What is UK inheritance tax?

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...

March 27, 2020By Inheritance Tax Explained, News0 CommentsRead more...

How long after probate does it take to receive an inheritance?

How long after probate does it take to receive an inheritance? For beneficiaries of small, simple estate probate can take as little as 3 months and then it is simply a matter of the executor or administrator handing over the inheritance. Unfortunately for many estates, things aren’t quite so simple. There are lots of duties for the executor to perform and some of these can take a considerable amount of time and often be out of their hands. Time to prepare your Will?...

January 25, 2020By Beneficiaries And Inheritance, Inheritance Tax Explained, Probate Advice, , 0 CommentsRead more...
Inheritance Tax

How much inheritance tax do I have to pay?

Inheritance tax – plan wisely to save thousands Inheritance tax can run up to 40% of a bequest so it is worth spending some time making sure your estate doesn’t get reduced unnecessarily. Sensible inheritance tax planning can actually save people a considerable amount of money but you must think about this in good time and when you are making your Will. What estates won’t pay inheritance tax? Probably the best place to start is to identify who isn’t at risk of paying...

December 8, 2019By Inheritance Tax Explained, News0 CommentsRead more...
smart car

Inherited a car? What you should do next.

Inherited a car? What you should do next. One of the things that surprises people when someone passes on is the sheer amount of practicalities that have to be dealt with. One of the most common is what to do if you inherit a car. Hold on a moment… The executor will have to do a couple of things before you can take possession of a car. The first thing to confirm is that the vehicle is actually owned by the estate. The majority of...

October 31, 2019By Beneficiaries And Inheritance, Inheritance Tax Explained, News0 CommentsRead more...
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What happens if a gift in my Will fails?

What happens if a gift in my Will fails? When we make a Will, we often think that our wishes will be carried out exactly as we expect but life is rarely straightforward and there can be circumstances where gift in a Will can fail. So, before you make your Will it is a good idea to think about the potential circumstances where your gifts could not work out the way you intended. No longer owning the gift This is a pretty common...

October 6, 2019By Beneficiaries And Inheritance, Inheritance Tax Explained, News, Wills And Trusts0 CommentsRead more...
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The Tax benefits of giving to charity

The Tax benefits of giving to charity When people make a Will, they often think about leaving a bequest to their favourite charity but what you may not know is that there can be significant benefits to leaving money to charity in your Will. Leaving money to a UK charity in everyday life is, of course, tax-free and this exemption extends to any gift that is included in your Will. If you would like to speak to a probate expert, call us...

October 3, 2019By Beneficiaries And Inheritance, Inheritance Tax Explained, News0 CommentsRead more...
Rules of intestacy

Rules of intestacy

What happens if I die without a Will? Dying without a valid Will in place can mean that your estate passes to people whom you wouldn’t necessarily have chosen to leave it to. It can also have far-reaching effects on your family, their finances and the care of any children left behind. If you would like to speak to a probate expert, call us free on 08001181603 Need to write a Will? Write your’s on the Smart Will App in 10 minutes for...

August 19, 2019By Beneficiaries And Inheritance, Inheritance Tax Explained, News, Wills And Trusts0 CommentsRead more...
Joint Tenants

Are you and your partner joint tenants or tenants in common?

What are the types of property ownership? There are three main types of property ownership, sole owner, joint tenants and tenants in common. Sole Ownership If a home is owned by only one person then it is registered as a sole owner. If there is only one owner on the property then that owner can create a will which will include a provision on who to gift the property to in the event of their death. Joint Tenants A jointly owned property is a...

July 26, 2019By Beneficiaries And Inheritance, Inheritance Tax Explained, News, Wills And Trusts0 CommentsRead more...
Care Home Wills

Protecting your home from care costs

Protecting your home from care costs  We all get old. It's an unavoidable part of life - people age and can often develop illnesses that can be challenging to overcome. To deal with the fact that age can bring it with a selection of issues, a lot of people choose to go into care homes.   The only problem with this course of action is that you’re going to find that care homes can cost a lot of money. Many find that...

July 24, 2019By Beneficiaries And Inheritance, Inheritance Tax Explained, News, Wills And Trusts0 CommentsRead more...
NHS

Calling all NHS employees!

Writing your Will this weekend was probably not high on your priority list, but if you're an NHS worker, it should be. That's because Smart Will is giving all NHS staff a huge 55% off their lifetime Will writing service this weekend only. Smart Will users can update their Will anytime, anywhere, for life on any iOS (iPhone) or Android device. With the 55% discount, NHS staff pay just £35 for individual Will, and £53 for a mirror Will (for couples)....

July 13, 2019By Beneficiaries And Inheritance, Inheritance Tax Explained, News, Wills And Trusts0 CommentsRead more...