Tag Archives: will

As the Executor of a will do I need to deduct Inheritance Tax for the beneficiary?

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 […]

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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 […]

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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 […]

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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.  […]

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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 […]

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