Inheritance Tax Threshold & Residence Nil Rate Band

Nil Rate Band (NRB) The current Nil Rate Band (NRB) is £325,000 per person. This is the tax free allowance every individual has and can bequeath without any Inheritance Tax becoming payable. If your estate is in excess of £325,000 then Inheritance Tax will be payable at the current rate of 40%. There are, however, […]

When is Probate required

Probate is required when: the deceased owned land or property in his or her sole name or as Tenants in Common, and; where the total value of all accounts with a specific organisation exceeds their threshold. Probate thresholds for the 8 main high street banks Please note that these are the current limits. The bank/building […]

How to Apply for Probate in 6 basic steps

Here we provide a brief guide on how to apply for Probate in 6 simple steps. STEP 1 Establish if there is a Will. This will appoint Executors who will have the authority to deal with the estate. Otherwise, the person or persons due to inherit under the Rules of Intestacy will have the authority. […]

Summary of the Rules of Intestacy

What is Intestacy? Intestacy is when a person dies without leaving a valid Will. As a result their estate (basically their assets – property, cash, etc) must be shared out according to certain rules. These rules are known as the Rules of Intestacy. A person who dies without leaving a Will is called an intestate person. Furthermore, […]

The ONLY Probate Source you will need

Losing a loved one can be a difficult, emotional and stressful time without the added burden of dealing with their probate. What is Probate? Where do you start? What do you need to do? To make things a little bit easier for you at such a difficult time, this article will simplify the probate process. It will […]