Posts tagged “Wills”

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Changes to the online probate service

Posted on 23rd August 2021

Changes to the online probate service, MyHMCTS, for solicitors and other legal professionals came into effect on 19 August 2021. These changes could simplify and streamline the probate process for executors and administrators.

A black gavel use in HM Court and Tribunal service hearings

Increases to probate fees

Posted on 26th July 2021

The Ministry of Justice (MoJ) has launched a consultation on its proposals to increase probate fees.

The new single fee of £273 will apply to professional and non-professional applicants, regardless of the size of the estate. The MoJ says the new fee reflects the cost of providing the service and is not intended to make a profit.

Currently the fees to apply for a grant of probate for an estate valued over £5,000 are £155 for professionals and £215 for individuals. Estates worth less than £5,000 don’t pay a fee.

picture of a gavel representing HM Courts & Tribunals Service

Finding family finances

Posted on 30th June 2021

It seems that we are reluctant to talk about our finances, even with our family and closest friends.

A recent YouGov survey showed that people rarely discuss financial matters, even important information that their executors need to know if they die.

Leaving donations to charity

Posted on 8th June 2021

Latest figures show that charitable donations left in Wills increased by more than 60% last year.

More than half of people in the UK don’t have a Will and only three out of 10 people say they have an up-to-date Will. During the pandemic 7% of people made or updated their Will.

Why leave gifts to charity?

Many people are leaving tax-free gifts to charities in their Wills to reduce the amount of inheritance tax (IHT) to be paid on their estate when they die.

Gifts to charitable causes are tax-free, and if you donate 10% of your estate to charity, the amount of inheritance tax due will be reduced from 40% to 36%, above the £325,000 tax-free threshold.

Don’t forget your digital assets when you make your Will

Posted on 25th May 2021

The Law Society has urged people to include ‘digital assets’ such as emails, photos, social media accounts, websites and domain names, or cryptocurrencies in their Wills.

The Law Society commissioned a survey which found that more than nine out of ten people who have a Will have not included their digital assets.

Their research showed that three quarters of the 1,000 people questioned didn’t know what happened to their online presence after they die.

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.

Why mental capacity is important

Posted on 9th March 2021

Having mental capacity is one of the conditions that you must meet for your Will to be valid. This means you must be able to understand and retain information for long enough to weigh it up and make a decision. You must also be able to communicate the decision you have made.