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

Copyright
......Page 9
Table of contents
......Page 14
Acknowledgements......Page 26
Preface......Page 28
Introduction......Page 36
1 Why Do You Need a Will?......Page 44
Who can make a will?......Page 48
Decide on your aims......Page 49
Civil Partnership Bill......Page 51
2 What Happens if You Die without a Valid Will?......Page 54
Present rules......Page 55
3 What You Should Know before Writing a Will......Page 60
What is termed as ‘property’?......Page 61
Financial matters......Page 63
What is an executor? Who can be appointed?......Page 68
Where should a will be kept?......Page 69
What is a trust?......Page 70
Small estates in England and Wales......Page 72
‘Excepted estates’......Page 73
What is a life interest?......Page 74
Overseas property......Page 76
Marriage......Page 78
Revocation of a will......Page 79
Attestation clause......Page 80
Disputes and unknown factors......Page 81
Claiming against an estate......Page 83
Making a gift void......Page 84
Rules to follow......Page 85
5 How to Write a Will......Page 88
Checklist for your will......Page 89
Case study......Page 90
Notes......Page 98
What is a codicil?......Page 102
6 A Question of Tax......Page 104
Equalisation of estates......Page 106
Settlements......Page 109
Domicile......Page 111
Gifts......Page 115
What can be achieved if no prior planning has been done?......Page 117
Business property relief......Page 119
Agricultural property relief......Page 120
Related property rules......Page 121
Disposing of an asset......Page 123
Interest in possession trusts......Page 125
Children: accumulation and maintenance settlements......Page 126
Jointly owned property......Page 127
Inheritance tax wartime compensation payments......Page 128
How is tax paid?......Page 129
Insurance against inheritance tax......Page 131
7 Dealing with Personal Tax Matters after Death......Page 133
How does this affect the surviving partner’s tax position?......Page 135
Self-assessment......Page 137
What is a tax code?......Page 138
Executor’s duties......Page 139
The distribution of income to a beneficiary......Page 141
8 Who Can You Go to for Help?......Page 144
When will you need assistance?......Page 145
Solicitors......Page 146
The Probate Registry......Page 149
How can it help?......Page 150
Where else can advice be sought?......Page 152
Death certificate......Page 154
What is a grant and why is it necessary?......Page 155
What are all these forms for?......Page 156
What happens next?......Page 157
10 Valuing and Administering the Estate......Page 159
Property......Page 161
National Savings certificates......Page 166
Premium Bonds......Page 167
Bank and building society accounts......Page 168
Shares and other investments......Page 169
Other income......Page 173
Listing the valuations......Page 174
Administering a trust......Page 176
11 What Happens in Scotland?......Page 178
What is a ‘small estate’?......Page 180
Rights......Page 183
Estate checklist......Page 184
What does it all mean?......Page 185
Children......Page 186
Heritable property......Page 187
Intestate estate......Page 188
Does divorce alter a will?......Page 189
Debts......Page 190
Property......Page 192
Bookkeeping......Page 197
Tax returns......Page 198
Distributing legacies......Page 199
Final accounts......Page 200
Capital accounts......Page 201
The closing stages......Page 202
Appendix 1 Probate Checklist......Page 205
Appendix 2 Glossary of Terms......Page 208
Appendix 3 Frequently Asked Questions......Page 213
Appendix 4 Useful Addresses......Page 216
Appendix 5 Tax Thresholds and Allowances 2008/09......Page 220
Index......Page 222
Index of Advertisers......Page 232