Have you ever considered what would happen after your death?
HEY Solicitors will help you to ensure your wishes are carried out after your death.
What is Probate?
A Grant of Probate is an official legal document that gives the executors of the Will the right to deal with the assets and property of the deceased. You will often need to apply for Probate if the person who died had:
If there is no Will then a grant may still be necessary but it is called a Grant of Letters of Administration.
What is an Executor?
The executors are the people who are appointed to deal with an estate and make sure that the deceased’s wishes are carried out. This can often be more than one person. Executors can also be beneficiaries of the Will and their duties will usually include
Failure to correctly carry out the legal duties and procedures required can lead to an executor being personally liable to the estate. An executor can relieve himself/herself from personal liability by instructing a Solicitor to formally handle the deceased’s affairs. Alternatively partners in a firm of Solicitors can be appointed to act as executors.
Is Probate always needed?
In some cases you do not need to apply for Probate, such as when:-
Will I have to pay any Inheritance Tax?
Whether or not you as the executor have to pay Inheritance Tax out of the estate depends on:
If all of the above add up to a certain amount (called the “nil rate band”) the estate has to pay Inheritance Tax of 40% on the sum of money above this amount. The amount is reviewed every year and as at April 2016 it was £325,000.00.
Since 2007 if your husband, wife or civil partner died first, your estate can carry forward any unused portion of their nil rate band and add it to your own nil rate band. This usually means that for most married couples or civil partners the first £650,000.00 of their combined estate is exempt when the last one dies.
There is no Inheritance Tax payable on assets left by married couples or civil partners to each other regardless of value. In such cases Inheritance Tax only becomes payable on the death of the survivor in respect of assets that exceed the “nil rate band”.
Why is it important to make a Will?
PEACE OF MIND
For Example you can:-
FINANCIAL ADVANTAGES - It will make the administration of your estate smoother and may reduce the legal fees.
APPOINTMENT OF EXECUTORS - Ensure that your estate is dealt with in a proper manner by appointing people you trust to deal with the administration of your estate.
What happens if I do not make a Will?
It depends upon your circumstances. Your Estate will be dealt with under legislation referred to as the “Intestacy Rules” which determine who can legally administer your estate and who gets your money and other assets. These rules may not reflect your wishes.
When should I make a Will?
If you have already made a Will then we recommend it is reviewed every 5 years or if your financial/family circumstances change OR because your wishes change.
For further information contact:
Head Office – 01353 662 918
or contact one of our offices, click here for more information.
Alternatively click here for an appointment.
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