There are strict rules surrounding Wills and the administration of estates after a death, meaning that relying on some common beliefs could cause problems for your loved ones. We take a look at some common misconceptions and what the true position is. My spouse will inherit everything if I die If you
Six common misconceptions about Wills and probate Read More »
If someone leaves a net estate worth more than £325,000, then Inheritance Tax will need to be calculated and paid. This is not always a straightforward process and the estate executor or administrator will need to carry out investigations and arrange for professional valuations of any assets worth £1,500 or more. Valuing an
Calculating and paying Inheritance Tax Read More »
A study by Co-op Legal Services has found that almost half of Brits don’t have a Will in place. Co-op also discussed common myths with respondents, finding widespread confusion over inheritance and estate issues. The report discovered that 49% of those questioned did not have a Will in place, with 9% saying they did
Widespread confusion over Wills and inheritance Read More »
It is sometimes the case that the person named in a Will as the deceased’s executor is unable or unwilling to take on the role. The task of executor can be complex and time-consuming. It involves identifying and valuing all of the deceased’s estate, calculating and paying Inheritance Tax, obtaining a Grant of Probate,
What happens if you do not want to take up the role of executor Read More »
The government has launched a consultation into the Lasting Power of Attorney (LPA) system, which has been criticised for being slow and hard to use. The current process is largely paper based, involving the Office of the Public Guardian (OPG) processing LPAs amounting to 19 million pieces of paper in 2019/20. The consultation is
Government consultation in respect of Lasting Powers of Attorney Read More »
When someone dies, you may need to contact the Probate Registry. We take a look at the office and the role it plays in estate administration. The Probate Registry is part of HM Courts and Tribunal Service. It issues legal authority to those dealing with the winding-up of an estate after a death.
The role of the probate registry Read More »
Inheritance Tax can be a substantial bill, often amounting to tens of thousands of pounds or more, payable by someone’s estate after their death. It is a complex area, but it is often possible to legitimately reduce the amount of Inheritance Tax that will be due. How much Inheritance Tax is payable after
Inheritance Tax Thresholds Read More »
For many people, leaving money to a charity in their Will is a way of saying thank you for the help they or their loved ones have received during their lives. Charities rely heavily on gifts they are left when people die. But leaving money to charity can also benefit your estate, by way
How and why to leave money to charity in your Will Read More »
When you are having your Will drawn up, there is more to think about than simply whom you wish to leave your estate to. Below is a brief checklist of issues to consider when making your Will. Funeral wishes If you want to, you can include your funeral wishes in your Will so
After someone dies, their executor or administrator will be responsible for finalising their financial affairs. This involves collecting in all of their assets and belongings and either selling them or transferring them in accordance with their Will or, if they have not left a Will, the Rules of Intestacy. Identify assets Making
Dealing with financial affairs after someone has died Read More »