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Sam
Sam, Accountant
Category: Tax
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If I have transferred all my mothers money into our joint

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If I have transferred all my mothers money into our joint account and she has no other property, shares or savings accounts do I need to apply for power if attorney? And how does HMRC check the estate for such as IHT or any other tax owing on death?
Customer: replied 3 months ago.
If I have transferred all my mothers money into our joint account and she has no other property, shares or savings accounts do I need to apply for probate, And how does HMRC check the estate for such as IHT or any other tax owing on death?

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Hi

I am Sam and am one of the UK tax experts

May I ask why you would transfer all your mothers money into your account without a power of attorney (and if she is still alive) and without applying for probate first? as you are not meant to distribute money until an estate is wound up in case you are not the sole beneficiary

Thanks

Sam

Customer: replied 3 months ago.
Thanks Sam
I am the sole beneficiary so I would just be looking to avoid the cost and wait that probate involves. If the money was in joint account as there is no property shares or anything else then I would not need power of attorney but would obviously have to inform HMRC maybe I would do that through my annual tax return?

Hi

Thanks for your response

I agree no need for power of attorney if your mother has already passed away so can you confirm that

Thanks

Sam

Customer: replied 3 months ago.
Sorry Sam I am getting confused as my original question mentions power of attorney when it should say probate so to sum up
I want to use power of attorney (which I have) to transfer all funds into joint account so that when mum passes away I won’t need probate. But if I do this I was wondering how HMRC check the estate

Hi

Thanks for your response

You cannot transfer all Mums money into your account even with a power of attorney it has to remain in her account by law

Thanks

Sam

Sam, Accountant
Category: Tax
Satisfied Customers: 14896
Experience: 26 HMRC expertise, PAYE, Self Assessment ,Residency, Rental Income, Capital Gains, CIS ask for Sam Tax
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Customer: replied 3 months ago.
Thanks Sam I thought that might be the case at least now I know for sure.