Is probate necessary? Find out when probate is needed.
The requirement for going through probate and obtaining a grant depends on the assets in the deceased’s estate.
Excepted Estate – Non-Inheritance taxable estates
An excepted estate may also arise where everything is being left to a charity or organisation that qualifies as being exempt from Inheritance tax.
Dealing with the estate’s finances
When it comes to obtaining probate, the executor can, of course, choose to use a solicitor.
Valuing Assets in the Deceased’s Estate
Valuing assets in the deceased’s estate is one of the most important jobs the executor or administrator has. It is the basis upon which an estate is assessed for IHT purposes.
What is a gift with reservation?
A gift with reservation occurs when an individual makes a gift of an asset during their lifetime but continues to benefit from it.
Residence Nil Rate Band – What to look for.
The Residence Nil Rate Band is an additional inheritance tax allowance associated with estates that include a property or a share of a property.
Actions that executors should avoid taking
Executors should avoid withdrawing any funds from the deceased’s bank account even if they have a signed check or debit card with pin.
Inheriting and How It Could Affect You
Most benefits are means tested. This means that once income and savings exceed certain threshold benefits reduce and eventually cease.
Things to consider before self applying for probate.
Perhaps another consideration before self-applying for probate is the time and effort needed to see the process through.