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.
Consider giving your wife a lifetime right to benefit from your estate. This will enable her to carry on living …
Read more Wills & ProbateYes, an executor may be a beneficiary in your Will and it is often appropriate that the main beneficiary is …
Read more Wills & ProbateTypically there are three stages to the process: Collecting the information and preparing the detailed list of assets, liabilities and …
Read more Wills & ProbateA personal representative is simply another name for someone who is an Executor or if there is no Will, is …
Read more Wills & ProbateYes. In England, Wales and Northern Ireland you must be over 18, and in Scotland you must be over 16. …
Read more Wills & ProbateUnlike an intestacy, where children must take their inheritance at 18, if you make a Will you can specify at …
Read more Wills & ProbateYou can appoint one or more relatives or close friends to act as guardians and assume parental responsibility. Always discuss …
Read more Wills & ProbateYou are responsible for taking charge of the property, money and belongings. You will be held personally and financially responsible …
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