The stress and trauma of dealing with a relative’s death can be magnified when it comes to finances and paperwork, especially the various tax forms.
Death can throw up all sorts of financial shocks, from a nasty surprise in the Will, hidden debts or even a stash of share certificates that are unaccounted for.
Knowing where to start can be tough and create tensions within grieving families.
The process of Probate involves:
- Valuing all the assets in the Estate
- Establishing the liabilities against the Estate
- Collecting any money that is owed
- Cashing in and/or selling the estate’s assets
- Calculating the tax payable
- Claiming the maximum tax-free allowances available to the Estate
- Settling debts due (including outstanding taxes)
- Dividing the estate amongst the respective beneficiaries
Whether you are an Executor or the next of kin, the list of duties can be a daunting prospect. Our qualified team understands what you are going through, and are here to offer our full support and guidance to those who have suffered bereavement.
- Help you deal with the legal and financial ramifications.
- Assist with financial arrangements and advise you how to register the death.
- Advise you how to arrange and pay for the funeral.
- Explain the effects of the Will.
- Explain the consequences if there is no Will.
- Help you lodge required forms to relevant organizations to collect monies due, including HM Revenue & Customs forms.
- Settle any outstanding debts.
- Keep all parties concerned up to date with proceedings.
You do not have to be a client of The Will and Trust Company to take advantage of the professional advice available from our Probate team. Our dedicated professionals have a wealth of experience. We understand what you are going through and are here to help you through a difficult time.
Severance of Joint Tenancy
(to tenants in common)
What is Joint Tenancy?
A joint tenancy is a form of property ownership by two or more individuals. This form of ownership decrees that property will pass automatically to the surviving joint owner/s regardless of any instructions in a Will.
What is Tenants in Common?
A tenancy in common is another form of property co-ownership. The difference is that upon the death of one co-owner, his or her interest does not automatically pass to the surviving owner, but passes according to the Will.
Why would I want to change my Joint Tenancy to Tenants in Common?
● As a ‘tenant in common’ you have the choice of who inherits your share of your property, according to your Will, thereby safeguarding your children’s inheritance if your spouse re-marries, co-habits or changes their Will after your death.
But what if the surviving Partner has to sell the property to settle the entitlement to the beneficiary?
A simple solution to this is to give the survivor a ‘life interest’ in the property – this will enable them to reside in the house rent free, for as long as they live.
- The family home may be your main legacy to your children: tenants in common can help protect your property from future unforeseen situations, for example, long term care.
- Unmarried couples can reduce an Inheritance Tax liability by utilising both the Inheritance Tax nil-rates available to you – this is currently set at £325,000 per person.
- For example, if your property was worth £650,000 and you had a joint tenancy, you may have to pay 40% Inheritance Tax on £325,000*.
- However, if you held the property as tenants in common, through taking advantage of both the nil-rates available there would be no Inheritance Tax to pay, since when the surviving spouse or partner dies a further nil-rate band would be available.
*This would create a saving of £130,000, that would have otherwise gone to HM Revenue & Customs.
Storage and Aftercare Service
You may have written a Will, but if it cannot be found when you die, it is presumed not to exist – THAT’S THE LAW!
The solution? WillSafe.
WillSafe takes care of you while you’re alive…
- Beginning with a series of follow-ups after you have received your documents.
- We make sure you have received your documents, are happy with their contents, and have signed and returned them to us for checking.
- We check documents are signed and witnessed correctly and replace them free of charge if they’re not!
- Supply you with certificates of custody to hand to executors, guardians or friends – ensuring they know where documents are kept and outlining what actions to take and when they are needed.
- Storage of all documents in a fire- safe, secure environment until they are needed
- All for a modest monthly fee
And if things change? Maybe a new addition to the family…
- If you need to amend your will in the future then this can be done by letter or email at a greatly reduced cost, or very often free of charge
- WillSafe clients can call our FREEPHONE technical helpline for advice and guidance relating to changes on legislation and personal circumstances.
… and after someone dies
- When you die one of The Will and Trust Company’s Probate advisers gives your Executors invaluable free advice
- Should your Executors choose, The Will and Trust Company can assist with Probate and the general administration of your estate. This can be quoted in advance on a set fee scale, and could save your estate thousands of pounds.
And there’s more ….
- We will help you find an appropriate bereavement counsellor in your area should you require.
- We provide you with all the necessary forms and a free advice booklet should you need to register a Lasting Power of Attorney. We can also assist with Deputyship applications to the Court of Protection.
WillSafe is a complete solution