Question: I am the Executor of a Will and I am about to pay out various legacies. Some of these are quite substantial and the beneficiary would have an Inheritance Tax liability. Do I have to deduct the tax that might be paid or can I simply pay out to the beneficiary? Answer: Recent changes […]
Tag Archives: will
Borrowings exceed assests – what is the situation if I die?
Question: I have substantial borrowings and I am concerned about what will happen if I die. As matters stand the value of my assets would not exceed my liabilities? Answer: Up until recently this was a rare occurrence but I suspect it is likely to happen more frequently as the levels of increased debt hit […]
Have I the right to make a Will as I please?
Question: If I make a Will have I the right to make the Will as I please? Are there any restrictions on what I can do? Answer: In general terms you can dispose of your property as you see fit except for the following. Firstly if you are married, a surviving spouse is legally entitled […]
Passing wealth to children
Question: Recently I made my Will. I am in good health and therefore it may be some time before my children will inherit anything. It seems to me that I should perhaps consider passing some property to my children now so they have the benefit of it when it is of most use to them. […]
I have been nominated as the Executor of a Will. What does this entail?
Question: Somewhat to my surprise I have been nominated as the Executor of a Will. What does this entail? Answer: Your function as an Executor is to extract a Grant of Probate to the Estate and to administer the Estate of the deceased. I suppose the first thing to say is that you are not […]
