Probate fees increased in January 2022 to a single flat rate of £273 for all applicants. This replaces a system that had two different fees, namely £215 for individuals applying for probate themselves and the reduced fee of £155 payable by probate professionals. This scheme encouraged the use of professionals to carry out the often complex process of obtaining a…

After a death, the deceased’s executor or administrator has the job of winding up the estate. Once this has been done, they are required to provide a final estate account, setting out all of the assets, income, liabilities and expenses as well as the amount that is payable to the beneficiaries. Administering an estate involves closing the deceased’s accounts and…

Some estates are excepted from the need to pay Inheritance Tax. In January 2022, the rules surrounding this changed, with the aim of simplifying the Inheritance Tax process. From January 2022, it is no longer necessary to complete Inheritance Tax form 205 if an estate is exempt from Inheritance Tax. Previous regulations It used to be a requirement that even…

Dealing with someone’s estate after their death can involve a number of different terms. Below are some of the most commonly used words and phrases to help explain the probate and administration process. Administrator – deals with the winding up of the estate of someone who died without leaving a Will. This is generally a beneficiary of the estate. Assets…

If someone dies without making a Will, they are said to be intestate. If they do not have any living relatives, then it is the law that their estate will go to the Crown. The Rules of Intestacy provide that where an individual has not left a valid Will, then on their death their estate passes to a spouse and/or…

When an estate executor or administrator deals with the winding up of someone’s affairs after their death, it is their job to distribute the net estate to the beneficiaries who are entitled to inherit. Where a beneficiary cannot be located, it is important that the executor or administrator discharges their liabilities by doing all in their power to find them…

A recent report has found that only half of parents plan to share their estate equally between their children. The report, carried out on behalf of Netwealth and The Money Whisperer®, found that there was a lack of understanding on the part of both parents and young adults in respect of finances and what might be inherited when the time…

If you believe that a loved one’s Will is not valid for some reason, you may be entitled to raise a legal challenge. Grounds for challenging the validity of a Will There are a number of reasons why a Will might not be valid, as follows: It was not properly executed The person making the Will did not have adequate…

After someone dies, part of winding up their estate involves settling all of their debts. As well as paying bills, there are expenses relating to their death, including funeral costs. When someone has died, their estate is liable for paying their outstanding debts. The estate executor or administrator is the person responsible for making sure that this is done. What…

If you have been appointed as someone’s attorney under a Lasting Power of Attorney you will have the authority to make certain decisions on their behalf. There are two types of Lasting Power of Attorney – one in respect of property and financial affairs and one in respect of health and welfare.  When someone loses the ability to manage their…