My mum died last week, and I informed the solicitors administering a 250k lifetime trust that my mum was left by a cousin, I called the company to inform them of her death, so no further payments were due. The person I spoke to said I would probably have to pay inheritance tax on the 250k, that's money that I don't inherit or get any payments from, The same company holds the will so they would know I'm not named. I have a copy of my mums cousin's will and the whole of the amount goes to family in Canada. I am not named in the will, so there is no inheritance and no capital gains.
Why would they say that I have to pay inheritance tax, they also said I should add it to probate forms I am currently starting. I'm sure this is not right but would like to know for sure 250k would push me well over the tax threshold.
Just to be clear I never received anything from this trust, I'm not named in the will of my mum's cousin to inherit after my mum's death.
This all seems strange to me, surely the people who inherit will pay the taxes due, or the actual fund should pay. Not me, who has nothing to do with it.
As I said, I'm going to start probate and need to be sure about this
Why would they say that I have to pay inheritance tax, they also said I should add it to probate forms I am currently starting. I'm sure this is not right but would like to know for sure 250k would push me well over the tax threshold.
Just to be clear I never received anything from this trust, I'm not named in the will of my mum's cousin to inherit after my mum's death.
This all seems strange to me, surely the people who inherit will pay the taxes due, or the actual fund should pay. Not me, who has nothing to do with it.
As I said, I'm going to start probate and need to be sure about this
Comment