Dealing with a business in a will If you are a business owner, then it is particularly important to have a carefully-considered Will in place. Therefore ensuring that your business passes to the right person when the time comes. We look at the considerations of dealing with a business in a Will. Should something happen to you and you have…
Filling in Inheritance Tax Forms When dealing with the estate of someone who has died, you need to fill in some forms for HM Revenue & Customs. Where Inheritance Tax is payable, you may need to complete several schedules. We take a look at filling in Inheritance Tax Forms, including what forms are needed and who can complete them. After…
IHT threshold frozen until 2028 The chancellor’s autumn statement confirmed that the current IHT threshold will be frozen until at least April 2028. This follows a previous announcement freezing it until April 2026. The two-year extension to the lower limit means more families will be required to pay Inheritance Tax. As more estates are likely to exceed the nil rate…
What you need to know about Paying Inheritance Tax For those dealing with someone’s estate after their death, the Inheritance Tax bill can come as a nasty shock. Paying Inheritance Tax is something that needs to be done before a Grant of Probate or Letters of Administration are applied for. In some circumstances this can create difficulties. The current Inheritance…
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. This details all of the assets, income, liabilities and expenses as well as the amount that is payable to the beneficiaries. We look at…
New excepted estate rules January 2022 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. We take a look at the new excepted estate rules. From January 2022, it is no longer necessary to complete Inheritance Tax form 205 if an…
Probate and Estate Administration 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 estate administration process. A glossary of terms A Administrator – executes the winding up of an estate where someone has died without…
Deciding not to split inheritance equally A recent report has found that only half of parents plan to share their estate equally between their children. In this article we look at a recent study on parents deciding not to split inheritance equally. A report, carried out on behalf of Netwealth and The Money Whisperer®, found there was a lack of…
