How to Write Your Will: The Complete Guide to Structuring Your Will Inheritance Tax Planning Probate and Administering an Estate - Brossura

Garsia, Marlene

Brossura

ISBN 10: 0749448687 ISBN 13: 9780749448684

Casa editrice: Kogan Page Ltd, 2006

Riassunto

Essential reading for an executor, but also for anyone who has not yet made a will or plans to update an existing version, this book is full of expert advice and easy-to-follow information on all the important issues, including: why to write a will; where to start; tax and legal considerations; and the problems of dying intestate. How To Write Your Will also provides detailed instructions for executors on valuing and administering an estate prior to winding it up. Packed with helpful information, practical examples and a new Frequently Asked Questions section, it is the complete guide to wills and probate.

Su questo libro

Informazioni sull?autore

Marlene Garsia is a professional writer and editor based in Kenilworth. She drew on the expert advice of solicitors and registrars, and consulted a tax consultant in producing this book.

Estratto. © Ristampato con autorizzazione. Tutti i diritti riservati.

Contents

Acknowledgements x

Preface xiii

Introduction 1

1. Why Do You Need a Will? 9

Who can make a will? 13; Decide on your aims 14; How much will my estate be worth in, say, 20 years' time? 15; Civil Partnership Bill 16

2. What Happens if You Die without a Valid Will? 18 Present rules 19

3. What You Should Know before Writing a Will 24

What is termed as 'property'? 25; Financial

matters 26; What is an executor? Who can be appointed? 30; Where should a will be kept? 32; What is a trust? 33; Small estates in England and Wales 34; 'Excepted estates' 35; What is a life

interest? 37

4. What Can Affect Your Will? 39

Marriage 39; Divorce 40; Revocation of a will 40; Attestation clause 41; A 'wish of intent' 42; Disputes and unknown factors 42; Claiming

against an estate 44; Making a gift void 45;

Rules to follow 46

5. How to Write a Will 49

Checklist for your will 50; Case study 51;

Example of a will 56; Notes 59; What is a

codicil? 63

6. A Question of Tax 65

Equalisation of estates 67; Settlements 69; Transfers between husband and wife 71;

Domicile 72; Gifts 73; When is inheritance tax applied? 74; What can be achieved if no prior

planning has been done? 76; Business property relief 78; Relief for succession charges 79; Related property rules 80; Disposing of an asset 81; Interest in possession trusts 83; Children: accumulation and maintenance settlements 84; Discretionary trusts 85; Jointly owned property 86; Inheritance tax wartime compensation payments 87; How is tax paid? 87; Insurance against inheritance tax 89

7. Dealing with Personal Tax Matters after Death 91

Allowable expenses before inheritance tax 93; How does this affect the surviving partner's tax position? 93; Self-assessment 95; What is a tax code? 96; Executor's duties 96; The distribution

of income to a beneficiary 99

8. Who Can You Go to for Help? 102

When will you need assistance? 103; Where do

you start? 104; Solicitors 104; The Probate Registry 107; Proposed changes to the Probate Registry 108; Where else can advice be

sought? 110

9. Documentation 112

Death certificate 112; What is a grant and why is it necessary? 113; What are all these forms for? 114; What happens next? 115

10. Valuing and Administering the Estate 116

How to start 118; Property 118; National

Savings certificates 123; Premium Bonds 124; Insurance 124; Bank and building society

accounts 125; Shares and other investments 126; Other income 130; Hire purchase 130; Listing the valuations 131; Administering a trust 132

11. What Happens in Scotland? 134

What is a 'small estate'? 134; Rights 137; Estate checklist 137; What does it all mean? 139; Children 140; Heritable property 140; Intestate estate 141; Does divorce alter a will? 143;

Debts 143

12. Winding Up an Estate 144

Property 144; Bookkeeping 148; Tax returns 150; Accounts 151; Distributing legacies 151; Final accounts 152; Capital accounts 153; The closing stages 154

Appendix 1 Probate Checklist 157

Appendix 2 Glossary of Terms 160

Appendix 3 Frequently Asked Questions 165

Appendix 4 Useful Addresses 167

Index 171 Index of Advertisers 178

Dettagli dell'edizione

• Editore: Kogan Page Ltd
• Data di pubblicazione: 2006
• Lingua: Inglese
• ISBN 10: 0749448687
• ISBN 13: 9780749448684
• Rilegatura: Copertina flessibile
• Numero di pagine: 208
• Contatto del produttore: non disponibile
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