The estate is worth over one million and consists of a residential home being the matrimonial home worth 700k the rented property generating £8k per month which is worth 300k and this is without all the other shares and savings. Although there are large mortgages on the properties the estate is still likely to pay a large tax bill. The children would benefit more from saving on the tax as the mother can then have a more tax efficient will and gift some things at a later date when teh children are able to manage teh assets themselves making use of her allowance NRB. The children being minors would mean these assets need to be passed onto their trustees to look after for them under the intestacy rules with only £250k to the spouse. with the type of assets there are it would be difficult to pass any to the children as the deceased had a business shares portfolio other investment policies the type of investment not yet known and the properties. what is the criteria for teh judge to allow the application for DOV to be agreed on behalf of minors....thanks
thanks for reply .....yes the properties are in joint names - i know they will automatically pass to spouse but with all other assets there is still likely to be a tax bill.
hope this helps
life policies worth £309,000 and £286,431. ....approx £16k in various accounts ....a business account £28k. the figures are aproximates. thanks
yes something like that
thanks for your reply but it's not just the saving on capital, there is the issue of organising the assets so that anything above the £250k is put away and invested for the children especially when most of the assets are tied up in property and mortgages. The policies were for the benefit of the mortgages although they are to be paid to the estate and form part of the estate if they do not pass to the spouse then the mortgages cannot be paid.
what are the forms needed to make such an application...i know the court is usually reluctant to grant the consent but i may still need to make teh application anyway .........do you know teh forms and to where teh application is made. i thought it would be teh Royal courts of Justice family division. im just not sure what form.
Thank you for all the information. however i was not able to access teh last link could you kindly resend that link please