Wills and executors

My partner has just sadly passed away, so obviously I'm in a bit of a spin. She owned the house and contents, much of which is a result of the time and money I invested in it over the decades.
Decades ago, she had her will via her solicitors was drawn up so as I would inherit the house and contents entirely, but we never married and there was never any official formal arrangement.
This, as I anticipated it would, has come back to bite me. There were rows at the time over her having her will written without discussing it with me first. Unfortunately a very stubborn lady.
I am a named executor, along with two of the solicitors. The solicitors are rubbing their hands over the likely admin fee, though they did suggest I could do it all myself - but it would take months and I would need to organise Probate. Probate forms look to be straight forward enough.
Her main life cover paid out surprisingly, with just a phone call - the cheque in my name turned up yesterday. For a second much smaller policy a different insurance company - they want a form filled in, a copy of the will, a death certificate and names signatures from the three executors.
The solicitor refused to sign the document, I suspect they are trying to have me over a barrel and force me to use them, but the law seems to be on their side on this point. Where do I go from here?
The solicitors were fairly adamant that it was her desire when writing the will, that I should use them to sort the mess out - there is no proof of this, other than their word and the solicitor was not the one who even spoke to her at the time. The one I spoke to would likely have been in nappies when the will was set out.
Assuming, no reason why not and I do get the property, will there be any tax implications for me - will I owe them anything?
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Regards,
Harry (M1BYT) (L)
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Harry, sorry to hear of your loss. My condolences. I imagine there would be CGT & IHT issues. You might be better off re-posting this to uk.legal.moderated
All the best, Nick.
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Nick wrote :

Thanks..
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Harry (M1BYT) (L)
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From what happened when my parents died, I'd expect it all to last over 6 months before the major items are sorted. This sort of thing with letters of administration and who is happy with copies of documents and who can work from copies etc seems t have been designed deliberately to cause as much chaos to the persons life as possible, with costs at every turn. all one ends up doing is keeping meticulous records of who has had what and all the letters back and forth. I found banks amongst the most snotty nosed people to get facts anode action out of. It also might be worth asking the solicitor if they would be open to just a fixed fee for doing certain parts of the executors job rather than taking it all on, as we did, but as you say, they may well be obstructive in this regard. Brian
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"Harry Bloomfield" < snipped-for-privacy@NOSPAM.tiscali.co.uk> wrote in message
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On 07/07/2015 14:05, Nick wrote:

Harry
+ 1 on both counts.
For straightforward wills, being an executor is pretty easy. You need professional help if there are trusts for minors, and a financial advisor (rather than a solicitor) will probably recoup their cost if there is any significant tax to pay.
I was a joint executor with my brother's solicitor when he died, and they were totally professional: they were happy to minimise the costs by letting me do the donkey work, and once the necessary trusts for minors had been sorted, they stood down with another family member as trustee.
YMMV.
Steve
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newshound wrote :

No minors involved, though they were when the will was written. Her grandkids, now have kids of their own.
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Harry (M1BYT) (L)
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Harry Bloomfield wrote:

Sorry to hear your news Harry. If the will names you as the beneficiary by name (rather than "my spouse") then I think it quite clear it should come to you.
The executor position is a formal responsibility and forms will have to be signed by all of them. It is not an invitation to choose one of the three to do the job. The work can be split to save fees but the final docs have to be signed by all. If you feel there is a lot to do and you could make useful savings then you can turn the handle, present the solicitors with all the info compiled onto a probate form (several excel calculators out there in google land) The fact that you were not married *possibly* means that the IHT transfer might not apply and the estate value over £325k will be subject to duties which have to be paid (somehow) before probate will be granted.
The fact that some of the value of the house is attributable to work/expenditure put in by you will be nigh on impossible to prove. You might just have to swallow that.
I'm surprised that the insurance co cough up to you so readily. I think the amount will be part of the estate however. Unless the policy specified otherwise.
You might be best off seeing your own solicitor - for a consultation fee to get a precise definition of where you stand.
Eventually you can get the house registered in your name but the combination of the deeds, the will and probate grant should be enough to allow you to delay this until all the dust has settled.
Good Luck
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Bob Minchin presented the following explanation :

Off the top of my head, the total value will be possibly as much as £200K.
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Harry (M1BYT) (L)
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On Tue, 07 Jul 2015 14:24:54 +0100, Harry Bloomfield wrote:

Then IHT is irrelevant, and it should all be straightforward.
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On 07/07/2015 14:31, Adrian wrote:

Are you sure there are no income tax issues? There would be if it were left to the maid and Harry wasn't her spouse so I fail to see a difference. I think Harry should look for a solicitor offering the first half hour for free and check.
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On Tue, 07 Jul 2015 19:10:51 +0100, dennis@home wrote:

INCOME tax...? We're not talking about income here...
Inheritance tax only comes into play if the estate is over £325k. Below that, it's zero.
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Adrian explained on 07/07/2015 :

I thought the value might be considered by IR as unearned income or something. So hopefully I should have nothing to pay in those terms?
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Harry (M1BYT) (L)
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On Tue, 07 Jul 2015 20:53:42 +0100, Harry Bloomfield wrote:

No, an inheritance isn't taxed at all - apart from as IHT. Obviously, any income you earn from anything you invest is, though.
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I think income after death is taxable. I was told because the *earner* is deceased there is no tax free allowance.
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On Tue, 7 Jul 2015 21:43:01 +0100, Tim Lamb wrote:

or

terms?
Once the total value of the estate has been totted up, any debts settled, credit colected if that total is over £325k the bit over £325k will be liable to IHT. Pay that (if any) get probate granted and the remaining estate is then distributed, tax free, to the benificaries as per the Will.
If a lump of inherited cash earns interest in a bank account that interest is taxed in the normal way. Likewise invest the cash in stocks/shares, any gain when you sell those stocks/shares will be liable to Capital Gains Tax if the total amount of gains in a year is over the CGT threshold.
If Harry's wife had any investments they will probably need to be sold and the proceeds put into the estate, any gains on those sale(s) would follow the CGT rules.

That is income to the deceased estate though not income to anybody else.
One key rule about tax is that once *you* have paid tax on a given lump of money *you* shouldn't have to pay tax on it again. "Double Taxation" is, generally, a big no no.
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Dave.
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On 08/07/15 08:51, Dave Liquorice wrote:

Its a key rule that is broken time and again.
You make money. You get taxed in making it. You save it, you get taxed on any interest. Yo spend it, you pay tax on the transaction. You buy a house: You pay tax based on the value of the house every year, you buy a car, you pay tax based on the value of the car, every year. You invest it, and that transaction gets taxed.
Even if you give it to someone, that can be taxed as qwell.
No, that is not a key rule. The general principle is that if money moves, it gets taxed and even when its standing still it gets taxed as well.
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On Wed, 08 Jul 2015 09:30:56 +0100, The Natural Philosopher wrote:

Taxed on the *interest* not the orginal amount that has already been taxed. Always assuming your total income is above the personal allowance of course.

As a consumer yes, as a business only on the "value added".

Council Tax, though one could argue you are buying the council(s) and Police services. B-)

Do I? "value of the car" how?

Going in? Don't think I've ever paid tax when buying investments. You pay tax on any *gain* when selling if the total gains in a year are above the CGT threshold.

Gift allowance of £3k/year but I think that's £3k/year total gifts from one person. You can give more and it will be taxed but with taper relief over 7 years.
Some of the above is old knowledge, up to 5 years, but I don't think things have changed drastically.
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Dave.
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That's not correct.
and the proceeds put into the estate, any gains on those sale(s)

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On 08/07/15 10:34, ratsack wrote:

that depends on whether the law recognises and unofficial marriage as a real marriage: I can assure you that it is probably true.
One of the reasons to get married is to give legal status to a partner that they don't otherwise have.

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I don’t believe that. That isn't what happened with the investments that I inherited from my father.

You don’t need that with a valid will.

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