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Executor Bank Accounts
Executor Bank Accounts - Everything you need to know Executing a Will can be time consuming and stressful. Holding an executor bank account is a useful part of the end-of-life admin process. This article explains: What are executor bank accounts? Why is it helpful to open one? Where can you open an executor bank account and what documents do you need? What is an executor? An executor is the person named in a will to carry out the wishes of the will. It can be an individual or a group of people. The responsibility of the executor begins on the [...]
Excepted Estates
Excepted Estates - When don’t I have to fill in Inheritance Tax Forms or apply for Probate? When someone dies, some estates are described as Excepted Estates. This means that you may not need to apply for Probate or complete inheritance tax forms. What’s an Excepted Estate? An excepted estate is one where you don’t need to report to HMRC and the Probate Registry about how much someone’s estate was worth after they died. If you don’t need probate, then you don’t need to complete IHT forms and you are likely to be an excepted estate. We have another [...]
What if there’s no Will? Intestacy Rules
What if there’s no will? A guide to intestacy rules What are intestacy rules? How do they apply? Most of us know that we should probably have a will. Research from Canada Life Ltd suggests that 59% of us, or 31 million people, don’t have one. Families and friends have nothing written down about what should happen to our estate after we pass away. If someone dies without leaving a will, then the estate is known as Intestate. If there’s no will, Intestacy Rules apply in England and Wales. This article gives an overview of the rules and processes. Please [...]
What is IHT205? Read our quick guide.
Losing someone close is difficult. But on top of grieving, there are legal issues to deal with. One of those legal requirements is the IHT205. What Is An IHT205 Form? An IHT205 is a form that must be sent to the probate registry when there is no inheritance tax to pay on an estate. There's no Inheritance Tax to pay if the estate is worth less than £325,000 for an individual, or below £1,000,000 if the estate was left to a spouse, civil partner, or charity. This rule applies if the person passed away after 6th April 2011 and had [...]