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bigduckontax
bigduckontax, Accountant
Category: Tax
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My husband died four months' ago. We had been advised by a

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My husband died four months' ago. We had been advised by a solicitor in 2004 to make identical Wills (Discretionary Trust). In 2007 the Inheritance Tax Law changed but prior to this after reading a newspaper article I contacted our solicitor and asked if the Wills should be changed in the light of the proposed changes and was told "No." Probate has now gone through and my late husbands estate is below the IHT band. Yet I am told I have to do a Deed of either Appointment/Application (no longer too sure about which) in order to get my husband's nil rate band on to me for use when I die.The Deeds of the house are also down as Joint Tenants so this has to be changed into my name as sole beneficiary. I'm told I have to do a Deed of Application, I'm also told if I no longer require the services of the solicitor I have to do a Deed of Renunciation. Land registry have told me just to complete forms DJP and RX3 and the Probate office say if my husband's nil rate band has not been used then I should get this when I die. I've completed another will and had this witnessed - it simply offers both of my children equal shares and names them both as executors.
Submitted: 11 months ago.
Category: Tax
Expert:  bigduckontax replied 11 months ago.

Hello, I am Keith, one of the experts on Just Answer, and pleased to be able to help you with your question.

I would suggest that you tell your solicitor to take a running jump, that he can whistle for his fees and report his antics to the Law Society. Complete the Land Registry (LR) forms, submit them and that will sort out the Joint Tenancy. Many people do not realise that land can be transferred using a LR Transfer and it is far cheaper than normal conveyancing. Mark you you must be sure of the title. I have done it once to transfer a holding between two companies within the same group.

You are correct that when you die and your husbands 325K band is unused you inherit it giving a possible exemption of 650K. However, the law is changing regarding the family home. For the period 2017 - 2020 such a bequest to children has an increased exemption rising progressively to one million over this period.

It is a good thing you got in touch with the LR and the Probate Office direct which exposed some possibly incorrect professional advice.

I do hope that you have found my reply of assistance.

bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 11 months ago.

Thank you for your support.

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