My mother unexpectedly passed away during the holidays (peacefully in her sleep as far as we know), which is rather a bummer.
Amongst all the normal stuff surrounding a death in the family, I am executor and there's a potentially annoying snag regarding her estate:
My grandfather (father's father) died last year and left his estate to my mother. However this has not been resolved at the time of mother's death, she never received it.
Mum's estate is already large enough to attract some tax which means that ALL of grandfather's estate, after it is taxed and disbursed, would be taxed again.
It might seem materialistic to be thinking of this before the funeral is even done but both my parents and grandfather worked hard to set up their affairs to minimise inheritance tax so would be gutted to find that grandfather's estate basically gets taxed twice, and it could end up costing ~£100k which would be firmly against their wishes and is just a bit stressful with everything else to sort out. Ironically, mum had been planning to set up a 'deed of variation' once it was all sorted.
So this might be better in the professional forums but does anyone have any useful knowledge? We will be engaging an advisor but I'm the kind of person who likes to know these things up front. I assume I cannot for instance, as mum's executor issue a deed of variation on her behalf? I know her advisor was aware she wished to do this.
Many thanks.
Amongst all the normal stuff surrounding a death in the family, I am executor and there's a potentially annoying snag regarding her estate:
My grandfather (father's father) died last year and left his estate to my mother. However this has not been resolved at the time of mother's death, she never received it.
Mum's estate is already large enough to attract some tax which means that ALL of grandfather's estate, after it is taxed and disbursed, would be taxed again.
It might seem materialistic to be thinking of this before the funeral is even done but both my parents and grandfather worked hard to set up their affairs to minimise inheritance tax so would be gutted to find that grandfather's estate basically gets taxed twice, and it could end up costing ~£100k which would be firmly against their wishes and is just a bit stressful with everything else to sort out. Ironically, mum had been planning to set up a 'deed of variation' once it was all sorted.
So this might be better in the professional forums but does anyone have any useful knowledge? We will be engaging an advisor but I'm the kind of person who likes to know these things up front. I assume I cannot for instance, as mum's executor issue a deed of variation on her behalf? I know her advisor was aware she wished to do this.
Many thanks.
Comment