Business owners should plan for the future with a business Lasting Power of Attorney and consideration of the probate situation in respect of their enterprise. A Lasting Power of Attorney (LPA) is a document that gives legal authority to a nominated attorney to act on your behalf, should you ever be unable to manage
Business Lasting Power of Attorney and Probate Read More »
Insurance company NFU Mutual recently analysed HM Revenue & Customs receipts, finding that the average Inheritance Tax bill for the year 2018/19 was £199,000. The standard Inheritance Tax rate is currently 40 per cent, which can result in a substantial bill for many estates. By taking tax planning action in advance, it is possible
Using tax planning to minimise your Inheritance Tax bill Read More »
When someone dies, the administration can seem overwhelming at what is a very difficult time. We take a look at each step to be taken. Following a death, dealing with all of the necessary paperwork is an onerous task. If a Will is left, it will appoint an executor who will be responsible for
When someone dies: a step by step guide to administration Read More »
The job of the executor or administrator of an estate includes distributing assets to the beneficiaries. When a beneficiary cannot be found, it can cause complications. After someone dies, their estate will be wound up by their personal representative. If they have left a Will, this will name an executor to carry out this
What should you do if a beneficiary cannot be located? Read More »
Over recent years, there has been an increase in deathbed marriages as cohabiting couples realise late in the day the potential financial disadvantages of not being married. In 1996 1.5 million couples were cohabiting. This figure has more than doubled in the years since, with deathbed marriages also increasing. To have a deathbed
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When someone dies, their representative has the job of winding up their estate and finalising their affairs. If they have left a Will, then their representative is known as the executor of their Will. If there is no Will, then the job is undertaken by their administrator, appointed in accordance with the Rules of
How long does an executor have to wind up an estate? Read More »
Following someone’s death, their personal representative will wind up the estate, then prepare estate accounts. These accounts will include details of all the assets and liabilities in the estate. When you make a Will, you will appoint someone to act as your executor. They will be responsible for collecting in all of the assets
What are estate accounts? Read More »
Applying for probate is not always necessary when the deceased is survived by their spouse. After someone dies, a grant of probate is often needed. This is the legal document that gives their executor the right to wind up their estate in accordance with their Will. If the deceased did not leave a Will, then
Do you need to apply for probate when your spouse dies? Read More »
When someone dies, the person administering the estate needs to let the beneficiaries know what they are entitled to. All too often, beneficiaries are challenging to track down. And that can have a significant impact on the probate process. Finding an identified beneficiary If you know the name of a beneficiary (for example, if they
Locating Missing Beneficiaries Read More »
Probate is not a topic of conversation that many wish to have, but most people will have to deal with probate at some point in their life, so it best to know what the process is and what is involved. What is needed to distribute a person’s estate? When a person passes away and leave