family tree, tree, question mark, blue, black, leaves, white, intestacy, text, logo, willpack

Intestacy

By | Intestacy | No Comments

Intestacy will occur when a person has not left a valid will, or if their will does not dispose of all of their estate (for example if all of the residuary beneficiaries had predeceased). Any assets that would not pass into the estate will not pass via intestacy. See our previous newsletter for more information on this. The exact distribution under the intestacy rules is set out in S46 Administration of Estates Act 1925. The distribution will vary depending on the value of the estate and what members of family survive. Beneficiaries will inherit the estate after any debts, funeral expenses, taxes and other liabilities have been paid. Spouse is alive – Intestate leaves no issue If the intestate’s spouse survives by 28 days, and there are no surviving issue of the intestate, the surviving spouse will receive the entire estate. Spouse is alive – Intestate leaves issue If the…

Read More
Transferring and Tapering the Residential Nil Rate Band

Transferring and Tapering the Residential Nil Rate Band

By | RNRB | No Comments

Transferable RNRB Any unused Residential Nil Rate Band (RNRB) is available to be transferred to a surviving spouse as long as second death occurs on or after 6th April 2017. On second death, the surviving spouse’s Personal Representatives (PRs) are able to claim both the deceased’s RNRB and the unused RNRB of their late spouse, similar to the procedure used for claiming the transferable Nil Rate Band. This applies even if first death occurred before 6th April 2017. The first to die would not have used any of their RNRB, so 100% of their RNRB will be available to be transferred (unless their estate exceeded the Taper Threshold and some RNRB is tapered away). Whether the first to die owned a qualifying residential interest on their death is irrelevent for the purposes of transferring the RNRB. All that matters is whether the deceased spouse used it or not. Please note…

Read More
Revoking a Will

Revoking a Will

By | Drafting, Wills | No Comments

There are four ways that a will may be revoked. Marriage/Civil Partnership As a general rule, a marriage or formation of a civil partnership revokes any will that a testator made before the marriage or civil partnership under S18 and S18B Wills Act 1837 respectively. There are however some exceptions to this rule. If it appears from the will that at the time the will was made the testator was expecting to be married to, or from a civil partnership, with a particular person and the testator intended that the will should not be revoked by that marriage or civil partnership, the will would not be revoked. It is currently unclear whether a will can be written to be in anticipation of either a marriage or civil partnership to a particular person, for example for a same sex couple who wish to formalise their relationship but currently have not decided…

Read More
Accounts System

Accounts System

By | Admin | No Comments
Sorry, this section of the WillPack website is for Members Only. If you would like to join WillPack you can register by downloading and completing our application forms.

If you are already a member you can log in to the Members Area for full access. If you have forgotten your password, you can reset it here.

Should you require any further assistance, please contact us and we will endeavour to assist you as soon as possible.

Read More
What Cannot be Gifted by a Will

What Cannot be Gifted by a Will

By | Gifting, Wills | One Comment

A person’s will can deal with most property that they own at the time of their death. However, there are a number of assets that would not pass into a person’s estate at their death. Life policy proceeds Life policy proceeds may form part of a deceased’s estate and can be gifted by their will. However it is relatively common for these to be placed into trust so that they do not form part of the deceased’s estate. The intentions behind this are: As the proceeds are outside of the estate, they do not need to pass through probate and therefore the beneficiaries can receive the proceeds sooner. By placing the proceeds in trust, those proceeds will not be taken into account when inheritance tax is calculated (unless it is in trust to pay off a mortgage). If life policy proceeds are in trust, clients should contact their policy providers…

Read More