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Thomas
Thomas, Solicitor
Category: Family Law
Satisfied Customers: 7569
Experience:  UK solicitor
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, if an asset is worth 4.800,000£ and there is a surviving

Customer Question

Hi, if an asset is worth 4.800,000£ and there is a surviving wife and three children how much is the money divided. There is a bank debt equal to 2.500,00?thanks
Submitted: 2 years ago.
Category: Family Law
Expert:  Thomas replied 2 years ago.
Hi
Thanks for your patience
are you asking what would happen if the husband who owns the asset passes away?
Kind regards
Tom
Customer: replied 2 years ago.
Yes this is correct
Expert:  Thomas replied 2 years ago.
Hi,
Thanks.
What is the asset?
Is it owned solely by the husband?
Does the husband have a Will and if so who does this say the asset should go to?
Kind regards,
Tom
Expert:  Thomas replied 2 years ago.
Hi,
Thanks.
What is the asset?
Is it owned solely by the husband?
Does the husband have a Will and if so who does this say the asset should go to?
Kind regards,
Tom
Customer: replied 2 years ago.
It's a house and yes the father is the sole owner
Expert:  Thomas replied 2 years ago.
Hi,
Does the husband have a Will and if so who does this say the house should go to?
Kind regards,
Tom
Customer: replied 2 years ago.
No will
Expert:  Thomas replied 2 years ago.
Hi
Thank you for your question and patience, I’m Tom and I’ll try to help you.
If there is no Will then the entire of the husband’s estate would pass according to the intestacy rules.
In the case of a married person with children this means that the first £250, 000.00 of the estate estate and the deceased’s personal possessions would pass to the wife. The remaining balance of the estate would then be split equally in two. The first half will go straight to the children in equal share. The second half would be held on trust for the children, so that the wife receives the income from the trust and then the children would inherit this half once the wife has herself passed away.
My goal is to provide you with a good service. If you feel you have received anything less, please reply back as I am happy to address follow-up issues specifically relating to your question.
Kind regards,
Tom
Thomas, Solicitor
Category: Family Law
Satisfied Customers: 7569
Experience: UK solicitor
Thomas and other Family Law Specialists are ready to help you
Customer: replied 2 years ago.
Is there any inheritance tax, and how much? I understood that debt is exempted and the wife's part is too? Is this correct?
Expert:  Thomas replied 2 years ago.
Hi
I will b able to answer at about 10am
Tom
Customer: replied 2 years ago.
Thanks
Expert:  Thomas replied 2 years ago.
Hi,
The amounts passing to the wife would be exempted. The amounts passing to the child would not be taxable up to the nil rate band of £325, 000.00 the amounts above this would be taxed at 40%
Tom

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