What is form IHT205?
Form IHT205 is a return that is made to HMRC to inform them of the value of an estate where it is below the excepted value or where all of the assets totalling less than £1m are passed to their spouse or a charity.The form is needed where there is no inheritance tax to pay but you still need to obtain a grant of probate and is completed by the executor or administrator of the estate. When can you use...
What is estate planning?
Estate planning is simply the process of putting in place measures to make sure that your assets go to the people you want them to after your death and to ensure that the people and organisations you care about are provided for and your assets are given to the people you want to benefit.You can also include methods of reducing inheritance taxes payable on death too with sensible use of one or two techniques.And for parents, practical estate planning...
What is UK inheritance tax?
Inheritance tax is a charge on the estate of a deceased person, often called colloquially ‘death duties’, they are paid on the value of the deceased’s estate.The estate can include money, personal possessions, property and anything else of value.In this post, we’ll take you through some of the main points to think about when looking at inheritance tax. If you would like to speak to a probate expert, call us free on 08001181603 Need to write a Will? Write your’s on...
Do I need probate in the UK?
A grant of probate is the formal legal permission for an executor to administer the estate of a deceased person.Theoretically, everyone needs to have permission to deal with estate matters however in practice there are some exceptions. What is probate? There are really two answers to this question and it depends upon whether the deceased left a Will or not.If they did leave a Will then the executor (who will be named in the document) needs to apply for a grant...
Lost or damaged Will? What can you do?
Lost or damaged Will? What can you do? In the UK it is a legal requirement that Wills are in hard copy format and properly signed and witnessed.This is all well and good but what happens when the hard copy is lost or destroyed?In this post, we’ll let you know what the legal position is if you know a Will has been destroyed or lost. If you would like to speak to a probate expert, call us free on 08001181603 Need to...
NHS Staff discounts
Smart Will are proud to announce that we now have a relationship with NHS Staff discounts! This means that we can now offer our service at an even better price to the hard workers of the NHS. For any NHS workers wishing to find the latest offers and deals on food, electrical, finance and legal we strongly advise on registering with them to find all kinds of offers throughout the UK. Follow the link below to register and find out more! NHS...
What are Survivorship clauses and commorientes?
What are Survivorship clauses and commorientes? A survivorship clause is a clause that states that a gift will only be made where the beneficiary lives for a certain amount of time after the death of the testator.These types of clauses are very common in modern Wills and it is often the case that when you are thinking about drawing up your own document this will be an issue that arises.These can be used to make sure that assets don’t have...
How to be an executor – step by step guide
How to be an executor – step by step guide Becoming an executor of a Will is a serious and legally responsible role and so in this post, we thought we’d give you a guide as the steps the executor needs to take.Being an executor doesn’t need to be complicated but you do need to be organised and following these steps will help when the time comes. When the Will is made When someone asks you to be an executor of their...
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