This is the term used to cover everything that needs to be done to deal with an estate. It involves establishing the assets and debts of the estate.
The estate’s money or assets are used to pay off any bills or loans that are left (including inheritance tax, funeral costs and the costs of dealing with the estate administration).
Remaining assets are distributed according to the Will. If there is no Will, then the estate gets paid according to the rules that say who inherits in these circumstances (known as the Rules of Intestacy).
The tax affairs of the person who has died will also need to be finalised.
Marriage will cancel your Will unless it was prepared in expectation of the event. Getting divorced will not cancel your …
Read more Wills & ProbateConsider giving your wife a lifetime right to benefit from your estate. This will enable her to carry on living …
Read more Wills & ProbateIt is possible for you to provide for future born children. However it is advisable to cover what should happen …
Read more Wills & ProbateYou can include gifts of personal belongings in your Will. However, if you would like a more flexible way of …
Read more Wills & ProbateInheritance tax is charged at the rate of 40% on the value of your estate above the allowances available. The …
Read more Wills & ProbateIf you don’t have a Will when you die, the law will decide how your estate is distributed. This is …
Read more Wills & ProbateWhen you act as an Executor you are expected to act reasonably and act in the best interests of the …
Read more Wills & ProbateDepending on the size and complexity of the estate, these could include HM Revenue & Customs, the Department for Work …
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