The answer is No. It is a common misconception that when a person dies their debts die with them.
When a person dies their debts are paid off from their assets at the time of death. If their debt exceeds their available assets then the estate will be insolvent.
When the estate of the deceased is insolvent, gifts and legacies cannot be distributed to the beneficiaries under the Will.
Inheritance tax is charged at the rate of 40% on the value of your estate above the allowances available. The …
Read more Wills & ProbateNo, as long as you are the Executor or Administrator you can choose any solicitor you like.
Read more Wills & ProbateYou should record your contribution and the way in which you would like the future proceeds of sale to be …
Read more Wills & ProbateDepending on the size and complexity of the estate, these could include HM Revenue & Customs, the Department for Work …
Read more Wills & ProbateYou are responsible for taking charge of the property, money and belongings. You will be held personally and financially responsible …
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 & ProbateFirstly you will need to break the news to friends and relatives, register the death and organise the funeral. It …
Read more Wills & ProbateNot necessarily. When we receive your Will instructions, we will look at your age and circumstances, and we will write …
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