Wills probate and inheritance tax
Many people put off making a will because it makes them think of their own mortality or because they believe that everything will automatically go to their spouse or partner. Sadly, if you die ‘intestate’, without a will, it could create a lot of heartache for your loved ones.
If you don’t leave a will:
- Your spouse or civil partner might not automatically inherit everything
- If you are unmarried or not in a civil partnership, your partner will not inherit anything
- You may end up paying more tax than necessary
- Your loved ones will have to deal with unnecessary and perhaps costly paper work.
The most supportive and caring thing you can do for the people you leave behind, is to make a well drafted will. We can go through all your options and prepare a fully customised will to suit your circumstances, at a fixed price.
Inheritance tax planning
Paying inheritance tax is no longer something that just the rich need to worry about.
If your estate is worth more than £325,000 when you die, 40% tax will be payable on any amount over that figure, unless you leave that money to your spouse or to charity. New rules are being introduced from April 2017 to increase that allowance in respect of gifts representing your principle residence which is left to descendants. Some basic advice in drafting your will, can assist you to minimise the inheritance tax payable.
Probate and Administration of Estates
Administration of an estate is the process of collating the deceased’s assets and dealing with HMRC when necessary. The beneficiaries can then be paid either under the terms of a will or, if none, the intestacy rules.
Dealing with the paperwork and tax forms required at such a distressing time can be very intimidating. We can either help you handle the process yourself or remove the burden altogether by dealing with it on your behalf. Our charges depend on the amount of work involved but we do not make an additional charge of a percentage of the total estate. Simple estates can be dealt with on fixed fee and more complicated administrations are charged at an hourly rate.
From 1st May 2020 our incorporation with Kidd Rapinet Solicitors bolsters our team to offer greater support and quicker turn around times to your personal legal requirements. You can access more information on our joint services here. We also offer a free 8 step guide to making a Will which you can download here