Probate & Inheritance Tax Planning

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Probate

You may have lost a loved one, feel very emotional, lost and bewildered, or you may have been asked to be an Executor to a deceased’s Will and you simply don’t know where to turn and what the next steps are at this difficult time.

Pennine Law pride themselves on dealing with probate matters in a professional and sympathetic manner. They are experienced in obtaining valuations of all the assets of the estate, agreeing the tax liability, applying for the Grant of Probate or Letters of administration and gathering in the assets of the estate and administering the same according to the Will or the law as the case may be. A trust may arise which could last for many years and Pennine Law has experience of administering the trusts provided by the Will or an intestacy.

When someone dies leaving a Will the property and possessions are distributed in accordance with the terms of their Will. The Will has to be proved at court and this is called Grant of Probate.

A person dying without leaving a Will is termed as dying “Intestate”. The property and possessions pass under a strict legal order rather than how a person may have wished them to be distributed – this is called Administration. Letters of Administration have to be applied for at Court.

After death it is important to those who are left behind that the estate is administered with sympathy as well as efficiency.

Inheritance Tax Planning

Did you know?

You can leave up to £325,000* to friends or family free of inheritance tax but any excess above this figure may be subject to inheritance tax at a rate of 40%*. There are various ways to save or minimise inheritance tax liabilities.

Gifts
Did you know?

A person can give away up to £3,000* in each tax year, without being liable for inheritance tax and the unused portion of the previous year’s exemption can be carried for one year. It is possible to give further amounts to any number of different people if the total gift to each person does not exceed £250*. There are also certain exemptions for wedding gifts.

Larger Gifts
Did you know?

You can give away assets, cash or property in excess of £3,000 and providing you survive for a period of 7 years after the gift, the gift will be free of inheritance tax.

Insurance
Did you know?

You can arrange a policy of insurance to pay out a lump sum on death to cover an inheritance tax liability. Such a policy has to be set up very carefully and Pennine Law can advise you so the proceeds of the policy do not form part of the estate to be subject to inheritance tax itself.

Married Couples and Civil Registered Partners
Did you know?

Spouses and civil registered partners are able to transfer their unused nil balance rate band to the surviving person. When the first spouse or partner dies their share of the home and any other assets can be transferred to the survivor. When the second spouse or partner dies inheritance tax will only be paid if the total assets exceed £650,000 threshold. It is important to keep records following the death of the first spouse relating to their Will and estate and how much if any of the nil rate band was utilised on death.

*as at April 2010


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Wills, Trusts, Probate, Inheritance Tax and Elderly Client

Administrators

If you do not leave a Will, Administrators are people appointed to sort out your affairs according to the law.

Beneficiary

An individual or organization eg a charity who is left something in a Will. An Executor can be a beneficiary but they must not witness a Will or the gift will fail.

Codicil

A minor change or addition to an existing Will

Chattels

Your furniture car and personal possessions

Estate

Everything you own including money and property that are left when you die after all debts have been taken into account.

Executor(s)

People who are responsible for the winding up of someone's affairs and distribution property in according with a Will.

Inheritance Tax

A tax which must be paid to HM Revenue & Customs when the value of a total Estate exceeds a certain amount.

Intestate and Intestacy

If you die without leaving a valid Will you die intestate and law decides who your possessions should be share out.

Legacy

A specific sum or item left in a Will

Power of Attorney

A legal document in which one person gives another person power to carry out actions on their behalf.

Probate (Grant of Probate)

The legal procedure to establish the title of Executors to administer an estate. Without the Grant of Probate generally bank accounts cannot be closed or property sold.

Residue

The sum left when all debts costs and gifts have been deducted from the estate

Testator or Testatrix

The person who is making the Will

Trust

An arrangement you can make to set aside assets which people only receive or benefit from under specific circumstances such as them reaching a certain age. Trusts may also be used to protect the value of possessions or investments.

Trustee

The person who looks after any part of your estate that you have left in a continuing Trust

- Click Here for Probate & Inheritance Tax Jargon Buster Fact Sheet


Pennine Law can also help with...

Pennine Law can also help you with Residential Conveyancing, Commercial Conveyancing, Wills, Trusts, Probate, Elderly Client issues, Inheritance Tax Planning, Business Law, Employment Law, Family Law and Civil Litigation

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Julian SaltJulian Salt Hoyland and Penistone
Jonathan FallJonathan Fall Penistone

Pennine Law Solicitors inc Dransfield, Hodgkinson & Lofthouse and William Hoyland Solicitors
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