Dealing With An Estate-Books Pdf

Dealing with an estate
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1 Recent developments 4, 2 Find out if there is a will 4. 2 1 If there is no will 4, 3 Dealing with the estate 4. 3 1 If there is a will 4, 3 2 If there is no will 5. 3 3 How to apply for grants of representation 5, 4 Things to think about if you do it yourself 5. 4 1 What happens if you take responsibility 5, 4 2 Family relationships 6.
4 3 When do you not need to apply for probate or administration 6. 4 4 Complicated estates 6, 4 5 Finding a probate specialist 7. 4 6 How much do probate services cost 7, 5 How to work out the value of an estate 7. 5 1 Why you need to value the estate 7, 5 2 How to value individual assets 7. 5 3 Valuing jointly owned assets 8, 5 4 Not sure if land or property was jointly owned 8. 5 5 Joint bank accounts 8, 5 6 Other joint assets 8.
5 7 What debts form part of the deceased s estate 9. 5 8 What else forms part of the estate 9, 5 9 What does not form part of the estate 9. 5 10 Information about the estate 9, 6 Inheritance tax 10. 6 1 Additional threshold 10, 6 2 Transferring the nil rate band 11. Age UK factsheet 14 August 2019, Dealing with an estate amended January 2020 Page 2 of 25. 6 3 Gifts exempt from IHT 12, 6 4 Inheritance tax reliefs 12.
6 5 Arranging payment of IHT 13, 6 6 Deeds of variation 13. 7 How to apply for grant of representation 13, 7 1 Application forms 13. 7 2 Submitting the application 13, 7 3 Statement of truth 15. 8 Settling the estate 15, 8 1 Collect in the assets 15. 8 2 Paying any debts and outstanding expenses 15, 8 3 Distributing the estate 16.
8 4 Possible claims on the estate 16, 8 5 Problems with executors or personal representatives 17. 8 6 If you are an executor and you do not wish to act 17. 9 Intestacy 17, 9 1 What are the rules of intestacy 17. 9 2 Grandchildren and great grandchildren 17, 9 3 If there are no surviving relatives 20. 9 3 1 Rearranging the way the estate is shared out 20. 9 4 Applying for financial help 20, 9 5 Rejecting your inheritance 20. Useful organisations 21, Support our work 23, Age UK factsheet 14 August 2019.
Dealing with an estate amended January 2020 Page 3 of 25. 1 Recent developments, Since April 2018 anyone leaving a home or a share of a home to direct. descendants children grandchildren etc is entitled to an additional. Inheritance Tax exemption of up to 150 000 This increases to 175 000. in April 2020, 2 Find out if there is a will, The money possessions and property of a deceased person are called. their estate If they left a will this should specify how their estate is to. be distributed They may have left other instructions in letters of wishes. Before doing anything else you should look for their will and any. accompanying letters of wishes, If you cannot find a will in their home check if you can find a certificate of. deposit which is sent if the will is kept by the Principal Registry of the. Family Division Even without a certificate of deposit it is worth checking. with the Registry to see if they hold the will, If they died in a hospital or care home check if the will was left with. them You can contact the person s solicitor accountant or bank to see if. they hold the will, The will may be registered with Certainty the National Will Register the.
Law Society s endorsed provider of a national will register and will search. service You can pay for a search of wills registered on their database. 2 1 If there is no will, If the deceased person did not leave a valid will they have died. intestate There are laws known as intestacy rules governing how their. estate should be distributed Unmarried or divorced partners normally do. not inherit anything under intestacy rules For more on the rules of. intestacy see section 9, 3 Dealing with the estate. 3 1 If there is a will, The will should state who has responsibility for dealing with the. deceased s estate This person is called an executor There may be. more than one executor named Their role is to locate all assets pay off. taxes and debts and distribute leftover money possessions and property. to the deceased s heirs in accordance with the instructions in the will. The executor may need to apply for a grant of probate. If the will does not name an executor or they cannot act for any reason. there is a strict order in which the beneficiaries of the will can apply to. the Probate Registry to be administrators, Age UK factsheet 14 August 2019. Dealing with an estate amended January 2020 Page 4 of 25. 3 2 If there is no will, The person dealing with the estate is called an administrator This is.
usually a close relative in order of priority as follows spouse or civil. partner children parents brothers or sisters other relatives depending. on who is entitled to the estate If any of these people die before the. deceased their children may apply An administrator may need to apply. for letters of administration instead of a grant of probate This applies if. a will does not name an executor the executor has died or is unwilling. or unable to act, A grant of representation cannot be issued to someone under the age of. 18 The partner of the deceased cannot apply if they were not married or. in a civil partnership at the time of their death If you are unsure whether. you are entitled to apply complete and return the forms and the Probate. Registry will let you know who can act, 3 3 How to apply for grants of representation. You need to apply for a grant of probate or letter of administration. through the Probate Service in England and Wales These are known as. grants of representation It is possible to make an application. personally However there are some circumstances when it is advisable. to use a probate specialist For more information about applying for a. grant of representation see section 7, 4 Things to think about if you do it yourself. Dealing with the administration of someone s estate can take many. months depending on the complexity of their affairs If you think of doing. it yourself make sure you can cope with the demands on your time. If you go ahead without a probate specialist it is a good idea to look at. the free guide produced by HM Courts and Tribunals Service How to. obtain probate a guide for people acting without a solicitor PA2. Download a copy from www gov uk government publications how to. obtain probate a guide for people acting without a solicitor. 4 1 What happens if you take responsibility, As an executor or administrator you are legally responsible for. collecting the assets, paying all liabilities including tax.
correctly distributing the estate, Simple precautions include advertising in a local newspaper for creditors. so you are not liable to someone turning up years afterwards making a. claim on the estate If you are not confident doing this yourself consider. using a specialist, Age UK factsheet 14 August 2019. Dealing with an estate amended January 2020 Page 5 of 25. 4 2 Family relationships, Unfortunately family disputes about who should take what assets. whether to sell assets quickly or hold out for a higher price do happen. Using a probate professional can avoid this problem. 4 3 When do you not need to apply for probate or, administration. Probate is almost always needed when the deceased s estate includes. property or land held in their own name or jointly as a tenant in common. when each owner has a distinct share that does not have to be passed. to the other joint owner If the deceased s estate is worth less than. 5 000 probate or letters of confirmation may not be needed This is. called a small estate, To find out if assets can be obtained without a grant you need to write to.
each institution e g bank building society etc informing them of the. death of the owner and enclosing a photocopy of the death certificate. Check what other evidence they require before they will release any. assets Take copies if you are asked to send any original documents. At a later stage you may be asked to complete an indemnity form this. means you undertake to reimburse the institution if it is proved that. someone had a stronger claim to the assets than you Depending on the. requirements of the individual institutions involved you may find it is. more straightforward to obtain a grant of representation There is no. Probate Court fee if the estate is worth less than 5 000. 4 4 Complicated estates, There are circumstances when it is advisable to use a probate specialist. For example, the estate is over the Inheritance Tax threshold 325 000 in 2019 2020. and is not exempt, there are doubts over the validity of the will. there is no will the deceased was married with children and left an. estate worth over 250 000, dependants have been left out of the will but may have a claim for. support from the estate, the estate has complicated arrangements such as assets held in trust.
the estate is insolvent or there are doubts about solvency of the estate. the estate includes foreign property, the deceased was domiciled outside the UK for tax purposes. Age UK factsheet 14 August 2019, Dealing with an estate amended January 2020 Page 6 of 25. 4 5 Finding a probate specialist, Many solicitors firms offer administration of estate services However. you do not have to use a solicitor There are other companies offering. these services Most banks offer services to deal with the administration. of the estate as do some Trust Corporations You can search for a. solicitor on the Law Society website or see factsheet 43 Getting legal. advice for more information, 4 6 How much do probate services cost. Some probate specialists charge hourly rates but others charge a flat fee. which may be calculated according to the value of the estate Most. specialists charge VAT at 20 per cent on their fees Some charge both an. hourly rate and a flat fee This does not necessarily mean they are more. expensive The important thing is to shop around and compare quotes. You may wish to make enquiries with several specialists to find the type. of service and cost that suits you best There will be other expenses. such as the cost of applying for the grant of probate which also need to. be paid All these costs and expenses are payable out of the estate. 5 How to work out the value of an estate, If you are responsible for managing someone s affairs after they die.
valuing their estate is one of the first things you must do Start with. everything they owned at the date of death This includes property. possessions and money less everything they owed such as mortgages. loans and credit card bills, 5 1 Why you need to value the estate. You need to work out the estate s value for two reasons. to calculate the amount of Inheritance Tax if any that must be paid. to arrange the distribution of the estate according to the will or the. intestacy rules if there is no will, The value of the estate for tax reasons and the value for distribution. reasons may not be the same, 5 2 How to value individual assets. You need to know the market value the realistic selling price of all the. deceased s assets at the time of their death A realistic price is likely to. be the value the item may fetch if sold at auction or through a local. paper For assets such as property or land you should get a professional. valuation HM Revenue and Customs recommend having items over. 500 professionally valued as they can challenge valuations if they. disagree with them, Age UK factsheet 14 August 2019. Dealing with an estate amended January 2020 Page 7 of 25. 5 3 Valuing jointly owned assets, Before working out the value of the deceased s share of a jointly owned.
asset you have to find out how it was owned Assets include cars. houses and pieces of land owned with other people, They may have owned them. as joint tenants in which case, they have equal rights to the whole property. the property automatically goes to the other owner s if they die. they cannot pass on ownership of the property in their will. as tenants in common in which case, they can own different shares of the property. the property does not automatically go to the other owner s if they die. they can pass on their share of the property in their will or through. 5 4 Not sure if land or property was jointly owned. If you are not sure whether property or land is jointly owned you can find. out from the Land Registry for a small fee This shows the owners of. registered property in England and Wales If the property is not. registered you need to see the deeds, The papers signed when the property was bought normally set out. whether it is owned as joint tenants or in separate percentage shares as. tenants in common if there are two or more names on the title. 5 5 Joint bank accounts, Joint bank accounts are nearly always held as joint tenants The value.
to include in the estate in order to calculate the tax payable on the estate. is usually the amount in the account divided by the number of owners. Joint accounts automatically pass to the survivor regardless of. unequal ownership, what the will says, what the intestacy rules say. For unmarried couples and other combinations of joint account holders. a greater degree of scrutiny is required, 5 6 Other joint assets. If the deceased person owned other assets jointly you have to work out. Age UK factsheet 14 August 2019 Dealing with an estate amended January 2020 Page 6 of 25 4 2 Family relationships Unfortunately family disputes about who should take what assets whether to sell assets quickly or hold out for a higher price do happen

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