Rob
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Post by Rob on Feb 16, 2019 18:34:16 GMT
To save me time (I wish I could find the one I did in 2015), I need a letter of authority for my steps-on to sign so I can collect a will. He's is one of the executors and I am the other. A very sad two weeks.... father-in-law being ill, in hospital, come home for the end and now the bloody coroner wants an inquest!
Then it's all the rest to sort out - Zero seemed to get his sorted fairly easily so I hope it goes smoothly. Only got money in bank, house, NS&I investments and some shares. Oh and the content of the house which I think I need to value for HMRC but since he'll have inherited my late mother-in-law's £325k allowance then it's nowhere near that.
So if someone can help I'd appreciate a 'template'. I sort of know the words to put in it but you know it would be easier if someone said: 'here you are'...
Thanks
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WDB
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Post by WDB on Feb 16, 2019 20:22:40 GMT
Condolences, Rob. Never easy at times like these.
Not sure I understand what you need, or what you mean by ‘collect’. Who will read the letter once it’s done?
But letters of authority generally take the form;
I [abc] of [address] hereby authorize [def] of [address] to [do whatever it is] in respect of the will of [ghi, deceased on...] in pursuance of [any previous documents and dates]
Signed, dated and witnessed.
But with hundreds of thousands riding on this, getting a solicitor or their legal exec to draft one properly would make sense if you’re in any doubt.
Incidentally, it’ll be two years for us in May and my brother and I are still at it.
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Rob
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Post by Rob on Feb 16, 2019 20:41:29 GMT
I should have made it clearer. I want to collect the will from the solicitors who have it in storage. There are now two executors of the will and it makes sense only I have to visit. So I need a letter saying my step-son is happy for me to collect. I then need to take death certificates (mother in law was an executor and she passed away 4 and a bit years ago).
I am kicking myself because I had such a letter in 2015 to get the will for my mother in law and I delete very little.... but can't find what I'd used and was acceptable to this solicitors.
Then because step-son intends to resume travels, I'll be the one applying for probate. But I know I need to sort out evidence of the estate valuation most of which (apart from house valuation) I know because I had access to it all and managed it. No doubt I need some formal documentation for HMRC. Early days I guess.
And thanks for the condolences WDB.
I hope this doesn't take me 2 years!
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Deleted
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Post by Deleted on Feb 17, 2019 20:07:00 GMT
Sorry to hear that Rob.
I know you are localish to me, so if I can help with the house (or I can recommend a good resi valuer in your area), then let me know. I'm away visiting Dad at the moment but I'm back on Wednesday.
My understanding of HMRC stuff for probate/IHT purposes is that you don't need to show a valuation report immediately. You put down the value on a form and only need to justify it if HMRC ask you to do so. I may be wrong though. If the total estate is less than the combined IHT allowance of father-in-law and mother-in-law by a reasonable margin, you may never need to provide any report. However, if the assets are sold afterwards by the beneficiaries for a profit, some CGT may be payable.
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Rob
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Post by Rob on Feb 17, 2019 22:01:36 GMT
Thanks Espada. Glad my thoughts on this tally with someone else. From what I think the house would sell for plus other savings/investments then £650k will not even be close to being reached. I might call the HMRC helpline tomorrow.
My thoughts were get 2 or 3 valuations and take the average. Probably the ones at the top end because it would probably sell for less and by the time it does there's less likely to by CGT to pay.
My preference (especially if there is a delay to Brexit) is to sell the house. Sorting it to be rentable at the high end will end up falling on me and there'd be money to spend which you'd probably never get back. Split is 40/30/30 for my wife and the two grandchildren.
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Deleted
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Post by Deleted on Feb 18, 2019 6:20:55 GMT
Sounds like a sensible plan.
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WDB
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Post by WDB on Feb 18, 2019 7:25:51 GMT
My solicitor told me that for probate we needed a ‘Red Book’ valuation from a chartered surveyor. Cost us a couple of hundred pounds, I think, but it is a professional document rather than simply an opinion, so one is enough.
Remember that CGT is at a lower rate than IHT, and you have an allowance each tax year.
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Deleted
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Post by Deleted on Feb 18, 2019 13:45:44 GMT
If Rob needs a Red Book Val, this is what I do daily. Mind you it's a long time since I charged as little as £200!
But WDB, was the value of the property likely to exceed £650,000?
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WDB
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Post by WDB on Feb 18, 2019 14:50:52 GMT
There is IHT to pay on my parents’ estate, yes. And the valuation fee may have been more like £600 — can’t find the invoice at the moment.
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Deleted
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Post by Deleted on Feb 18, 2019 20:27:24 GMT
That's more like it for that sort of value....
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Rob
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Post by Rob on Feb 18, 2019 21:13:18 GMT
My guess here is the property is around £400k. I did have one local estate agent value it about a year or so ago. Mainly for rental not sale but asked for both. Was looking like care home might be needed but he bounced back.
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