Trust, Wills and Probate

Asset Valuation Problems - Chattels
When dealing with an estate, an increasing problem for executors is the valuation of assets in the form of the chattels of the deceased. In probate terminology, chattels are the ‘everyday’ assets such as furniture and ordinary possessions, as...
Avoiding Inheritance Tax with Discounted Gift Schemes
Inheritance tax (IHT) is payable at 40 per cent on the net value of a person’s estate above (2009/10 rates) £325,000 (the current nil rate band). It affects an increasing number of people owing to the rise in house prices in recent years. One...
CGT and Shares in Estates Valuation Trap
In the UK, there are quite generous exemptions from Inheritance Tax (IHT) which apply to business assets. One problem with making use of such exemptions is the effect this may have on the subsequent value of the relevant assets for Capital Gains Tax (CGT)...
Changing Wills For Benefit
A will expresses the final wishes of the deceased person and it is commonly thought that a will is irrevocable after death. However, provided everyone agrees, it is normally possible to vary a will provided that the application is made within two years of...
Charity Donations Through the Tax Return
From 2003-4 Self-Assessment Tax Returns have included a facility to enable individuals to donate some or all of any tax repayment to a chosen charity. Participating charities have signed up with the Inland Revenue and been allocated a unique code, which is...
Cohabitees and Death - Who Can Claim?
When one member of a cohabiting couple dies, it can come as an unpleasant surprise to the bereaved partner to discover that not all of their late partner’s estate will pass to them in the absence of a will. It is only when this happens that many people...
Estates - What Happens if Values Fall
One of the biggest problems now facing executors is that as the recession progresses, most assets, other than cash, are falling in value, which can mean that the value of an estate for Inheritance Tax (IHT) purposes is greater than the market value later on....
Heir Hunters - Take Advice!
Until the recent publicity afforded by television shows on the subject, many people might not have realised that ‘heir tracing’ companies exist, let alone that they research ‘promising’ estates by looking at public records and then...
Helping Your Executors
Being an executor is a demanding job at the best of times and a task that is made all the more difficult when the deceased has not given proper thought to the problems their executors will face. Here are some of the things you can do to make sure your...
How do I Leave Money to Charity in My Will?
It's easy to include a charity in your will, but you should always consult your solicitor before you write or change your will to be sure it reflects your exact intentions and that you understand its implications. Before you call your adviser, take a...
Lasting Powers of Attorney
In October 2007 there was a fundamental change on the way in the way powers of attorney are created and the powers that they can give attorneys, when the Enduring Power of Attorney (EPA) was replaced by the Lasting Power of Attorney (LPA). EPAs are no...
The Public Guardianship Office - Helping Those Who Cannot Help Themselves
With increased life expectancy, it is becoming increasingly common for people to cease, at some point, to be able to manage their own affairs. The need to protect those who cannot protect themselves has never been greater. For example, do you know how you...
The Unclaimed Assets Register
Many people have assets which they have forgotten about – old bank accounts, shares or premium bonds for example. If you think you or a relative may have lost track of some of their assets a search of the register (which costs £25) may be...
What Happens on Intestacy?
The levels of statutory legacy (the amount that surviving spouses or civil partners are allowed to inherit if their spouse/civil partner dies without leaving a will) were increased from 1 February 2009 to the following: • £250,000 (from...
What is a Spouse?
Under the Housing Act a spouse or civil partner has the right to succeed, in most circumstances, to an assured tenancy where he or she was cohabiting with the deceased immediately before the death. Whilst that is all reasonably clear, the...
What is a Trust Fund?
A trust comes into effect when a ‘settlor’ places money, land or other assets in the hands of trustees. The trustees are the legal owners of the property but are obliged to hold and manage the property for the benefit of a person or a group of...
What is a Trust?
A trust comes into effect when a ‘settlor’ places money, land or other assets in the hands of trustees. The trustees are the legal owners of the property but are obliged to hold and manage the property for the benefit of a person or a group of...
Who Decides Your Final Resting Place?
One of the most common statements of wish in a will is a statement outlining how one’s remains should be dealt with. Many people think such a wish is part of the will per se and is binding on the executor, but this is not strictly the case. In law,...
Who is Under the Influence?
The law recognises that some people (such as solicitors or accountants) have a high degree of influence over other people (their clients), since clients hire their professional advisers for the specific purpose of giving advice. However, it is not normally...