Trusts
Trusts can be used to ensure assets are passed onto certain family members, possibly as part of inheritance tax planning.
Our specialist team can advise as to whether a trust is appropriate and deal with the administration of trusts.
Probate
When someone close to you dies, somebody has to deal with their estate which involves collecting money owed, settling debts and dividing the estate among the beneficiaries. Our experienced team administers the estates of deceased persons with sympathy and efficiency. You will have a single point of contact to provide guidance on the process and answer any questions.
We are WIQS Accredited
The Wills and Inheritance Quality Scheme (WIQS) accreditation is a best practice quality mark for wills and estate administration advice.
Being WIQS accredited means we have the expertise to deliver wills and inheritance advice, use standardised processes to recognise and reduce risks and educate clients about what to expect when buying wills and inheritance advice.
To find out how we can support you and your family, contact our team today.
Your Estate Administration and Probate Team
Estate Administration and Probate FAQs
People often ask this question, and the answer is yes! There is no issue with naming executors who are also beneficiaries.
Our advice is that is best practice to make a will in each country that you own property. You must ensure that you always advise your solicitor of your other will(s), so that the appropriate wording can be used, so as not to inadvertently revoke any foreign will(s).
If you are married, or in a civil partnership and you have children but no will in place, then the intestacy rules would dictate the division of the estate between your spouse and children. The first £322,000 (known as the Statutory Legacy) would pass to your spouse, then the rest of your estate would be split between your spouse and your children. These arrangements might be wholly unsatisfactory for your surviving spouse. A will ensures that you control the distribution of your assets.
An individual has an allowance of £325,000. This is transferable between spouses and civil partners, which equates to £650,000 on the second death. There is also a ‘residence’ nil rate band, this is £175,000. You might need advice about the residence nil rate band, as it is quite complicated and is not simply available across the board. Its’ availability will depend on various factors, such as whether your estate is left to lineal descendants and the size of your estate on death.
A beneficiary is someone who is named in the will as someone who will receive a benefit or gift from the person who has died.
A Grant of Probate is a Legal document issued by the Probate Registry. It is usually needed and requested by financial institutions to close bank accounts, sale sole assets such as property and settle debts of the deceased. Once Probate has been granted this gives the Executor the authority to administered the estate. If the deceased did not leave a Will, then the Personal Representatives (another name for Executors) would apply for a Letters of Administration in the same way.
A Grant of Probate is not always needed. For example, joint assets and joint bank accounts would likely transfer by survivorship.
We explain in this short blog post exactly what the intestacy rules are.
The ‘residence nil rate band’, is an allowance applicable to the main residence passing on death, to direct descendants, and is £175,000. This allowance is only applicable to the main residence and those who are married, or civil partners and is in addition to the existing £325,000 allowance. So if you can apply it, you are looking at a potential overall inheritance tax threshold of £1,000.000 between a married couple, or civil partners.
It will not be available where the home is left to other family members, who are not direct descendants of the deceased. The allowance is also subject to tapering if you are worth more than £2,000,000. So it is not an allowance that is guaranteed for everyone, unlike the individual nil rate band allowance of £325,000.
This is not ideal for those with a modest house, who have significant investments and savings, nor for those who are leaving their properties to nephews and nieces, for example.
If you require information about the inheritance tax allowances, then please contact one of our experiences probate staff.
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