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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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