Author Topic: Your views please on inheritance  (Read 1268 times)

Lin

  • Guest
Your views please on inheritance
« on: December 04, 2012, 11:34:56 AM »
The Lord of the Manor dies, he has no offspring, his wife dies too and the estate is left to be sold.  Before the estate is sold, his cousin dies and leaves a daughter.  The daughter is first cousin once removed - can she inherit his estate?  There are no other heirs.  So I assume she gets everything?  I think she can it is second cousins who don't get anything.

Ok to add to your question the country is the UK and the era is 1976 - 1981



Lin

« Last Edit: December 04, 2012, 02:32:10 PM by Lin Treadgold »

Offline wanderer

  • Hero Member
  • *****
  • Posts: 2638
    • Western Wood Artist
Re: Your views please on inheritance
« Reply #1 on: December 04, 2012, 12:58:35 PM »
What time period and what country?

Offline 510bhan

  • Hero Member
  • *****
  • Posts: 63305
  • So many jobs to do . . .

Offline CallyW

  • Newbie
  • *
  • Posts: 48
Re: Your views please on inheritance
« Reply #3 on: December 10, 2012, 05:19:24 PM »
I'm assuming there are no Wills? Which would be a surprise as people with money generally make them.

If Lord dies first then the first 125,000 passes to wife plus chattels and a life interest in the rest and the rest to other family (parents, children, nephews, nieces and so on).

So if the wife died then her 125,000 would go to to her relatives assuming there were any or if not the Crown.

The cousin would then inherit the rest of the estate and then that would go the way of his/her Will or if not in the same manner as above.

But with a big estate then there is inheritance tax (it wasn't called that back then, it was capital taxes or something) to be paid first, can be done in 10 instalments until the property is sold. And that's 40% on anything above which was above 25,000 and 67,000 depending on what year it is. Which can take a big chunk out of the estate.

If there's Wills then everyone can choose who can inherit and you can go down the line that way.

Lin

  • Guest
Re: Your views please on inheritance
« Reply #4 on: December 11, 2012, 05:05:27 AM »
I think I've sorted it since I posted.  I got some advice from a lawyer.  I have decided there now is a Will and that makes things more cut and dried.  Can't say any more otherwise it will give too much away.

Lin x