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 …
What is a Trustee?
A Trustee is someone formally appointed to manage assets of a Trust for the benefit of others (usually Beneficiaries), and to administer the Trust in accordance with its terms. There is an ongoing obligation for Trustees to act in accordance with the terms of the trust and in the best interests of its Beneficiaries. Trustees …
What Happens if a Will cannot be found after a Death?
Upon occasion, people die and although their surviving family members are certain that there is an existing Will somewhere, they simply cannot find it, so what happens if a will cannot be found after a death? This could be because the official document is being held by the legal firm which created it, so it …
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Excluding an Estranged Family Member from Inheriting
Whilst it is unfortunate, sometimes there are family members (estranged spouses, children, stepchildren, etc.) that have behaved in such a way as to motivate someone (a Testator) to arrange or change their Will so as NOT to provide for such a person or people and excluding an Estranged Family Member. Although in many European countries, …
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Register your Trust with HMRC BEFORE 1st September 2022
If you are in any way connected to an existing Trust or Trusts, whether that be as a Trustee, a Beneficiary or the person who created the Trust, then it is highly likely that you are required to register that Trust or Trusts ON or BEFORE 1st September 2022. If the Trustee(s) fails/fail to register …
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Do-it-Yourself (DIY) Wills
You could choose to create your own Do-it-Yourself (DIY) Will rather than consult a specialist. This would almost certainly be a “cheap” course of action. Likewise, you could undertake your own dentistry, defend yourself in court against a wrongful accusation of a serious crime or unilaterally educate your children up to degree level. These would …
The Importance of Secure Will Document Storage
Wills are unique documents because you can really only have one legally valid version at any one time, other than additional foreign Wills, and so it is vital we have secure will document storage. We can have legally valid certified copies of many types of documents which can be provided as evidence of a document’s …
Who can Witness a Will?
So who can witness a will? well to be legally valid, a Will must comply with all the requirements set out below: The Will Must be in Writing and Signed by the Testator The Will must be in writing whether this is handwritten or generated using modern word-processing technology. There is no requirement for the …
Can an Executor of a Will be Removed?
An Executor of a Will has a legal duty to administer the deceased’s estate. They must make sure assets are identified and called in, debts owed by the deceased are paid, any taxes are declared and paid, and the remaining assets are distributed to the correct people according to the deceased’s Will. Executors are expected …
What is a Discretionary Trust?
A Discretionary Trust is a type of trust where the Trustees are given complete discretion to pay or apply the income or capital of the assets for the benefit of one or all its Beneficiaries. The Trustees have control over how much to distribute at any given time, when to make distributions and to whom …
Do I Need a Grant of Probate?
So do you need a grant of probate? Well, 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 the estate. Usually, a Grant of Probate is required from a government department …
Co-Ownership of Property
How do you Jointly Own your Property and Why Does it Matter When you Die? When you buy a property, you may be buying it with someone else and you become co-owners as a result. There are two different ways to jointly own property, being either “Joint Tenants” or “Tenants in Common”. Despite the word “tenant” …