If there would be an advantage to us to VARY how we inherit from a deceased person’s estate, either via their Will or by the Law of Intestacy because there was no Will, then we have up to TWO years after that person died to do so. This process is known as undertaking a Deed …
Trusts
Trusts are very often considered to be complicated and expensive. However, although the “terms and conditions” can sometimes be detailed and extensive, the fundamental purpose of a Trust will usually be stipulated by the person or people wishing to create it. The “legalese” contained within the paperwork is merely to ensure that a Trust is …
Inheritance Tax Reduction by Gifting to People
Gifting can sometimes be an effective way to reduce your future potential Inheritance Tax (IHT) liability after your lifetime. However, you only need to consider this if there would be a potential IHT liability after your death OR you have other genuine reasons to make gifts to other people. Will there be an Inheritance Tax …
Do We Need a Grant of Probate After Someone Dies?
Not Always If you are an Executor of a Will or a Representative of a deceased person (if there is no Will), you will need to establish whether a Grant of Probate is required for their estate. Usually, a Grant of Probate is required from a government department known as the “Probate Registry” if any …
Inheritance Tax and Investment Property
Investment Property is NOT Automatically Exempt from Inheritance Tax (IHT) It is widely recognised that although most ongoing active businesses are exempt from Inheritance Tax (IHT) upon the death of the owner(s) or controlling shareholder(s), businesses where the main activity relates to investment property or properties are NOT exempt from potential IHT liability. Can I …
Solicitor v Local Professional Will Writer
Some people understandably believe that they will get a superior product and service if they use a solicitor rather than a local professional Will Writer. However, a Will is either legally valid or it is not, whether it is provided by a solicitor or a local Will Writer. A qualified solicitor is accountable to the Solicitors …
Have you Unknowingly Invalidated your Will?
Are you aware of some of the different ways in which your Will could be affected by a change in your circumstances, or vice versa? Have you Unknowingly Invalidated your Will? A New Property Purchase If you purchase a new property with another person, this may have implications if your locally arranged Will (see previous …
Inheritance Tax Allowances
Inheritance Tax (IHT) is payable on death or at certain stages during lifetime. For the purposes of this post, we will only look at the Inheritance Tax Allowances charge payable upon a death. Upon death, our Representatives will calculate the value of our estate, including the value of our assets i.e., property, money in bank …
Wills and Vulnerable Beneficiaries
Will beneficiaries can be vulnerable for many reasons, including but not limited to learning difficulties, illness, and addiction. How do we provide for a vulnerable, possibly dependent adult Beneficiary in our Will? The beneficiary’s vulnerability is not as important as their care needs, and the solution is known as a Vulnerable Person Trust. Vulnerable Person …
TRF Wills and the Society of Will Writers
All consultants representing TRF Wills are members of the Society of Will Writers (SWW). The Society of Will Writers was founded in 1994 and has been protecting and serving the interests of the public for over 28 years. With close to 1,800 members, the Society of Will Writers and its members continually strive to promote …
Disabled Persons Trust
The term “Disabled Persons Trust” is one that was created within the legal system. It is a term in no way endorsed by TRF Wills and we refer to it reservedly and solely because it is currently widely used and recognized within the Wills and Trusts industry. When someone wishes to provide in their Will …
What is Inheritance Tax?
What is Inheritance tax (IHT). In simple terms, Inheritance Tax is payable upon death or at certain stages during a lifetime. For the purposes of this post, we will look at the IHT charge payable upon death which relates to the deceased’s estate. Upon death, the Executors calculate the value of the estate, which includes …
TRF Wills (TRF) was created by Michael Cotterill in 2005. He is a member of the Society of Will Writers and registered with the Information Commissioner’s Office.