Donate SIGN UP

Declaring Gifts For Probate On Large Estate

Avatar Image
canadagirl | 15:54 Thu 09th Oct 2014 | Law
5 Answers
Am sole executor on fathers estate that is over threshold, have declared my list of gifts, other family members have declared large amounts of money as gifts,do not want to declare full total as tax will be substantial.This info has been sent to solicitors, can I instruct them as executor what to declare or are they bound to declare everything they have been told by other stupid family members. Don't want to get in trouble but also am trying protect fathers legacy for all beneficiaries?please advise soonest, many thanks.
Gravatar

Answers

1 to 5 of 5rss feed

Best Answer

No best answer has yet been selected by canadagirl. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.
If the wrong information goes to probate and is discovered, then my understanding is that you, as the executor, will be held responsible. The solicitor should post the exact truth.

But there are others on here far more qualified to answer this than I.
what you are proposing is illegal and if the solicitors agreed to do it they should be struck off
I guess you must be talking about gifts made by father to family members that have been within the last seven years. As executor I would have got this info from father's bank records, but if family members have declared amounts, then that should be accepted as truthful. Hence these are the figures you will have to use.
It's a bit late now but the best way of protecting legacy would have been to avoid solicitor and DIY it, as professionals gobble up money at an alarming rate. And since when have solicitors been experts in adding sums up anyway
You may be aware that £3000 pa of gifts is exempt. Also gifts (no limit on amount) are exempt if they are paid out of giver's income & without adverse effect on giver's standard of living. This normally applies to regular gifts, & evidence is needed. Look at HMRC IHT information for details. If you want to claim under this heading you will need to do some work on the figures & get info. from the recipients of dates and amounts.
If the sums have been declared and you have an unruly family
I think you are stuck with it

You cant expect a solicitor to make a false declaration

BUT one of my neighbours' daughters made a voluntary declaration that her dead father owned a house that was just about to be sold
and then without turning a hair, executed another voluntary declaration two weeks later that she was a co-owner of the (same) house and her father had no interest in it ! [ I have to say I was stunned at her lack of insight into what would happen next ]

Obviously the tax man took an interest in the "true" title....
[ which was that her father had no title or interest ]

so altho your stupid relations cant undeclare gifts or amounts
it is possible they are so stupid they dont realise the correct amounts and from whom it came and when. Quite possible

1 to 5 of 5rss feed

Do you know the answer?

Declaring Gifts For Probate On Large Estate

Answer Question >>

Related Questions

Sorry, we can't find any related questions. Try using the search bar at the top of the page to search for some keywords, or choose a topic and submit your own question.