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Ask Clare Your Own Question
Clare
Clare, Solicitor
Category: Law
Satisfied Customers: 34105
Experience:  I have been a solicitor in High Street Practice since 1985 with a wide general experience.
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A property was left to me absolutely and I am the trustee.

Resolved Question:

A property was left to me absolutely and I am the trustee. How do I stand with Inheritance Tax?
Submitted: 11 months ago.
Category: Law
Expert:  Clare replied 11 months ago.

Thank you for your question

My name is Clare

I shall do my best to help you but I need some further information first.

What is the total value of the Estate - and are you the Executor of the Will

Customer: replied 11 months ago.
The total value of the estate is£1,000,000. I do not know if I am the Executor. My father left his property to me absolutely. My mother left me all she had.
Customer: replied 11 months ago.
Posted by JustAnswer at customer's request) Hello. I would like to request the following Expert Service(s) from you: Live Phone Call. Let me know if you need more information, or send me the service offer(s) so we can proceed.
Customer: replied 11 months ago.
My telephone number is *****(###) ###-#### Is that what you require? I do not understand.
Expert:  Clare replied 11 months ago.

Have you got copies of the Wills?

Customer: replied 11 months ago.
Customer: replied 11 months ago.
I haven't seen my Solicitor yet.
Expert:  Clare replied 11 months ago.

I am sorry - when did your parents die and what other assets are there?

Customer: replied 11 months ago.
My father died 21 years ago and made alloys Bank his trustees. They decemated the Trust and I forced them to give it up and make my mother and myself the trustees.
My mother died yesterday and she wanted me to live in her house. However, I cannot afford a large Inheritance Tax bill.
Customer: replied 11 months ago.
The house and my mother's £33,000 are my parent's only assets now.
Customer: replied 11 months ago.
I meant Lloyds Bank.
Expert:  Clare replied 11 months ago.

How much is the property worth?

Customer: replied 11 months ago.
Just about £1,000,000.
Customer: replied 11 months ago.
Do you think that you will be able to answer my original question?
Customer: replied 11 months ago.
Are you still there?
Customer: replied 11 months ago.
Please say something.
Expert:  Clare replied 11 months ago.

Whose name is ***** ***** held in?

Customer: replied 11 months ago.
My father, who was a bully, put it solely in his name, when it was bought. Thanks for responding.
Customer: replied 11 months ago.
Clare, are you still there?
Customer: replied 11 months ago.
The property was left to me absolutely after my mother's death.
Expert:  Clare replied 11 months ago.

OK so it was in his name - whose name is ***** ***** now?

Customer: replied 11 months ago.
I'm not sure. Lloyds bank just brought my father's Will and told my mother and myself that my father had made them the trustees. I could phone them for more details. Until I found out that they were cheating my mother, I minded my own business. My mother just used to imply that everything was alright.
Expert:  Clare replied 11 months ago.

Right.

What does your father's Will say about the house?

Customer: replied 11 months ago.
Honestly, I don't understand the will. It just says that my father gives his trustees all that 'my interest' in the property, as he may own solely or with his wife. The trustees shall allow my mother to occupy the premises during her lifetime. There's something about, if I don't have any children, the trustees shall hold the entirety of the trust fund for me absolutely.
Expert:  Clare replied 11 months ago.

OK - so in fact you get the property under the terms of your father's Will - is that correct?

Customer: replied 11 months ago.
Truly, I don't understand if that's true or not.
Expert:  Clare replied 11 months ago.

Can you send me a copy of the page?

Customer: replied 11 months ago.
I'm on my iPad and I'm not sure how to on my laptop.
Expert:  Clare replied 11 months ago.

Ok - can you copy type the paragraph?

Customer: replied 11 months ago.
It says my trustees shall stand possessed of the trust fund upon the following trusts. Upon trust to pay the income to my wife during her life. If the trusts hero before declared of and concerning the trust fund shall fail my trustees shall hold the same for my daughter absolutely.
Customer: replied 11 months ago.
Upon trust as to the entirety of the trust fund and the income for my children absolutely. Then there's the bit about me. I didn't have any children.
Expert:  Clare replied 11 months ago.

In that case the house is yours under the terms of your father's Will and there is not likely to be a large Inheritance Tax Bill to pay.

Customer: replied 11 months ago.
Thank you very much for all your help. Please would you tell me the percentage of Inheritance Tax that I would have to pay roughly?
Expert:  Clare replied 11 months ago.

I am sorry - that is a complex calculation base don the specific terms of the Will - however it is not a major worry for you since the bulk of it was dealt with when your father died

Customer: replied 11 months ago.
Thank you very much for going the extra mile and all your help.
Expert:  Clare replied 11 months ago.

You are most welcome - I hope all goes well

Clare and other Law Specialists are ready to help you