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Advice

When is Inheritance Tax due?

By Heritage Will Writing / 5th December 2018

RED-top tabloids refer to it as a ‘death tax’. But that may be considered a tad unfair. In fact, inheritance tax is only due if the value of your estate – which does include your home – is valued at more than £325,000. And anything left to a spouse or a civil partner or a…

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Is Capital Gains Tax due on my House after I Die?

By Heritage Will Writing / 20th November 2018

Capital Gains Tax (CGT) was introduced by Labour Chancellor of the Exchequer James Callaghan in 1965 to plug a loophole. It means you are taxed on the profit you make from selling an asset that has increased in value. CGT applies to things like land, shares, personal belongings and property. But it is not due…

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How is your income taxed after your death?

By Heritage Will Writing / 5th November 2018

You, or at least your estate, may be eligible for a tax rebate after you die. A personal representative, be it an executor or an administrator, can claim your whole personal allowance for the tax year in which you passed away. But that only applies to income received prior to your death. Money received after…

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You can’t hide from the Taxman

By Heritage Will Writing / 22nd October 2018

Even estates valued below the inheritance tax threshold are sometimes investigated by Her Majesty’s Revenue and Customs. So it’s vital that a realistic valuation is sought for something like a house, which in many cases forms the bulk of the estate. The taxman insists on an open market valuation, which is described as the “price…

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Can I sell my Jointly Owned House?

By Heritage Will Writing / 27th September 2018

It appears quite sensible on the face of it. A husband and wife jointly own a house. While planning for the future should either lose mental capacity, they appoint each other to look after their financial affairs by taking out Lasting Powers of Attorney. Years later, one is diagnosed with dementia and is eventually taken…

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Younger Financial Advisers Attract Younger Clients

By Heritage Will Writing / 17th September 2018

BBC Match of the Day pundit Alan Hansen famously said: “You can’t win anything with kids.” The former Liverpool defender was criticising manager Alex Ferguson for fielding a young Manchester United side in August 1995. That comment went down in football folklore as the team with an average age of 26 went on to clinch…

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What Happens to Estate Accounts?

By Heritage Will Writing / 29th August 2018

Estate accounts must be retained for the length of time that Franklin D Roosevelt was president of the United States of America. History buffs will know that was 12 years, a period covering a large part of the Great Depression and the Second World War. Let’s hope the 12 years you keep your estate accounts…

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What happens when the Grant of Probate is issued?

By Heritage Will Writing / 7th August 2018

Now it’s all systems go, as they say at NASA mission control. Armed with the grant of probate, you can collect and sell assets, pay debts and distribute the remainder of the estate in accordance with the will or the rules of intestacy. This should be straightforward as the whole estate will have already been…

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Probate is not a Legal Service

By Heritage Will Writing / 26th July 2018

Nearly three-quarters of the UK population wrongly believe that probate is a legal service. A recent survey by Bristol-based estate administration company Kings Court Trust revealed that 74% of clients of financial advisers think that you have to use a solicitor when sorting out the money and possessions of someone who has died. In fact,…

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What Happens at the Probate Registry?

By Heritage Will Writing / 16th July 2018

Thank goodness you don’t have to stand in an open court with your left hand on a bible and answer to a scary judge wearing a black robe and a wig. A few weeks after posting the probate forms, you will be called to the registry for an interview. You will be asked to swear…

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