How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Harris Your Own Question

Harris
Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2309
Experience:  Family Law - Specialist in Divorce, Financial Relief and Children Matters
90234221
Type Your Family Law Question Here...
Harris is online now

I am looking opinion on a will and its interpretation

Customer Question

I am looking for an opinion on a will and its interpretation of payment of IHT, The will is currently going through probate, but I have been given a copy of it by the executor.I think it may be difficult to give an opinion without seeing the full will, however, my question is relates to whether I have to pay IHT on my portion of the estate or whether the remainder of the estate covers the whole IHT liability - it is not clear to me from the document.
Submitted: 10 months ago.
Category: Family Law
Expert:  Harris replied 10 months ago.
Hi, thank you for your question. It is for the executor to use funds from the estate to meet the IHT bill, not you. However, if you had received gifts in the 7 years prior to the deceased's death, then it is you that is to meet the IHT liability in relation to that gift .If you found my information provided helpful please could you rate my response positively as I will not be credited for my response without a positive rating.
Harris, Family Law Expert
Category: Family Law
Satisfied Customers: 2309
Experience: Family Law - Specialist in Divorce, Financial Relief and Children Matters
Harris and other Family Law Specialists are ready to help you
Customer: replied 10 months ago.
Let's say that Paragraph 4 adds up to £1m - does this mean that the beneficiaries named in Para 4 will get £1m gross (no IHT deducted) and the IHT liability will be paid by the beneficiary of Para 5?BTW there were no gifts prior to death.Thanks
Expert:  Harris replied 10 months ago.
It will be for the executors to decide how to meet the IHT bill once they have reported it to HMRC. If the estate is tied up in property then the executors can elect to pay the IHT in monthly instalments over 10 years.
Customer: replied 10 months ago.
I am not so much interested as to when the executors pay the IHT or how, what I am trying to discern is whether Para 5 states that *all* IHT liabilities will be paid by the proportion of estate left after the beneficiaries of Para 4 - let's assume no Nil Rate allowance or spouse transfer - if Para 4 is worth £1m then IHT @ 40% = £400k. What I am asking is whether this £400k will come out of the monies of Para 4 beneficiaries or the beneficiary of Para 5?
Expert:  Harris replied 10 months ago.
Could you type out exactly what it says in relation to those paragraphs and what the total estate is?
Customer: replied 10 months ago.
Ok. Para 4 states that 2 portfolios (val £1m) and 2 pieces of land (val. £20k) are to be split between myself, my brother and my nephew. The paragraph also states:'...to my Trustees upon trust but subject to the payment of a rateable proportion
of the Inheritance Tax payable on my death in respect thereof...'.Para 5 covers the remaining value of the estate (approx £3m). In Para 5 it states:'...I GIVE all my real and the remainder of my personal property whatsoever and
wheresoever (including any property over which I may have a general power of
appointment or disposition by Will) to my Trustees upon trust for the payment
thereout of my debts and funeral and testamentary expenses legacies and all
Inheritance Tax and other fiscal impositions payable in respect of my estate and
subject there...'.My question is whether the statement in Para 5 :'....and all Inheritance Tax and other fiscal impositions payable in respect of my estate...'means that the total IHT bill for the estate will come out of the £3m and thus myself, brother and nephew will receive the £1m from Para 4 gross i.e. £1m and not £1m-40% IHT ???Thanks
Expert:  Harris replied 10 months ago.
Thank you. It is a bit confusing as paragraph 4 states that there is to be payment of rateable proportion of IHT which would indicate that paragraph 4 will be subject to a proportion of IHT and that the "remainder" would be for paragraph 5.It would therefore be assumed that paragraph 4 would be subject to 25% of the tax burden and paragraph 5 for 75% of the tax burden in accordance with the size of the estate being distributed. Have you discussed this with the executor?

What Customers are Saying:

 
 
 
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
< Previous | Next >
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C.
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin
  • Just let me say that this encounter has been entirely professional and most helpful. I liked that I could ask additional questions and get answered in a very short turn around. Esther
 
 
 

Meet The Experts:

 
 
 
  • Kasare

    Kasare

    Solicitor

    Satisfied Customers:

    204
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
< Previous | Next >
  • http://ww2.justanswer.com/uploads/KA/Kasare/kasare.64x64.jpg Kasare's Avatar

    Kasare

    Solicitor

    Satisfied Customers:

    204
    Solicitor, 10 yrs plus experience in civil litigation, employment and family law
  • http://ww2.justanswer.com/uploads/TG/TGraham12/2012-7-17_81212_bigstockBusinessHandshake508163.64x64.jpg Thomas's Avatar

    Thomas

    Solicitor

    Satisfied Customers:

    160
    UK solicitor
  • http://ww2.justanswer.com/uploads/JO/jojobi/2013-3-19_0265_maxlowryphoto.64x64.jpg Max Lowry's Avatar

    Max Lowry

    Solicitor

    Satisfied Customers:

    7
    LLB, 10 years post qualification experience
  • http://ww2.justanswer.com/uploads/OS/osh/2015-7-7_19268_gettyimagesb.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    340
    LL.B (Hons), Higher Prof. Dip. Law & Practice
  • http://ww2.justanswer.com/uploads/GL/Glossolicitor/2013-5-14_214834_TWMParkinsonWright.64x64.jpg Glos solicitor's Avatar

    Glos solicitor

    Family Solicitor

    Satisfied Customers:

    2
    10 years experience in all areas of family law, now specialising in cases involving social services and children
  • http://ww2.justanswer.com/uploads/CL/clairep80/2013-8-25_191218_dreamstimexs267279822nd.64x64.jpg Clare's Avatar

    Clare

    Family Solicitor

    Satisfied Customers:

    4598
    I have been a solicitor in High Street Practise since 1985 and have specialised in Family Law for the last 10 years
  • http://ww2.justanswer.com/uploads/HH/hhlaw/2015-12-8_22495_unnamedlanczosbicubic.64x64.jpg Harris's Avatar

    Harris

    Family Law Expert

    Satisfied Customers:

    1064
    Family Law - Specialist in Divorce, Financial Relief and Children Matters