Half of Wills in the UK are out of date

Research done on behalf of Solicitors for the Elderly (SFE) has found that almost half of UK adults who have a Will have not updated it for more than five years.SFE is a national association of independent lawyers who specialise in legal matters for the elderly and vulnerable. They understand the difficulties that can arise when people do not leave…

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What happens if a beneficiary is bankrupt?

If you are dealing with the estate of someone who has died, you need to check whether any of the beneficiaries have been declared bankrupt. If you mistakenly distribute part of the estate to a bankrupt beneficiary, the trustee in bankruptcy could bring a claim against you to recover any money that they were not able to retrieve from the…

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78% of those retiring are failing to seek professional advice

Global investment company abrdn have conducted a survey that found that almost four out of five people taking retirement are not seeking professional advice in respect of their financial plans.  The survey questioned 2,000 retirees in the UK, finding that 78% have not taken any professional advice from finance experts as to how to manage their retirement. Nearly half (48%)…

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Ending an LPA | How long does an LPA last?

A Lasting Power of Attorney or LPA is a document that gives legal authority to someone to deal with your affairs on your behalf, should you ever be unable to do this yourself. It is recommended that everyone consider putting one in place so that, should anything happen, your loved ones have the reassurance of being able to look after…

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Probate fee increase and what it means for a lay executor

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…

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What to include in estate accounts

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…

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New excepted estate rules

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…

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Probate and estate administration – a glossary of terms

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…

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