If you take out an Insurance Policy that does not have a nominated beneficiary then it will fall into your estate and require Probate to release. Two enquiries this week from families who have jointly owned property and joint Bank Accounts but need Probate to release the Insurance pay out.
It is normal to try […]
If opposing parties are liable to take a dispute to the Court in order to resolve a difference there is an Alternative Dispute Resolution method available in the form of Mediation.
This not only has a financial expediency it also allows creative solutions that might not be available to my Learned Judge.
If one side offers […]
We have added some exciting new Forms to both the free download and the detailed support pack. IHT435 IHT 436
These forms are required if you are claiming the new Residential Nil Band or the Transferable Nill Rate Band. This might give you an additional £200,000 free of Inheritance Tax so worth using.
You can always […]
New Probate Fees expected in May 2017
Value of Estate before Inheritance Tax
Up to £50,000 or exempt from Req for Grant
Exceeds £50,000 but does not exceed £300,000
Exceeds £300,000 but does not exceed £500,000
Exceeds £500,000 but does not exceed £1M
Exceeds £1M but does not exceed £1.6M
Exceeds £1.6M but does not exceed £2.0M
Exceeds £2 Million
IHT 400 (the Long Form) asks “Did the deceased make any Lifetime Gifts?”
You also sign a Declaration to say “I/We understand that I/we may be liable to prosecution if I/we deliberately conceal any information that affects the liability to Inheritance Tax arising on the deceased’s death, or if I/we deliberately include information in this […]
What happens to shares on the death of a shareholder?
On death, two, possibly competing, sets of provisions will apply, under the will or under the articles of association of the company (and possibly a separate shareholders’ agreement). The position often achieved under ‘standard articles’2 is summarised by the diagram opposite.
Terminology is important here. A […]
Dying Tidily Part One
Where is everything?
Organise a up to date list of assets. Try to record the Name Address Phone number and your account number of the holder of that; bank account shareholding, premium bond etc.
You might be a firm believer in a Cremation or a Burial but some people have secular beliefs […]
Nearest Probate Office
Set out below is a list of the Probate Registry Offices in England & Wales.
You do not have to use the one nearest to you.
They are very helpful but cannot resolve family disputes for you.
Some are on top of their target times to turn a case around.
a The […]