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.
No, you do not have to act as an Executor. You have a couple of options. Your first option is …
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 & ProbateYou need to make a statement saying why you think the Will should be written as you suggest. The Court …
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 & ProbateInheritance tax is charged at the rate of 40% on the value of your estate above the allowances available. The …
Read more Wills & ProbateOnly if there are serious disagreements between beneficiaries and/or the people making the Will.
Read more Wills & ProbateTo make a Will you must be over the minimum age limit and have “testamentary capacity”. This means you must …
Read more Wills & ProbateYes, an executor may be a beneficiary in your Will and it is often appropriate that the main beneficiary is …
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