What happens if an executor ignores their duties?
The Society for Trust & State Practitioners (STEP) have highlighted a recent case where an executor faces 3 months in jail for ignoring their duties and failing to act. The Court has ordered the sentence, citing that the defendant deliberately ignored a court order requiring them
Can Probate Fees be Paid From the Estate?
How much does probate cost? The cost for obtaining a Grant of Probate is £273 for all applications, except those where the estate is £5,000 or less, where there is no fee to pay. In addition to this cost, you might choose to request that a professional
The nil rate band explained
What is the nil rate band and how much is it? If you have an inheritance to pass on, you can pass on assets up to the value of the nil rate band without incurring tax. The nil rate band is currently £325,000 and it will
What inheritance tax needs to be paid when someone dies?
When someone dies, the general rule of thumb is that their estate is passed on to their chosen beneficiaries. A Will should name the beneficiaries and should also name an Executor – a person who the deceased has entrusted to ensure that their wishes are
Important change in government legislation with regards to Trusts.
There has been a change in government legislation, which may have a relevant effect for many Trusts. Previously, the government only required Trusts with tax liabilities to be registered with HMRC. However, more Trusts will now need to register via the Trust Registration Service, irrespective
What is a Property Protection Trust and how can it benefit you?
A Property Protection Trust (PPT) ensures that your estate is kept intact by protecting your share of your home or the value in it. In the case of a couple, in order to create a PPT, we would firstly change joint ownership of the property to
What to do when beneficiaries can’t be found
When someone passes away, one of the first tasks is to find all of the beneficiaries of the deceased’s estate. This is not always as straightforward as it seems. Here we look at how and why beneficiaries cannot be found and what can be done to
Do you understand the risks of transferring your home to your children during your lifetime?
Have you made plans for what happens in your absence? Were you planning to leave your home to your children in your will? Due to the current state of the housing market, many people have been looking into the option of making the move to passing
When is the best time to write a will?
Many people, particularly when they are younger and in good health, never really consider writing a will. However, life can change in an instant and there are many events during life that can influence when you should write a will. In essence, you should write
The pitfalls of creating a remote will
Rules made in September 2020 that permit wills to be witnessed over video are set to continue and will run until 31 January 2024. Many will drafters have taken instructions remotely since the start of the pandemic but there is a concern among professionals