Posts Tagged ‘Probate’
Who can see my Will?
Many people wrongly believe that their will is a private document viewed only by their chosen executors and their crusty old family solicitor behind a paper-strewn desk in a book-lined office. This may well be the case when the estate is small. But it all changes if a grant of probate is required. Executors must…
Read MoreWhat is probate?
Probate is the official proving of a will – which probably leaves you none the wiser. In layman’s terms, probate is the whole process of dealing with the estate of someone who has died. Many people believe that as long as they are named as an executor in a will, they can just plough on…
Read MoreWhat happens if my executors died at the same time?
Reserves are vital when running the Bank of England or managing a football team or choosing executors. The Old Lady of Threadneedle Street must be able to handle runs on sterling and Pep Guardiola needs to have a handful of multi-million-pound stars on the bench in case of injury. And yet many people pick only…
Read MoreWhat is Intestacy?
Rules of intestacy kick in if you die without leaving a will. How your money and possessions are distributed is strictly laid down in law and may not be what you wanted. First in the pecking order is your spouse or civil partner. Then your children, followed by your parents, brothers or sisters, and then…
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 MoreWhen do I have to complete form IHT400?
Life presents us with many challenges. And so, sadly, does death. At a time when we are struggling to come to terms with the loss of a loved one, we must also deal with the red tape. Stripping away the emotion, we have to reduce the deceased’s life to numbers. To us, he or she…
Read MoreExploding the myth about Inheritance Tax
What is the most unpopular tax in the UK? Polls suggest the answer is inheritance tax. But I wonder why. Sometimes our perception is not borne out by the facts. Did you know that only about 4% of estates are actually liable to pay it? And that means 96% are exempt, for various reasons. Generally…
Read MoreHow receiving a Gift can actually Cost you Money
They do say you shouldn’t look a gift horse in the mouth. Surely there can’t be any pitfalls when someone gives you a large sum of money. Can there? I’m given half a million pounds by a rich uncle (I wish!). He dies the following year. Suddenly I’m hit with a tax demand for £70,000.…
Read MoreHow to Minimise Inheritance Tax
Giving it all away, as The Who’s frontman Roger Daltrey sang in 1973, is one way to stop your estate being clobbered by the taxman. Not surprisingly, Her Majesty’s Revenue and Customs are wise to that ruse and have rules in place to ensure the flow of inheritance tax they receive is not reduced to…
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