UK Inheritance

Old Feb 22nd 2009, 6:42 am
  #31  
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Default Re: UK Inheritance

Originally Posted by Juswus
hmmmm. I'm gonna be in the same situation soon.

My father just died intestate in UK. It's not a big deal emotionally for me as I hadnt seen him since I was a kid. It's all just a bit weird really.

One of my brothers is willing to be spokesperson for all 3 of us siblings, but I'm wondering how this goes down. I'm guessing they'll need original birth certificates etc. Surely it can't be too complicated, this must happen all the time with next-of-kins living abroad?

Anyway, I hadn't even though what to do with the money. I don't think there will be much left over. I may as well try and leave it over in UK. Maybe I'll give my share to one of my brothers who just lost his job over there.

hmmmm
Get yourself a copy of the Which? Guide to Probate

There are steadfast rules in which the estate will be divided.
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Old Feb 22nd 2009, 9:12 am
  #32  
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Default Re: UK Inheritance

Juswus, I had to put my faith in my aunt whom I am not close to at all. My mum only left about 7500 pounds. I could have hired a lawyer but would have eaten up her small estate. We decided we had no choice really but to trust my aunt and even though we didn't need to we gave her a 1/3 of my mother's estate. I did a lot of work myself from US w/her Majesty's courts. They needed copy of our birth certificates as both my brother and I have lived in US since early 1980's. We also had to provide our US father's death certificate. We could not provide marriage certificate as still even now after they are both dead don't know when or where they were married. If nobody contests will it is very inexpensive to do. It can take time. I think it took us about 6 months for everything to be finalized. Good luck w/everything and my condolences over your father's death..
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Old Feb 22nd 2009, 11:09 am
  #33  
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Default Re: UK Inheritance

Originally Posted by Jerseygirl
When I was in the Nat West in November a couple in front of me were trying to open a current account. They were asked for untility bills to prove their ID and address...they said they hadn't any because they were living with the guys parents. I don't know what happened but in the end they left without opening an account.

Maybe it's possible to open a new account if you already have an existing one...just a thought.
Nat west has always been one of the hardest banks to open a new account with...I use to have to use Nat West wkly through work and because i needed to clear my works money through them, from which i got paid. I thought it was a good idea to open a savings account and just bank my wages as soon as.......

They wanted my last 6 mths bills and 6 bank statements before they would open me an account. Which i couldn't produce ( dont stock pile bills )...so i informed them i wasn't that desperate to open an account with them and walked across the road and opened an account with the Abbey

Before leaving the Uk for Canada i was advised to open an account with HSBC...But they refused to open me an account unless i closed all my other accounts with other banks...in which i refused, so yet again i walked

I personally think all these banks have a bloody cheek.....In a way we are employing them to look after our money..... Or do i have the wrong idea here
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Old Feb 27th 2009, 5:51 pm
  #34  
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Default Re: UK Inheritance

[QUOTE=louie;7304875]I know nothing about US tax but an inheritance is not income, it is capital.


That is correct. Only the interest earnt from it is seen as income and thus taxable.
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Old Mar 2nd 2009, 7:44 pm
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Default Re: UK Inheritance

Originally Posted by fulwood
My aunt has the money - think she has it in her account. she's just waiting to hear what we want done w/money. Someone on here suggested getting it wired to my US bank account. If IRS wants some of it it's not worth bringing over here might as well just sit in UK..Rate of exchange is bloody awful right now as well.
Wait until the US dollar turns into Fiat currency. Or better yet, buy British pounds now as the rate of exchange is low. When the Amero comes to inception, which will be backed by silver (The Amero will be True Quid in that it will be Sterling in that it will be backed by silver ha ha) you can convert the Pounds back to Ameros which will be pegged around 10 dollars to the Amero. But if you hold pounds, you will get more, as you will not fall prey to the collapse of the US dollar in such a direct way. It is true that the world is effected by it, but no country will get hit as hard as US itself.

Or you can choose to short the Dow Jones buy buying DXD on NYSE which is a gurantee of making mega bucks. Even if you bring back the Pound to the US at a lousy rate, your profits on shorting the dow will make you the money.
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Old Mar 21st 2009, 11:50 pm
  #36  
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Default Re: UK Inheritance

I guess it's started already. My Uncle cleared out my Dad's house and refused to hand over the keys.

*sigh*

I feel sorry for my brother having to deal with everything
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Old Mar 23rd 2009, 8:41 am
  #37  
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Default Re: UK Inheritance

Originally Posted by Umpatan
Wait until the US dollar turns into Fiat currency. Or better yet, buy British pounds now as the rate of exchange is low. When the Amero comes to inception, which will be backed by silver (The Amero will be True Quid in that it will be Sterling in that it will be backed by silver ha ha) you can convert the Pounds back to Ameros which will be pegged around 10 dollars to the Amero. But if you hold pounds, you will get more, as you will not fall prey to the collapse of the US dollar in such a direct way. It is true that the world is effected by it, but no country will get hit as hard as US itself.

Or you can choose to short the Dow Jones buy buying DXD on NYSE which is a gurantee of making mega bucks. Even if you bring back the Pound to the US at a lousy rate, your profits on shorting the dow will make you the money.

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Old Mar 23rd 2009, 8:47 am
  #38  
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Default Re: UK Inheritance

Originally Posted by Jerseygirl
Indeed.

But do not worry - the poster leaves under one of them bridges...
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Old Mar 23rd 2009, 11:28 am
  #39  
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Default Re: UK Inheritance

Originally Posted by Jerseygirl
I'm not saying you would be taxed in both countries...as I understand it you wouldn't...even so I thought it had to be declared on your US tax return.
But declared as what??

Receipt of an inheritance is not income. And the United States taxes estates, not the recipients of inheritance.

The only tax consequence might be capital gains on a future disposal of such assets.
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Old Mar 31st 2009, 8:44 am
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Default Re: UK Inheritance

Originally Posted by Jerseygirl
You cannot open a UK bank account if you are not a UK resident...the executor of your mum's will or whoever is handling her affairs can wire it directly into your US bank account. You can take up to $10K in cash into the US without declaring it to US Immigration...whatever you decide you must declare it on your US tax return.
That is not true. If the OP has banking arrangements in the US with a company which has a UK presence then it is easy to open an account. A prime example would be HSBC who can open an account for you wherever you want.

An alternative would be a multi currency account with your own bank where you can have a GBP account. Not sure if £2500 is enough to warrant any charges though.
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