What is a trust?

A trust is a legal arrangement that allows you to give away assets such as shares, money and property, in a tax efficient and controlled way for the benefit of people you choose. You can create a trust during your lifetime, or create a trust by will to come into effect on your death. Trusts are a Read more [...]

When must inheritance tax be paid?

Inheritance tax must be paid on the estate of a deceased person when the net value of the estate is in excess of £325,000. It is the responsibility of the executors of the will to present financial information to HMRC, giving the net value of the estate so that any inheritance tax payable can be calculated. Read more [...]

What is inheritance tax?

As long ago as 1789, Benjamin Franklin wrote that, "In this world nothing can be said to be certain, except death and taxes." Unfortunately, in our modern world death and taxes can be inextricably linked, although in Britain you will not be faced with an inheritance tax demand from HMRC unless the estate Read more [...]

What happens if someone dies without a will?

While Law Society research in 2014 showed that 64% of British people over the age of 55 do have a will, that still leaves 36% who don’t, so dying without a will is relatively common. When someone dies without leaving a will, they are described as intestate and there is a set of rules about what happens Read more [...]

What does an executor do?

An executor is the person who has responsibility for dealing with a deceased person’s estate. A properly written will should name an executor who will most often be a close family member, although sometimes two executors may be named with one being a close relative and the other being a professional Read more [...]

How to value an estate for HMRC

You actually need to value the estate of a deceased person both for HMRC and to obtain probate. HMRC need to know the value of the estate in order to decide if inheritance tax is due to be paid, and you will also need to present the valuation to the Probate Registry when you apply for probate, or the Read more [...]

How to deal with HMRC after a death

When someone dies, probably the last thing that grieving relatives want to think about is the taxman. However, if you have been named as an executor in the deceased person’s will, then you will have to turn your attention to the obligations that being an executor impose on you with regard to HMRC. When Read more [...]

How is inheritance tax calculated?

After someone has died, the executor of the person’s will is responsible for calculating and paying any inheritance tax that may be due to HMRC. According to HMRC figures, the vast majority of people do not have an inheritance tax liability when they die, with only 3.1% of estates in 2012-13 actually Read more [...]

How do you value an estate when someone dies?

The law requires that you value an estate of a person who has died before you can get probate, the legal authority to deal with a deceased person’s affairs and to distribute any inheritances. You are also required to value an estate by HMRC so that any inheritance tax due can be calculated. The threshold Read more [...]

How do you apply for probate?

When someone dies, probate has to be obtained so that the financial affairs of the deceased person’s estate can be sorted out and any inheritances can be distributed. Probate gives the executor of a will the legal authority to deal with bodies like banks, utility companies and HMRC in administering Read more [...]