Probate - When does the Reading of a Will happen? Is there such a thing as ‘the reading of a will’……? Who has access to the will of a deceased is of course of some legal and practical significance. Here, we look at how this happens in practice. And when, [...]
Will an Executor always be the person(s) named in a Will? The person(s) taking the grant of probate won’t always be the executors named in the will. The first line of people entitled to become the executors of an estate are those person(s) named in the will to take that [...]
How do Executors realise estate assets during Probate? Once Probate is granted, executors must then cash in the various assets that comprise the estate. How executors cash in assets will differ from one asset type to the next, and even from one institution to the next (within the same asset [...]
Probate – What is an Interim Distribution? Interim distributions allow executors to get the bulk of the residuary estate to beneficiaries as quickly as possible. There’s lots to do administering an estate (sometimes referred to a ‘probate’). And, the loose ends might well not be tied up for a year [...]
Probate - When do Executors pay Legacies? Cash Legacies are fixed sums of money paid under the terms of a will. The administration of an estate can be a complicated and time-consuming process. Executors are unlikely to be able to pay cash legacies for some months after the date of [...]
What are Trustee Act Notices? Trustee Act Notices provide protection from future claims by creditors. What is a Trustee Act Notice? A Trustee Act notice (sometimes called a ‘section 27 notice’, and also a ‘statutory advertisement’) is an advertisement placed in designated publications to give notice to creditors or beneficiaries [...]
Probate - What is the Right of Survivorship (Joint Assets)? The right of survivorship changes how executors deal with joint assets. The right of survivorship is a legal principle that applies to certain joint assets, meaning that they will pass automatically to the surviving owner(s), and not via the terms [...]
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 [...]
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