Winding up the estate of someone who has died is always a big responsibility. However, there are certain factors that can make this task even more complex. One of those factors is whether or not the person who has died was a business owner.
Making sure all your legal paperwork is in order is an important task. Whether you’ve never made legal documents such as a Will and/or a Lasting Power of Attorney (LPA) before, or whether you’ve previously made some that might need updating. Making an appointment to discuss a new Will or LPA, or to review existing ones, really couldn’t be easier.
There have been a number of changes in private client law this year that might affect you if you have legal plans in place for the future or if you’re currently administering an estate.
Legally binding mutual wills might seem like a good way to ensure your wishes are protected, but in practice they can be inflexible and contentious. Here’s why we don’t recommend them, along with what we often advise instead.
There are many different factors you’ll need to consider if you’re responsible for administering an estate. Some of these will be things you’re already aware of, others may not. Many people don’t realise that tax can come due on an estate during the administration process.
If you’re responsible for administering an estate, your task may be made more complicated depending on the employment status of the person who has died. In many cases, the individual will have been retired at the time of their death, but if they were still working, there are likely to be some loose ends to be tied up in this respect.
If you’re currently responsible for administering an estate and you think there is a need to apply for double probate, you might be unsure about how to navigate this. It may be helpful to speak to a specialist probate solicitor who can help you to untangle the situation and advise on the next steps.
Most people are aware of inheritance tax and the added complications it can bring to the process of administering an estate. This type of tax does not need to be paid on all estates, just those that are worth over a certain threshold.
Family relationships are not always straightforward. This can be because of a huge range of reasons, from blended families to personality clashes to perceived injustices. Whatever the individual circumstances, sometimes, even small tensions can become magnified when it comes to the issue of what will happen to an estate after a death.
There has recently been an update to the amount that can be passed on in a statutory legacy. This is the amount an individual can receive from their spouse’s estate if their spouse dies without leaving a Will. Find out how this could affect you on our blog.
