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Post by spinno on Oct 19, 2024 11:02:21 GMT
If you "pay a solicitor" to sort out an estate then the solicitor delegates to a Para Legal. I did with my mother's estate and as well as saving hassle. He saved us a couple of grand on a small estate - most of it had gone on nursing home costs. Since I'm on my own, I have lodged my will with a local solicitor and appointed them executor. Just hope the firm is not now totally an estate agent! That implies that you think that they might think you're in reasonable condition for your age and could do with a little tlc... |
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Post by kate on Oct 19, 2024 11:12:31 GMT
Since I'm on my own, I have lodged my will with a local solicitor and appointed them executor. Just hope the firm is not now totally an estate agent! That implies that you think that they might think you're in reasonable condition for your age and could do with a little tlc... I could do with a lot of tlc, but there's nothing on the horizon. Ha! |
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Post by geoffr on Oct 19, 2024 11:25:05 GMT
If you "pay a solicitor" to sort out an estate then the solicitor delegates to a Para Legal. I did with my mother's estate and as well as saving hassle. He saved us a couple of grand on a small estate - most of it had gone on nursing home costs. As I said, I was advised by a retired solicitor and it wasn’t a complicated estate. Had the house been valued at what it eventually sold for it would have been the simple form and no tax. As it was I had to complete the long form but still didn’t pay any tax because there was allowance carried over from my stepfather’s estate. If your solicitor saved you hassle, it was probably money well spent but I found the hardest part was finding the relevant documents, something I couldn’t have delegated to a solicitor. The amount of paper involved is considerable. I would definitely recommend getting advice from a solicitor, even if you intend to complete the documentation yourself. |
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Post by kate on Oct 19, 2024 14:28:45 GMT
If you "pay a solicitor" to sort out an estate then the solicitor delegates to a Para Legal. I did with my mother's estate and as well as saving hassle. He saved us a couple of grand on a small estate - most of it had gone on nursing home costs. As I said, I was advised by a retired solicitor and it wasn’t a complicated estate. Had the house been valued at what it eventually sold for it would have been the simple form and no tax. As it was I had to complete the long form but still didn’t pay any tax because there was allowance carried over from my stepfather’s estate. If your solicitor saved you hassle, it was probably money well spent but I found the hardest part was finding the relevant documents, something I couldn’t have delegated to a solicitor. The amount of paper involved is considerable. I would definitely recommend getting advice from a solicitor, even if you intend to complete the documentation yourself.But - I'll be no more by then. I do have a file of all financial info. Hopefully that will be sufficient help to whichever solicitor deals with it. |
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Post by zx9 on Oct 19, 2024 15:06:12 GMT
If you "pay a solicitor" to sort out an estate then the solicitor delegates to a Para Legal. I did with my mother's estate and as well as saving hassle. He saved us a couple of grand on a small estate - most of it had gone on nursing home costs. As I said, I was advised by a retired solicitor and it wasn’t a complicated estate. Had the house been valued at what it eventually sold for it would have been the simple form and no tax. As it was I had to complete the long form but still didn’t pay any tax because there was allowance carried over from my stepfather’s estate. If your solicitor saved you hassle, it was probably money well spent but I found the hardest part was finding the relevant documents, something I couldn’t have delegated to a solicitor. The amount of paper involved is considerable. I would definitely recommend getting advice from a solicitor, even if you intend to complete the documentation yourself. My father had the appearance of been as poor as a church mouse, in reality there were small sums in numerous accounts, investments, shares etc. The total estate was quite modest though it was a lot of work to sort out, still it kept me out of trouble during the first Lock Down when I was not able to work. |
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Post by Chester PB on Oct 19, 2024 15:39:09 GMT
I wonder if I am too late to adopt my 40 something nephew.  You can make him a gift every year instead, which he might find more useful, which would be free of tax as long as you didn't fall off your pearch too soon afterwards. This is probably one of the ways that part of private school fees are funded in some families. |
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Post by peterob on Oct 19, 2024 15:40:43 GMT
As I said, I was advised by a retired solicitor and it wasn’t a complicated estate. Had the house been valued at what it eventually sold for it would have been the simple form and no tax. As it was I had to complete the long form but still didn’t pay any tax because there was allowance carried over from my stepfather’s estate. If your solicitor saved you hassle, it was probably money well spent but I found the hardest part was finding the relevant documents, something I couldn’t have delegated to a solicitor. The amount of paper involved is considerable. I would definitely recommend getting advice from a solicitor, even if you intend to complete the documentation yourself.But - I'll be no more by then. I do have a file of all financial info. Hopefully that will be sufficient help to whichever solicitor deals with it. It is important to have a file with all financial info., if anything is on-line access only then passwords and security info. too, plus will of course. The basics of administration are straightforward. It is finding all the relevant information that is a nuisance and which takes a lot of time, important if using a solicitor. I was executor for my Mother's estate. I even found £15 in a savings account belonging to my father who died many years previously. I presume it was interest owing when my [late] brother, who was my father's executor, wound up his affairs and this prevented the account being closed. I had to open an executor's account to gather monies into prior to disbursement under the terms of the will. I should think that using a solicitor avoids this. I only had positive experiences of the bereavement teams in place at various places. Mother's bank was especially helpful in printing out 7 years of statements so that I could trace all the monies that passed through her account. |
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Post by gezza on Oct 19, 2024 17:22:30 GMT
As I said, I was advised by a retired solicitor and it wasn’t a complicated estate. Had the house been valued at what it eventually sold for it would have been the simple form and no tax. As it was I had to complete the long form but still didn’t pay any tax because there was allowance carried over from my stepfather’s estate. If your solicitor saved you hassle, it was probably money well spent but I found the hardest part was finding the relevant documents, something I couldn’t have delegated to a solicitor. The amount of paper involved is considerable. I would definitely recommend getting advice from a solicitor, even if you intend to complete the documentation yourself.But - I'll be no more by then. I do have a file of all financial info. Hopefully that will be sufficient help to whichever solicitor deals with it. I was advised by solicitor to make an update of all finances once a year. Accounts, ac numbers and amounts, helps keep costs down for searches (and makes their job easier). |
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Post by geoffr on Oct 19, 2024 20:10:57 GMT
As I said, I was advised by a retired solicitor and it wasn’t a complicated estate. Had the house been valued at what it eventually sold for it would have been the simple form and no tax. As it was I had to complete the long form but still didn’t pay any tax because there was allowance carried over from my stepfather’s estate. If your solicitor saved you hassle, it was probably money well spent but I found the hardest part was finding the relevant documents, something I couldn’t have delegated to a solicitor. The amount of paper involved is considerable. I would definitely recommend getting advice from a solicitor, even if you intend to complete the documentation yourself.But - I'll be no more by then. I do have a file of all financial info. Hopefully that will be sufficient help to whichever solicitor deals with it. Kate, if you download the forms from HMRC you will know exactly what information is required. If you then have sections of your file appropriate to each section of the IHT form the solicitor’s job will be very simple. |
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Post by willien on Oct 19, 2024 20:52:48 GMT
But - I'll be no more by then. I do have a file of all financial info. Hopefully that will be sufficient help to whichever solicitor deals with it. Kate, if you download the forms from HMRC you will know exactly what information is required. If you then have sections of your file appropriate to each section of the IHT form the solicitor’s job will be very simple. Anybody know what the half life of an HMRC process is. |
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Post by spinno on Oct 19, 2024 20:55:47 GMT
Kate, if you download the forms from HMRC you will know exactly what information is required. If you then have sections of your file appropriate to each section of the IHT form the solicitor’s job will be very simple. Anybody know what the half life of an HMRC process is. TBH it's a lot less than a DWP process... |
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Post by geoffr on Oct 19, 2024 22:42:45 GMT
Kate, if you download the forms from HMRC you will know exactly what information is required. If you then have sections of your file appropriate to each section of the IHT form the solicitor’s job will be very simple. Anybody know what the half life of an HMRC process is. It matters not how the process changes, the information required doesn’t change. The form simply groups assets together, all that Kate, or anyone else, would be doing is to group date in the same way as HMRC. Shares remain shares, a house remains a house etc. |
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