For many people the prospect of receiving a gift in a Will is much appreciated but for others it can be unwelcome. There are a whole host of reasons why you are refusing your inheritance some personal, some practical and some to benefit others. Whatever the reason, a beneficiary is under no obligation to accept any gift left to them in a Will and has the right to refuse or disclaim it. Here are some points to consider in respect of declining a gift. There are two methods of refusing an inheritance – by disclaiming it or by creating a… read more →
The First right you have as a beneficiary is to be informed that you are, in fact, a beneficiary of the estate. This may sound obvious or even a little silly because as of course you would know if you are a beneficiary or not right? However, a person does not have to share the details of their Will with anyone, and whilst they are alive the beneficiaries have no rights, not even the right to know that they are a named beneficiary. The deceased may have shared a version or their Will or spoken of their wishes whilst alive,… read more →
Inheriting and how it could affect your benefits. The question is often asked, “will an inheritance affect my benefits” The answer is in all probability yes! Receiving an inheritance may well result in the loss of an individual’s entitlement to benefits. Most benefits are means tested. This means that once income and savings exceed a certain threshold benefits reduce and eventually cease. The thresholds are quite low. For example an inheritance of over £16,000 could invalidate a claim or significantly reduce the amount of benefit received. In effect an inheritance becomes a substitute for benefits. Where an inheritance is received it… read more →
What is probate? The term probate is often used to describe the process of administering a deceased persons estate and applying for a grant of probate. A grant of probate confirms the executors/administrators right to handle the deceased’s estate and is required to access assets held in the deceased’s sole name in order to distribute them to the beneficiaries named in the Will or through the Rules of Intestacy. Probate is not required for assets owned jointly with another person, for example a surviving spouse or civil partner. As assets held jointly will usually pass over automatically to the surviving… read more →
Unfortunately there is not a yes or no answer to this question, although we can provide some answers by breaking down the question into what tax type of tax is payable on inherited assets, when it is paid and who is responsible for paying it. Prior to receiving their inheritance a beneficiary is not normally responsible for any taxed owed by the deceased or the deceased’s estate to HMRC. An estate can be liable for any income tax, or any other type of tax the deceased didn’t pay whilst alive, as well as inheritance tax on the estate. The executors… read more →
It is completely understandable wanting to leave a little part of your estate to everyone you love. In some cases leaving a small gift can avoid hurt feelings as it makes everyone feel included which can reduce the likelihood of a hurt relative contesting the will. If you want to give a specific item or amount of money to someone you can do this by writing them into your will as a bequest or legacy. It is important however to carefully consider what you are going to be leaving and to whom. You should take the proper consideration when leaving… read more →
What is a beneficiary? A beneficiary is named in a will or through the laws of intestacy as the recipient of a gift (cash or possession) or an inheritance from the testator’s estate. A testator can choose whomever they wish to be a beneficiary of their estate this includes family, members, friends, organisations and charities. If the deceased did not have a valid will then the beneficiaries of their estate or decided through the laws of intestacy. Beneficiaries have certain rights that are protected by law this is to help ensure that the estate is distributed according to the testator’s… read more →
Whether you are choosing the beneficiaries of your estate or you have recently been made aware you are the beneficiary of a Will, it can be confusing to understand the different types of beneficiaries there are and how that can effect what is being inherited and how it is distributed. A beneficiary will be named in the will by the testator, their full legal name, not a nickname or any other name they may go by, should be used in order to eliminate any question or confusion about who the intended beneficiary is. Quite often an address will be given… read more →
Probate and wills is an expert area of legislation, and within that, is Contentious Probate – legal speak for having a bun battle over an estate. It is not uncommon for disputes to happen after someone has died and there is a variety of things that could trigger a dispute. One of the most common disputes is over the wishes in the will. Now that the testator is no longer around to clarify their intentions or the circumstances that lead to their decisions, if the will is not clearly and precisely written it leaves the contents open to interpretation. There… read more →
With the cost of living increasing and house prices rising it’s no surprise that Young families rely on their early Inheritance. Around one in five Brits have already received part of their inheritance from their parents, according to a new study. Research from Skipton Financial Services (SFS) has suggested an increasing amount of families are turning to their parents for financial support years before they pass away. It was indicated that 16 per cent of under-35s have already received a sum of around £50,000 from their parents. Whilst one in ten have been given a six-figure sum. A report from Myfinances.co.uk says that many… read more →
At some point in our lives the time will come where you have to speak to your parents about your inheritance. Discussing your inheritance seems to be a topic that is a bit of a taboo and many find the idea extremely uncomfortable. No one wants to think about a loved one not being around anymore but unfortunately the time will come. Anything you can do in advance can make that loss a bit easier to cope with. That is why discussing your inheritance is something that needs to be done. How do you as an adult approach the hard… read more →
Losing someone you love can be one of the hardest things we ever have to go through in our life’s. Probate disputes can arise for a number of reasons. Firstly if the deceased left no will, known as dying intestate or if a family member or members don’t agree with what is written on the will. Here is some of the main reasons a will can be disputed. Fraud Undue influence Disputes regarding who has been made executor Disputes regarding who has been made administrator Disputing the Power of attorney The deceased wasn’t mentally capable of writing a will The will… read more →