How should I get financial advice?

[Primulas]

My mum has recently died and I am struggling with what I should do/am supposed to do regarding property and tax. Whom should I consult for advice and to check I am doing the right thing? Would CAB be able to help or do I need a lawyer or an IFA?

When you say property do you mean a house/flat?

What do you think the total value of the estate might be?

Is there a will?

A starter for ten...

https://www.citizensadvice.org.uk/family/death-and-wills/dealing-with-the-financial-affairs-of-someone-who-has-died/

Thank you ☺️. I will inherit half a property, but my mum actually lived in a property we own, not the one she did. We live in work accommodation so it is the only home we own, but we don’t live in it. We don’t know what to do with it now - I think we might have to pay Capital Gains tax if we sell it, but not sure and we ch might want to rent it out.

I’m not sure who could talk me through these options and the tax implications etc

Try your bank or a financial adviser or a solicitor

My late parents solicitor specialised in dealing with estates so when they went, he dealt with everything and gave us advise on how to track any spending.
He dealt with probate, inheritance tax, disposal of assets, breakdown of monies etc and at the end of it all, his bill came to a tad over £1k. Money well spent IMO.

Normally I would recommend the probate board on Money Saving Expert, but I think this is a bit complicated, so a probate solicitor may be your best bet. It will cost a few ££££ but will be worth it to get it right.

so sorry for your loss

Always use an ifa. Make sure they are actually independent though

If you think there's tax at stake, I'd suggest an accountant/tax adviser who is experienced in capital gains tax on profit and inheritance tax.

There's a professional body, STEP, whose members are specialised in dealing with the tax and other aspects or estates, executorships, etc. Many solicitors firms will have a STEP practitioner among their staff.

There's also the CTA, chartered tax advisors professional body, whose members are more specialist in tax matters, as opposed to general accountancy.

Sorry for your recent loss

I recommend paying for several copies of the death certificate, you will need these when contacting various people

The funeral directors may also be able to point you in the right direction too

I would suggest making notes of the people that you have contacted as time progresses

Please read below

https://www.gov.uk/after-a-death

https://www.gov.uk/renting-out-a-property

If you rent out a property
It is not easy money, see responsibilities
If you earn over a certain amount per year, you may need to complete a self assessment tax return yearly