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” …
How does Someone Contest a Will?
Disputes regarding Wills are becoming increasingly common due to the value of the estates involved, so how do you contest a will? Well, continued increases in property prices have also contributed to this problem, in this post we give some ideas as to how someone could contest a will. There are various reasons for someone …
Should you Review your Existing Will?
TRF Wills recommends that you review your existing will & estate plan every 3-5 years. This is to make sure that your Will still matches your wishes. We also recommend reviewing your planning when you have a change in your personal circumstances or when a beneficiary has a change in their circumstances. Many a bitter …
Inheritance Tax Avoidance – Devon Wills
Inheritance tax (IHT) is payable upon death or at certain stages during 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 will calculate the value of the estate including the value of any assets i.e., property or …
Investment Property Values and how to protect these from Inheritance Tax
It is widely recognized that although most ongoing active businesses are exempt from Inheritance Tax (IHT) upon the death of the owner(s) or controlling shareholder(s), those businesses where the main activity relates to investment property or properties are NOT exempt from potential IHT liability, so how do you protect from inheritance tax? However, all is …
Investment Property Values and how to protect these from Inheritance TaxRead More
A Will is NOT Simply a List
A Will is NOT simply a list of who does what, and who receives what, after we die. If that were the case, then there would be little need for solicitors and professional Will Writers because people would merely prepare such a list at their own convenience. Here are a few examples of potential issues …
Care Fees Assessment – Devon Will Writer
Legally, if a person’s need for care is primarily health related, then they qualify for free health care under the NHS, either in their own home or in a residential nursing facility. However, if the need for care is primarily convenience based (otherwise known as social needs), then a person will be assessed (means-tested) for …
Grant of Probate – Devon Will Writer
Just because we have a Will, that does not automatically mean that upon our death the people dealing with our affairs (Executors) can then immediately begin sharing out our estate according to the terms of our Will. If a deceased person owns property in their sole name or as a joint tenant in common with …
How Long Should it Take to Obtain Grant of Probate?
So How Long Should it Take to Obtain Grant of Probate, well if you are an Executor of a Will or a Representative of a deceased person’s estate (if there is no Will), you will need to establish whether a Grant of Probate is required for the estate. Generally speaking, if a deceased person owns …
How Long Should it Take to Obtain Grant of Probate?Read More
Who can Contest a Will or Make a Claim Against a Estate? Devon Will Writer
When someone does not inherit from an estate but believes that they should, they may have grounds to contest a Will of a deceased person or contest the law of intestacy if there is no Will. Whether they will be successful with their claim depends upon numerous factors including whether they were financially dependent upon …
Who can Contest a Will or Make a Claim Against a Estate? Devon Will WriterRead More
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.