According to Canada Life’s latest IHT annual report, the lack of awareness around Inheritance Tax (IHT) has increased in the last 12 months, with 50 per cent of over-45s who are IHT-liable admitting they are oblivious to whether their property could be subject to the tax.The 2019 report, which surveyed 1,002 people holding assets worth more than £3
Wednesday, 11 December 2019
What is a Deed of Variation and how can it help reduce Inheritance Tax?
When somebody dies, their affairs must be wound up and everything they own needs to be distributed to those entitled to inherit (the beneficiaries). How their estate is distributed will depend on either the terms set out in their will or the rules of intestacy should a will not exist. There are occasions when the beneficiaries of the estate may wan...
Confirmation is a legal document that must be obtained by an executor before any money and property belonging to the deceased can be uplifted from the holder (such as the bank) and distributed accordingly.There are two types of confirmation in Scotland; confirmation for small estates and for large estates. In this blog, we will cover the distinctio
Dealing with the estate of a loved one can be a time-consuming and daunting experience. There are certain aspects, such as registering the death, which have set time limits, however, the full estate administration process will be different for each case. In general, it can take anywhere from six months to 18 months to wind up an estate. In this blo
When someone dies, the person who is responsible for administering their estate will often need to apply for ‘Confirmation’ before the deceased’s money and other property can be engathered and distributed. This blog post will cover everything you need to know about applying for Confirmation.For more information about probate, please visit our Proba
At Wilson & Fish, our expert executry lawyers regularly assist clients in carrying out their executry duties. We understand that acting as an executor can be a daunting prospect – at our firm, you can be assured that we will provide clear, detailed, and tailored advice.Executry duties: First stepsIf the deceased died intestate (without leaving
There are a number of common failings that executors can fall into which lead to disputes and complicate the process. Problems can arise because not everyone fully understands exactly what they are taking on. In this blog, we have listed three common failings you should be aware of before accepting the appointment of executor.Not Respecting The Law
Despite both Probate and Estate Administration being associated with handling an individual’s estate after they’ve died, both are defined differently and often misunderstood.What is probate?Probate refers to obtaining the ‘Grant of Probate’ or ‘Letters of Administration’ if there is no will. This is required by law in England & Wales when the d
Being named in someone’s will as the executor is a great honour. However, it is important to know that you are not required to accept the appointment. Before you accept, here are some of the potential hazards an executor should bear in mind.1. Disputes with Co-executorsOften when a parent has more than one child, all children are named as co-execut
Acting as an executor for an estate carries a great deal of responsibility and therefore it is important to be aware of all the potential complications that can arise.Sometimes executors can find themselves in a difficult and unexpected situation. In this blog, we will look at one reported case which highlights the personal liability an executor ca
Following a record £5.2 billion raised in Inheritance Tax (IHT) in the 2017-18 financial year, the SNP have now called for the reform of IHT, claiming that there are ‘loopholes’ in the current UK system.With the figure rising 8% from 2016-17, Alison Thewliss, the SNP Westminster treasury spokesperson, warned that “the current system of inheritance
A petition has been launched calling for a change in the law in Scotland to prevent a man found guilty of murdering his mother from being able to act as executor to her estate, reports the Daily Mail.Ross Taggart received a life sentence in 2015 after he was found guilty of killing his mother, Carol, at their home in Dunfermline and then hiding her
When a family member or other loved one dies, it can be hard for those closest to them to move on and find any sort of closure, particularly while work is ongoing to settle the deceased’s estate. As a result, a question of common concern to the recently bereaved is; ‘how long will it take to settle the estate?’