I have noticed that quite a few of my ancestors left their cash to people other than family members, including spouses. I'm not familiar with the ins and outs of UK inheritance laws but it seems to me that this was done to perhaps escape the tax man. Am I close to the mark on this? Their is no mention of property in the probate records; a seperate procedure perhaps?
Unconfigured Ad Widget
Collapse
Announcement
Collapse
No announcement yet.
Probate question
Collapse
X
-
As I understand the matter, the granting of probate to a person or persons is merely permission for those named to execute the terms of the will. The named persons are not necessarily the beneficiaries of the will. Wikipedia has further comments
However, I am no legal expert and others may have more relevant comments to make.Last edited by Macbev; 26-01-13, 12:52.
Beverley
-
The value of any property would be included in the probate valuation so the figure shown could consist of cash, property values, value of, say, works of art etc etc and as Macbev said, the executors are the people who are dealing with the estate and may not be inheriting anything. They could, for example be a solicitor or bank.Jackie
Comment
-
To address your original question - any tax on a deceased estate in England and Wales is levied on the gross total of the estate at death,(after debts are settled) not the net amount, so it makes no difference to whom you leave your money. It's how much you were worth at death which counts for tax.
OC
Comment
-
UJ
Well, you are right of course, but the law does recognise that it is difficult if not impossible to value old wardrobes and rusty kitchen tools, lol. When I was dealing with my late father's estate, I was very concerned that the contents of the house were worth nothng and I phoned the IR. they were very good and said they were well aware that many people had lots of money but worthless house contents - good when bought fifty years ago, still serviceable but entirely without value.
OC
Comment
-
Originally posted by Olde Crone Holden View PostUJ
Well, you are right of course, but the law does recognise that it is difficult if not impossible to value old wardrobes and rusty kitchen tools, lol. When I was dealing with my late father's estate, I was very concerned that the contents of the house were worth nothng and I phoned the IR. they were very good and said they were well aware that many people had lots of money but worthless house contents - good when bought fifty years ago, still serviceable but entirely without value.
OC
The local autioneer came and valued everything and a lifetime's collection of stuff only amounted to £1000 less the cost of taking away and auction fees - hardly worth the bother really.
Margaret
Comment
-
My parents had an extremely expensive sofa which they had had specially made some forty or fifty years before. It had been even more expensively reupholstered. Valuation for probate was less than nil - it did not comply with fire regs and I had to PAY to dispose of it. However, it was INSURED at replacement value during my parents' lifetime. Same object but two entirely different values.
OC
Comment
Comment