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Inheritance Tax Forms
As part of applying for a Grant of Probate, you will need to complete an inheritance tax form (IHT). You will need complete an IHT irrespective of whether there is tax to pay, unless the estate is exempt from Probate. There are a number of Inheritance Tax Forms (IHT forms) but the ones that most people have to think about are IHT205 and IHT400. The choice of form depends on the Gross Value of the Estate. The Gross Value of the Estate is the value of everything in the estate (including property, vehicles, jewellery, money in the bank, savings, assets [...]
What are the current limits for Grant of Probate for Financial Services Firms?
If you are named as an Executor of the Will, then when that person dies it will be your duty to administer the Estate. You have probably already checked Government guidance or Settld's guidance on whether probate is required. But are you aware that each Financial Services firm will have a different minimum value for which they will ask you to apply for probate before they will release funds? Settld has provided a comprehensive list of the probate thresholds for the largest financial services firms below. Company Probate threshold abrdn £36,000 Access bank £50,000 Aegon [...]
Probate! What is it and when do I need to apply for it?
If you are named as an executor on a will, then when that person dies it will be your duty to administer the estate. The first step in administering an estate is usually to apply for probate. What is Probate? A Grant of Probate in England, Wales and Northern Ireland, (or a Grant Confirmation in Scotland) gives you the legal right to deal with the estate of someone who has died. To be granted probate you will need to apply to the Probate Office. They will post out the Grant of Probate after they have processed your application. This can [...]
Continuing Bonds – ways of staying connected when a loved one has died
Grief is often described as a journey, although for many people it doesn’t have a clear start and end point. Continuing bonds is one way of dealing with that journey. Everyone grieves in different ways and many theories have been developed about the grieving process. In this guest article Sarah Jones, Founder of Full Circle Funerals writes that, in her experience, many people find the theory of continuing bonds particularly helpful. What is “Continuing Bonds” theory? Put simply, continuing bonds theory states that when someone dies, our relationship with them doesn’t end, but it changes. The relationship may continue [...]