Trust, Wills and Probate
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- When dealing with an estate, an increasing problem for executors is the valuation of assets in the form of the chattels of the deceased. In probate terminology, chattels are the everyday assets such as furniture and ordinary possessions, as opposed to...
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- Inheritance tax (IHT) is payable at 40 per cent on the net value of a person s estate above (2009/10 rates) 325,000 (the current nil rate band). It affects an increasing number of people owing to the rise in house prices in recent years. One straightforward...
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- In the UK, there are quite generous exemptions from Inheritance Tax (IHT) which apply to business assets. One problem with making use of such exemptions is the effect this may have on the subsequent value of the relevant assets for Capital Gains Tax (CGT)...
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- A will expresses the final wishes of the deceased person and it is commonly thought that a will is irrevocable after death. However, provided everyone agrees, it is normally possible to vary a will provided that the application is made within two years of...
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- From 2003-4 Self-Assessment Tax Returns have included a facility to enable individuals to donate some or all of any tax repayment to a chosen charity. Participating charities have signed up with the Inland Revenue and been allocated a unique code, which...
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- When one member of a cohabiting couple dies, it can come as an unpleasant surprise to the bereaved partner to discover that not all of their late partner s estate will pass to them in the absence of a will. It is only when this happens that many people...
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- One of the biggest problems now facing executors is that as the recession progresses, most assets, other than cash, are falling in value, which can mean that the value of an estate for Inheritance Tax (IHT) purposes is greater than the market value later on....
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- Until the recent publicity afforded by television shows on the subject, many people might not have realised that heir tracing companies exist, let alone that they research promising estates by looking at public records and then contact potential...
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- It's easy to include a charity in your will, but you should always consult your solicitor before you write or change your will to be sure it reflects your exact intentions and that you understand its implications. Before you call your adviser, take a...
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- In October 2007 there was a fundamental change on the way in the way powers of attorney are created and the powers that they can give attorneys, when the Enduring Power of Attorney (EPA) was replaced by the Lasting Power of Attorney (LPA). EPAs are no...
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- With increased life expectancy, it is becoming increasingly common for people to cease, at some point, to be able to manage their own affairs. The need to protect those who cannot protect themselves has never been greater. For example, do you know how you...
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- Many people have assets which they have forgotten about old bank accounts, shares or premium bonds for example. If you think you or a relative may have lost track of some of their assets a search of the register (which costs 18) may be worthwhile. So far,...
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- In spite of the best endeavours of the legal profession, as well as frequent blandishments in the press, a surprising proportion of people still die without having made a will. Some people, no doubt, think that provided there is no liability for...
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- The levels of statutory legacy (the amount that surviving spouses or civil partners are allowed to inherit if their spouse/civil partner dies without leaving a will) were increased from 1 February 2009 to the following: 250,000 (from 125,000) where...
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- There have been a considerable number of cases over the last couple of years in which families (mainly) have sought to have wills invalidated, alleging that the will was written under the undue influence of someone close to the testator. The law...
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- Under the Housing Act (S17) a spouse has the right to succeed, in most circumstances, to an assured tenancy where he or she was cohabiting with the deceased spouse immediately before the death. Whilst that is all reasonably clear, the definition of what...
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- A trust comes into effect when a settlor places money, land or other assets in the hands of trustees. The trustees are the legal owners of the property but are obliged to hold and manage the property for the benefit of a person or a group of people, who...
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- A trust comes into effect when a settlor places money, land or other assets in the hands of trustees. The trustees are the legal owners of the property but are obliged to hold and manage the property for the benefit of a person or a group of people, who...
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- For a will to be valid, it must meet three criteria in relation to the person making the will: They must understand the effect of the will; They must understand and recollect the extent of the property which is the subject of the will; and ...
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- One of the most common statements of wish in a will is a statement outlining how one s remains should be dealt with. Many people think such a wish is part of the will per se and is binding on the executor, but this is not strictly the case. In law, your...
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- The law recognises that some people (such as solicitors or accountants) have a high degree of influence over other people (their clients), since clients hire their professional advisers for the specific purpose of giving advice. However, it is not...
