Tag Archive: inheritance

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Usufruct & Inheritance Tax

Usufruct is a civil law term referring to the right of one individual to use and enjoy the property that is vested in another. Usufruct is a little known aspect of property law that is worth knowing for inheritance tax purposes. In this article, we’ll talk a little bit about how usufruct works. We’ll also… View Article

Time limits for legal claims against the estate
Time limits for Legal Claims Against the Estate

There are time limits in place for legal claims against an estate. Executors of an estate must settle all legal claims, debts and liabilities associated with the deceased in a timely manner. However, in some cases the claims can be difficult to ascertain. An executor can be liable for the debts of an estate. He… View Article

Who can take out probate?
Who Can Take Out Probate?

Probate services concern the administering of the estate of a deceased person. The goal is to resolve all claims and distribute the deceased person’s property as per their final wishes. An authorised  professional, or alternatively by a relative or friend, can handle the process. If the deceased’s estate is worth less than £5,000, or the… View Article

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Will Writing, Valid Wills and Deeds of Variation

Will writing and ensuring that your assets are divided among your beneficiaries in the way best suited to your personal circumstances is very important. If the deceased has not left a Will the law decides who inherits the estate. This can result in a distribution of assets that would not have been the wishes of… View Article

Excepted estates and small estates
Excepted Estates and Small Estates

The amount inherited by a spouse or civil partner is usually exempt from Inheritance Tax. The situation is more complicated if the surviving spouse or civil partner is not domiciled in the UK. We will explain below the meaning of some commonly used phrases relating to Inheritance Tax, excepted estates and small estates. Excepted Estates… View Article

HMRC’s bereavement service and personal applications
HMRC’s Bereavement Service and Personal Applications

In 2012 a dedicated HMRC bereavement services team was launched that deals with PAYE and Self Assessment issues which arise when a taxpayer dies. The team provides family members or personal representatives with a single point of contact. They work to finalise the PAYE and Self Assessment affairs of the deceased. The family members or… View Article