After the death of a person, a deed of variation can be created to alter the distribution of that...
Every estate is different, which begs the questions, How long will it take for an estate to be...
Sometimes it is necessary to change a will after death. In order to do so, a deed of variation...
Inheritance Tax applies to everything, doesn't it? Well, not quite. There are some estates – known...
As probate properties are usually sold for less than their expected market value and owners are often keen to offload them quickly, this type of house sale is having a positive effect on the UK housing market which is only now struggling to recover.
Having a succession plan in place is a challenge for any business, but even more so for farmers. On the death of the farming parent, it is usual for farms stay in the family, but it can be difficult to divide the assets evenly, leaving some feeling disinherited and others forever tied to the farm.
What is the definition of probate? Well, we all know that when we die, what we leave behind in the form of property, money or other assets (known as our “Estate”), must be distributed according to our wishes – a process known as “probate”.
If you have been named as an Executor in a Will, your first action must be to apply to the Probate Office for a Grant of Probate, which will then allow you to take over the financial affairs of the deceased, pay bills and any Inheritance Tax due, and then distribute the assets.
“Potentially exempt transfers” are one of the most widely used tactics for reducing Inheritance Tax. Providing that you survive for at least seven years after the date that you give away a sum of money as a “gift” to your beneficiaries, this means that not only can your loved ones benefit whilst you’re still alive, but the final amount to be taxed on your Estate after your death will then be reduced.
As with all legal documentation, errors can and do occur when preparing a Will, particularly if it there are particular wishes and clauses beyond the standard. This is the principal reason why the services of an expert Will writer should always be sought.
As part of the process of preparing your Will, you will of course need to consider your main assets in relation to the issue of Inheritance Tax, and a professional Will writer will advise you on the likely impact this is likely to have, ways of limiting this effect on your Estate, and how you can make proper provision.
When thinking about calculating the value of an Estate after a person’s death, we naturally assume that there will be enough left to distribute between the Executors and loved ones or charities, after all bills have been paid.
Unfortunately, this is not always the case, and in many instances, the person’s debts far exceed the value of their Estate, making them in effect, insolvent. This scenario is perhaps more common than you may think and can result from poor financial decision making or simply be a reflection of the weak economy at that time.
There are any number of reasons why thousand of individuals choose to leave either part of or their entire Estate to charity…
Much has been made recently of the decision by many people nearing retirement age, deciding to...
Death is a sensitive subject at any time, but especially when the deceased was in excellent health...
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Our Ultimate Probate Guide is the perfect companion for when you are in the process of dealing with Probate.
We understand it can be a confusing and difficult process, and one most will need to deal with after the passing of a loved one. This guide instructs and advisors every step of the way.
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