Advice centre
What types of beneficiaries are named in a Will?
Anyone can be a beneficiary of a Will. This could be a family member, friend or even a charity or organisation.
There are multiple types of beneficiaries that can be named in a Will.
The History of Inheritance Tax
Probate duty remained the same for 86 years until 1780 when Lord North, Chancellor of the Exchequer between 1767 and 1782, changed the way probate duty was charged to a graduated rate.
What happens when a beneficiary of a will dies?
A beneficiary is named in a will or through the laws of intestacy as the recipient of a gift (cash or possession) or an inheritance from the testator’s estate.
Do all the executors named in a will have to apply for probate?
A testator (the writer of the will) may choose whomever they want as the executor of their Will, in most cases the executor will be a family member, close friend, solicitor or bank.
“Reading of the will” Myth or reality?
The information in this post is referring to Law in England and Wales and therefore is not applicable to the Inheritance procedures of other countries.
Who is responsible for paying the Solicitor?
The prospect of paying thousands of pounds in solicitor’s fees is obviously a massive deterrent for executors when faced with the administration of an estate.
Administering 2 estates upon a second death
Being the executor of an estate is not a simple task and obtaining a grant of probate can be a long and complex process.
Insurance for a Deceased’s unoccupied property
If the property was held in joint names or tenants in common the remaining owner should contact the insurance companies and make arrangements to keep the home covered.
Clearing a Deceased’s property
Clearing a loved one’s property can be an emotional and sometimes daunting task, it can be hard to know where to start.
Bequests and legacies
In some cases, leaving a small gift can avoid hurt feelings as it makes everyone feel included which can reduce the likelihood of a hurt relative contesting the will.
Gift or Deed of Variation?
There are circumstances where the executors and beneficiaries of an estate want to redirect some of an estates assets to someone who was not included in the Will.
Inheritance Tax – Nil Rate Band and Transferable Nil Rate Band
Inheritance tax (IHT), sometimes referred to as Estate tax or Death duty tax, is a tax that is paid at a percentage rate on the value of a deceased’s person’s estate that is over their inheritance tax allowance.
Now the banks cash in on wills – Article by the Daily mail
Up to 1.5million customers are believed to have signed up for the service in the late 1990s and early 2000s. Wills were typically offered for as little as £75, or even free.
Inheritance Tax – Residential Nil Rate Band
A person’s estate is made up of various assets; these can include property, money, and possessions.
Tax on Inherited assets. Do I pay tax on my inheritance?
Prior to receiving their inheritance, a beneficiary is not normally responsible for any taxed owed by the deceased or the deceased’s estate to HMRC.
Choosing an Executor for your Will
An executor is a person named in the Will by the testator with the legal authority to administer the estate upon their death.
Swearing an Oath for Probate
Institutions holding assets in the deceased’s name may require the executor to provide a grant of probate before they will release any assets to them.
Is probate needed when there is a surviving spouse?
The term probate is often used to describe the process of administering a deceased persons estate and applying for a grant of probate.