Inherited e tax

[BDAD]

Can anyone please clarify if there is any inheritence tax due on monies in bank for non residence uk, is there a threshold for inheritance tax. Also do you have to register your wills at court. If you choose a TRNC lawyer as a administrator can you fix a charge for their service in the will itself. Feeling suspicious as lawyers seem to be very keen to do wills for competitive prices and are quite pushy with there business. Like many people we have had a few unpleasant financial experiences. Eager not to make anymore mistakes. Thanks for any advice.

[Hector]

1. IHT, sorry don't know. Best not to have too much money in NC.
2. Money in bank. Is it in joint names? Much better if it is, just in case. (see also 5.)
3. No you don't have to register your will in court. You don't need an advocate to do that for you if you do. It does mean though if you do register it at court, that someone can find it if the worst happened and it's secure.
4. I would definitely have a will but put my other half as sole executor with a clause 'if s/he is unable or unwilling to so act then I appoint x'. Under no circumstances would I appoint an advocate as the executor.
5. If you have a house or car in NC you may want to give someone a POA over those (including your other half even if in joint names, which they should be) in case say one of you is too ill to travel to NC and you want to sell up.
Hope that assists.

[BDAD]

Hi Hector

It confirm our suspicions, we can't really change our monies as we exchanged at a much better rate that is why we wanted to know if there were any inheritence tax or threshold, do you have any comments on us drawing up our own will as per our UK will and getting a noter to register and witness it.

Thanks for your help

[Keithcaley]

You can download a simple Will form here.

Get it notarised, and then go along yourself to register it.

If you do a search using the search boxes on the forum, you will find what you need to know.