Posts Tagged ‘Personal Representatives’
What is an LPA?
Losing the ability to make decisions is the stuff of nightmares. But it happens to many of us. And quite often without warning. It may be caused by a serious car crash or a stroke or a whole raft of other nasty things that life throws at us. If you do lose mental capacity, who…
Read MoreHow powerful is the Taxman?
It’s often claimed that tax inspectors have more power than the police. Perhaps we’ll leave that debate to the civil liberty lobbyists. But it is a fact that Her Majesty’s Revenue & Customs (HMRC) officials leave no stone unturned in their pursuit of what is rightfully theirs – which, in effect, means ours. Some people…
Read MoreHow long have I got to pay Inheritance Tax?
Time and tide wait for no man – just like the taxman. You may have thought that inheritance tax is paid once you have been granted probate, ie, the legal authority to dispose of a dead person’s money and possessions. But, in fact, the reverse is true. Probate will not be granted until a receipt…
Read MoreHow is your income taxed after your death?
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…
Read MoreWhat Happens to Estate Accounts?
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…
Read MoreWhat happens when the Grant of Probate is issued?
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…
Read MoreDoes a Mortgage Die with You?
Mortgage may literally mean death pledge, in a medieval concoction of Latin and Old French, but it doesn’t go away when you die. Some lenders are happy to suspend repayments while personal representatives wait for the grant of probate. But be aware that some companies do insist on receiving their monthly instalments regardless of the…
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