A great question – and thanks for reaching out. The basic rule is that fixed cash legacies are just that – and are paid in accordance with the amounts stated in the will. The residuary estate is what ‘bears the liabilities’. There is a further point to be mindful of, and that is the personal liability of executors where there is a [...]

Thanks for this great question. I am of the view that HMRC guidance on this is a tad ambiguous. Having raised with HMRC a question along those lines recently, the guidance we were given is that the excepted estates thresholds (£3mil/£325k NRB etc) apply AFTER the deduction of ‘all exemptions and reliefs’, and so they did not want an IHT400. [...]

Eleanor – thanks so much for reaching out. This is a great question, and raises some interesting points. So, interestingly, cash legacies take priority of residuary estate. So for example (slightly different point to your question), if someone dies with an estate worth £1,000, and a will leaving £1,000 to charity, and residuary estate to spouse, the charity get their [...]

Hi, and thank you so much for reaching out. Domicile is a matter which impacts Probate and Inheritance Tax (related to but separate from income tax). Has your father passed? What in particular did you have in mind as regards his domicile -v- IHT and probate?

Hi, so sorry to hear of the passing of your father. Whilst we can not provide you with specific advice in this forum, the following generic information will hopefully help. We don’t currently have a proforma deed of variation on the site, but will look at adding that (with explanatory notes). As a general rule, you would expect a deed [...]

Thanks so much for your query. Yes, including wishes about a discretionary trust in your letter of wishes can work well. Do remember that you must not try to bind the trustees, and as such it must only be an expression of what you would like to happen. Do take a look at our article on will trusts which you might find [...]

Hi – Thanks for getting in touch. We can certainly help, though we can’t advise you until we’ve formally onboarded you. So, please get in touch directly so we can arrange to talk things through and get you onboarded as soon as possible.

Following a super query raised by a QLAW visitor, we just wanted to clarify that a lifetime gift (potentially exempt transfer or PET) does NOT give rise to an immediate Inheritance Tax (IHT) charge. Further, when it comes to calculating the IHT charge on death, subject to the application of Taper (or other) relief & exemption, the PET is simply treated [...]

Hi Rachel, and thanks so much for your query. I wonder if you need a deed of renunciation (which is an executor removing themselves formally)? Revocation of a will is a slightly different thing. I assume someone has died and you are a beneficiary of the will? I further assume that the will writers had appointed themselves as executors which [...]

Hi, and thank you for an excellent question. So first off, it is quite normal for a Will to make the executor/trustee appointment like that. Two points come from that. Firstly the (hereinafter called my Trustees) bit is just legal drafting protocol to save having to keep saying executors and trustees throughout the will. Secondly, the two ‘jobs’ are different, [...]