How the 7 years rule applies to Inheritance Tax
You shouldn’t be afraid of giving your loved one’s gifts, you don’t immediately incur inheritance tax when you make a gift whilst you’re alive.
Do you have to pay tax on a Gift?
Not every gift you give in your lifetime is going to be subject to inheritance tax.
What is Inheritance tax?
Not every estate has to pay inheritance tax. It depends on the value of the estate and whether additional tax allowances can be applied.
What happens to a person’s debt after they die?
As an executor it’s important to establish all and any debts connected to the estate.
What is a probate valuation?
A probate valuation is used for probate and Inheritance tax calculations in order to correctly asses the estates tax liabilities.
Changing a Will after death – Deed of variation
A Deed of Variation is a document that allows the beneficiary/beneficiaries of an estate to alter the distribution of a deceased’s assets after their death.
Final Duties Top tips to reduce Probate fees.
If the Estate is straightforward, you may not need to use a probate provider to obtain Probate.
What is the cost of probate?
You must be aware that every Estate is different and will require a different amount of time and work to administer.
Factors that can delay Probate
One of the questions we get asked most often as a probate broker is how long does probate take?
How long does Probate take?
How long it takes for the application to be prepared is dependent on the applicant’s access to information about the estate.