Many people don’t realise that when you own property jointly with another person that property will not pass under your will or by intestacy. When making your will it is important that you consider how property is held to ensure that it passes in accordance with your wishes. There are two main ways of owning a property jointly known as […]
Wills and jointly owned property
Can I Sell the Deceased’s Property to Pay Inheritance Tax?
Paying Inheritance tax (IHT) is not always a straightforward matter, particularly if the amount due is more than you, the executor, have available to pay. If the estate left in the will is more than £325,000, then 40% of any amount over this threshold will need to be paid to HMRC. It doesn’t matter whether the estate is property only, […]
How to Escape Inheritance Tax the Legal Way
What is inheritance tax? Inheritance tax was first introduced in 1986. It is a tax that needs to be paid on the property or cash of some people after they die. Currently, the rate is set at 40 percent of all assets that exceed £325,000, so it really only applies to those who leave significant wealth behind when they die. […]