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 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.
What are 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.