Posts tagged “property”

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Gifts to your family can bring unexpected inheritance tax bills

Posted on 21st December 2021

In a recent poll nearly half of respondents didn’t know anything about the rules concerning inheritance tax (IHT).

People giving gifts to their children and grandchildren could find they are liable to inheritance tax

Why property ownership matters for your Will

Posted on 12th November 2021

The ownership of your home can affect who can inherit it when you die.

In a recent High Court case a widow was awarded £80,000 from her brother-in-law’s inheritance following a dispute over property ownership. Here’s what happened.

Her husband has made a Will leaving his estate in full to her. However, after his death, there was a dispute concerning the family home that she had shared with him. The property was registered to her husband and his brother. It had been owned by their mother until she died in 2009, but it wasn’t clear whether the brothers held the property as joint tenants or as tenants-in-common.

Understanding the care home fees cap

Posted on 30th September 2021

In 2014 the Care Act introduced a ‘care cap’ of £72,000 on the total you would be liable to pay for your care costs. It came in to effect in April 2020.

However, most people will have to spend much more before the cap is reached; often over £140,000.

What happens to bank accounts when someone dies?

Posted on 11th May 2021

When someone dies, a personal representative (PR) is appointed to manage their estate (money, property, and possessions). If the PR is named in their Will, they are known as the executor. Part of a PR’s role is to close any bank accounts, but sometimes this isn’t straightforward and there can be several challenges.

What Claudia’s law means when someone is missing

Posted on 27th April 2021

Claudia Lawrence, a chef at York University, went missing in 2009. In these circumstances the rule is that someone will be presumed dead when they have been missing for seven or more years.

Claudia’s father, Peter, Kevin Hollinrake MP, and the charity Missing People, campaigned for this rule to be changed. They argued that the family and friends of a missing person should be able to deal with their property and financial affairs before seven years have passed.

booklet with the title 'wish you were here' re Claudia's law

Can I leave cryptocurrrency in my Will?

Posted on 13th April 2021

Cryptocurrencies like Bitcoin or Ethereum are digital – they can be bought, spent, saved, and sold.

Unlike money you might have an a bank account, cryptocurrency is handled using computer technology known as ‘blockchain’.

People store cryptocurrency in a digital wallet and they must have virtual keys to access it.

Executors must keep good records

Posted on 23rd March 2021

If someone asks you to be an executor for their Will you will be responsible for making sure their estate is properly wound up and that their wishes are carried out.

There are legal responsibilities associated with being an executor, including:

registering the death

arranging the funeral

valuing the estate

paying any inheritance tax

applying for probate

resolving finances

distributing the estate

keeping estate accounts.

All the costs of administering the estate and receipts should be recorded.

How long will probate take?

Posted on 9th February 2021

We’re told that waiting times for grants of probate have now been reduced to around five weeks.

HM Courts & Tribunals Service (HMCTS) says that the number of grants issued each week is now higher than the number of applications being received.

If you apply for probate online, an option that was introduced in November last year, you should only have to wait around four weeks. If there aren’t any errors or omissions in the application, it could even be handled in a week.

If you submit the paper forms instead, you should receive your grant within eight weeks.

However, this is just the beginning of the process of administering an estate on behalf of a friend or family member.

Challenges to historic Wills

Posted on 18th November 2020

black and gold pen and Last Will and Testament

There are reports that challenges to historic Wills have increased by up to 400% this year.

In some cases, challenges are being made several years after an estate has been settled.

People are enquiring about the possibility of challenging the Wills of friends and family members, believing they have a claim to money or assets, although they weren’t declared at the time.