An explanation about Probate Property Valuations and what’s involved It is common that when someone passes away that the most valuable asset in their estate is property. Hopefully, they will have written a will which dictates how their property should be managed. If there is no will their property and other assets will be distributed according to the rules of intestacy. When applying for probate the property will need to be valued even if the beneficiaries are not planning on selling it. The property that is subject to probate will be valued based upon the ‘open market value’. This gives… read more →
Mourning and grief are experiences which are almost certain to take place to us sooner or later in life. Coping with Bereavement ordinarily means to lose someone we feel affection for through death. It results in a great longing for the deceased person and a cycle of adjustment which may well take years. All parts of our being may possibly be affected – emotional, physical, spiritual and social – but the overriding feeling is one of intense pain, or grief. Stats from BBC website below It’s estimated that each day 500 women in the UK will become widows. It’s estimated that… read more →
The Cost of dying rises to equal three months worth of the average UK wage. Yet almost half of the population are unprepared. The cost of dying has risen to the equivalent of three months worth of the average pre-tax British salary, according to figures published this week. In the UK today, the cost of dying – which include death-related costs such as funerals, probate, headstones and flowers – have increased to an average of £7,248. That represents a rise of 20% since 2007 and over £400 since last year. However, Sun Life Direct, the insurer which carried out the… read more →
What is Estate planning Nobody wants to spend too much time thinking about death, but the importance of proper estate planning is paramount to the people in your life who you will leave behind. It may sound morbid and slightly daunting, but some simple pre-planning will make your passing a little easier for your family and friends once you are gone. So what is Estate Planning? Estate planning put clearly is arranging your assets so that the people you wish to benefit from your passing do so, and aren’t left with nothing. Your assets can be anything that you own… read more →
Final Duties are aware that the administration of an estate and applying for probate can be a long and stressful process. So we have created a guide to the steps of probate in order to help you break down the process into manageable sections if you were looking to DIY probate. Please be aware that the process differs in Scotland and Northern Ireland therefore please follow the links for more information. Many of the steps of probate will be linked to other blog posts which go into more detail about that subject. We have also linked the relevant HMRC and… read more →
Probate Abroad – Dealing with foreign assets. Living abroad is becoming a popular option among British retirees. With the cost of living in the UK increasing, the opportunity to exchange rainy days for sea and sand is an attractive one. Making your money stretch further with lower property prices, cheap goods and all-year sunshine, it’s easy to see why many Brits are making the move. However, with the excitement of a more leisurely lifestyle, it’s easy to forget things like updating your will or writing a will to include dealing with foreign assets. Does a Uk Will cover foreign assets?… read more →