1.2541
Sainsburys  $1.2737
TESCO  $1.2752
Travelex  $1.2713
Updated: 00:30 09/08/2020
Euro Rates
ASDA  €1.0857
CaxtonFX  €1.0795
Covent Garden FX  €1.0881
FAIRFX  €1.0810
John Lewis  €1.0871
M&S  €1.0680
Post Office  €1.0664
Sainsburys  €1.0830
TESCO  €1.0846
Travelex  €1.0802
Updated: 00:30 09/08/2020

DIBB Premium Membership
Did you know you can help support theDIBB with Premium Membership?

Check out this link for more information and benefits, such as...

"No adverts on theDIBB Forums"

Upgrade Now