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JGM
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10652
Experience:  30 years as a practising solicitor.
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Hello JGM I am the executor of both my parents who died a

Resolved Question:

Hello JGM
I am the executor of both my parents who died a few months apart, leaving reciprocal wills, leaving everything to the surviving spouse and then to their children. I was collecting in the estate of the first parent into my executor's bank account when the second parent passed away. For clarity and completeness, I put the proceeds of each parent 1's accounts, on a separate line as part of parent 2's estate and sent this with the IHT400 to HMRC along with all the supplementary pages. The HMRC paid stamped C1 was sent back to me. I forwarded the C1 to the court but they didn't like the way I had reported these items but offered no specific advice as to how I should express the proceeds in the executor's bank account and whether I should have totaled them and how to describe them. Also, I had recovered into the executor's bank account a small amount of money on two partly unused subscriptions and need to know how to express this.
Can you help me?
Submitted: 2 years ago.
Category: Scots Law
Expert:  JGM replied 2 years ago.
Thank you for your question.

We may need a few posts back and forward but from what you have said this far, the estate of parent one should just be expressed in the inventory of parent two as "legacy from the estate of the late......."

The subscription refund should be shown as "refund of subscription from ......"

Please let me know anything further I can help you with.

I hope this helps. Please leave a positive response so that I am credited for my time.
Customer: replied 2 years ago.

Thank you for your initial answer and I understand your disclaimer. Please might I clarify. I have collected in the money from the bank accounts but some of the investments, for which I have the confirmation certificates for the first death have still to be sold/transferred. Should everything (value at 2nd death) be rolled up as one line as movable estate in Scotland or should I refer to each asset, not yet collected as a single additional line, divided Scotland/England.


 


Also might I be cheeky and clarify one more thing. In the wills, my wife's middle name is ***** ***** the C1 page 1 section 10 requires the full name which of course includes the middle name. Should I refer to her with or without her middle name in my page 2 section 3 declaration and section 3 the "along with the said" line.


 


Thank you.

Expert:  JGM replied 2 years ago.
No. The first death would show the detail. The second will simply be as Insaid earlier and be stated as from the first estate.

As far as names are ***** ***** the names as stated in the will.
JGM, Solicitor
Category: Scots Law
Satisfied Customers: 10652
Experience: 30 years as a practising solicitor.
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