Estate administration and probate can be a complex and time-consuming process but it dictates how long it takes to receive an inheritance. Executors and probate solicitors can spend an average of 9-12 months settling the estate. In the worst cases, it can take years to finalise an estate. For beneficiaries, this can be a confusing and frustrating period of waiting before receiving their inheritance. But why do beneficiaries have to wait for their inheritance? Why cant an estate be distributed before probate? Probate is the legal process of obtaining legal authority to handle a deceased persons assets, in the form… read more →
What does Executor mean? Executor means, or refers to, a job role that involves administering the estate of someone who has passed away. An executor is the person named in the will who has the responsibility of dealing with the deceased’s estate. They are also responsible for applying for a Grant of Probate if required. Their role is to collect all of the assets, pay liabilities and distribute the estate to the beneficiaries. What does a Beneficiary mean? Beneficiary means, or refers to, a person who has been left something (cash or possession) in a Will. A beneficiary does not… read more →
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 →
What is a beneficiary? A beneficiary is a person that is entitled to an inheritance from the estate of someone who has passed away. Being a beneficiary means that you have been named in the Will by the testator and will either receive a specified asset, a specified cash amount or a share of the estate. Alternatively, if the deceased left no Will, the heirs of the estate are identified by a set of laws called the Rules of Intestacy and will receive a share of the estate. How do you know if you are named in a will? Whilst… 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 legacies or… 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 or intestate estate, it can be confusing to understand the different types of beneficiaries and how that affects what is being inherited and how it is distributed. Who can be a beneficiary of a Will? Anyone can be a beneficiary of a Will. This could be a family member, friend or even a charity or organisation. There are multiple types of beneficiary that can be named in a Will. The testator can be very specific with the… 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 →