SOME OF THE FINER DETAIL WORTH KNOWING...

Probate is the process in England and Wales for administering someone’s estate. A Grant of Probate obtained from the Probate Registry is the document that third parties (ie banks) will accept as authority for the executor (named responsible person) of the will to deal with the deceased’s property.

A Lasting Power of Attorney gives a person the authority to look after your financial affairs and/or make decisions about your health and welfare if you lose mental capacity during your lifetime. You register these with the Government’s Office of the Public

Guardian.

It can take a period of time for banks to release funds after a death. This can be because of delays in valuing the estate, paying tax or due to disputes. The larger the inheritance, often the more complicated and timeconsuming the process.

A person has an annual gift allowance of up to £3,000 each year, tax-free. This amount is called the annual exemption. You can also make use of the small gift exemption, which means you can gift up to £250 a year to as many people as you like.

You can decrease the rate of inheritance tax payable on your estate if you leave a certain portion of your assets to charity. If you leave everything to charity, there is no inheritance tax.

There is the option of setting up a trust fund. This is a legal arrangement where a trustee holds the assets of trusts for the beneficiary. Once you have established a trust, the assets no longer belong to you and you have no control over them. This is a complicated process and needs specialist advice.

Most jurisdictions have different rules when it comes to succession. For example, in Scotland, you are required by law to leave part of your estate to your spouse and children.

Wills can be contested. Someone could claim it is not valid, or certain people (including your spouse or children) can bring a claim to court with the Inheritance (Provision for Family and Dependants) Act 1975.