TOP 5 Reasons to use a solicitor for Probate Yes, you can have a friend or family member deal with probate. But why? I’ve been in practice now for longer than I care to remember. I’ve drafted thousands of wills, and administered hundreds of estates. And in my experience, the [...]
Inheritance Tax (IHT) - Grossing Up (Re Benham v Re Ratcliffe)? Should Re Benham or Re Ratcliffe apply to gifts of residue in your will. Gifts from our residuary estate to charities are generally free from Inheritance Tax. But, where a share of the residuary estate is gifted to both [...]
When do you pay Inheritance Tax (IHT)? Inheritance Tax (IHT) falls due on our net residuary estate when we die. Inheritance Tax (IHT) is paid on the net assets of a UK estate at 40%. Various exemptions and reliefs apply – depending on your circumstances, and the beneficiaries set to [...]
Gifts with Reservation of Benefit (GROB) - Inheritance Tax (IHT) Lifetime gifts with a ‘reserved benefit’ may end up being charged to IHT on your death. Inheritance Tax (IHT) is payable on the net estate of someone who has died. It is subject to various exemptions and reliefs. However, it does [...]
Lifetime Gifts - Inheritance Tax (IHT) It’s not just the assets we own on death that attract IHT – gifts made in our lifetime may too... Subject to various allowances and reliefs, gifts made during our lifetime may be added to the value of those assets that comprise our estate when [...]
How do you value assets for Probate? One of the first jobs for executors is to obtain ‘date of death values’ for all assets. So, you’re the executor of a will, and the testator (the person who made the will) has died. Assuming you are going to accept the executor [...]
Probate - What are Estate Accounts? Estate accounts should provide an overview of the administration of an estate. Estate accounts are a summary of the administration of an estate. The main focus is on ‘numbers’. They will typically show all date of death values, payments in and out of the [...]
What does an Executor do? Your Executor(s) will deal with the ‘administration of your estate’ (often called ‘probate’) when you die... Acting as someone’s executor is a big job, and one not to be taken on lightly. So, let’s take an overview of some of the key responsibilities of an [...]
How do I make a Will? You can make your own will - but do you want to risk it? Yes, you can make your own will. And, here is an explanation of what you need to think about when doing so. Let’s start at the beginning, and ask ourselves [...]
AUTUMN STATEMENT – Inheritance Tax: will changes benefit the few or the many? IHT is paid on our net residuary estate when we die and there are allowances and exemptions. So, we’re a couple of days away from the 2023 autumn statement, and of course a general election looms on [...]
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