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Wills, Trusts, Probate

What is a Trust?

A trust is a legal arrangement where the trustees are the legal owners of property but look after it for the benefit of a person or persons who are the beneficiaries. Types of Trusts: Bare Trust The beneficiary is absolutely entitled to the property in the trust. The trustees must manage the trust assets for the maximum benefit of the beneficiary. The income and gains of these funds are generally taxed as if they are the income and gains of the beneficiary except where parents set up trusts for their minor children. Discretionary Trust The trustees decide to whom and when... Read more

Inheritance Tax

The basics Inheritance Tax (IHT) may be payable on your estate when you die and also when assets or money is gifted into certain types of trusts. Some other gifts during one's lifetime may also be subject to IHT. The first £325,000 (at 2010/11) of the estate is exempt from IHT. This is called the 'Nil Rate Band'. In simple terms the assets in the estate are valued as at the date of death, the nil rate band (and any special exemptions) deducted and the remainder is taxed at 40%. If a lifetime gift is taxable the rate is 20%. The value of gifts made within seven years of death is... Read more

The Personal Representative’s Guide

What are 'Personal Representatives'? Personal Representatives (or PRs) are either :- the people named by someone in a Will to act as his/her Executors and administer the estate; or if no Will is left, the nearest blood relatives of the deceased are usually appointed to administer the estate.  They are known as Administrators. There are usually two PRs, but one can act alone and a maximum of four people can act together. What do PRs do? It is their job :- to find out the value of the deceased's property and possessions (the estate); to pay, from the money in the... Read more

Estate Information Guide

INFORMATION WE REQUIRE The following are the usual details we will need to begin dealing with the estate and obtaining the necessary Probate Values, however, the list is not exhaustive and there may be other information which will be relevant in particular cases.  If you have any doubt please include the additional details in the last section and/or telephone us to discuss whether the details may be important. WE WILL NEED :- A Registrar's copy of the Death Certificate (or the Coroner's Interim Certificate of Fact of Death); The original Will (unless we hold it already or the... Read more

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