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

Garsia, Marlene

Softcover

ISBN 10: 0749448687 ISBN 13: 9780749448684

Publisher: Kogan page, 2006

Synopsis

<p>Essential reading for an executor, but also for anyone who has not yet made a will or plans to update an existing version, this book is full of expert advice and easy-to-follow information on all the important issues, including: why to write a will; where to start; tax and legal considerations; and the problems of dying intestate.</p><p><i>How To Write Your Will</i> also provides detailed instructions for executors on valuing and administering an estate prior to winding it up. Packed with helpful information, practical examples and a new Frequently Asked Questions section, it is the complete guide to wills and probate.</p>

About this title

About the Author

Marlene Garsia is a professional writer and editor based in Kenilworth. She drew on the expert advice of solicitors and registrars, and consulted a tax consultant in producing this book.

Excerpt. © Reprinted by permission. All rights reserved.

<p>Contents</p><p> Acknowledgements x</p><p> Preface xiii</p><p> Introduction 1</p><p> 1. Why Do You Need a Will? 9</p><p> Who can make a will? 13; Decide on your aims 14; How much will my estate be worth in, say, 20 years' time? 15; Civil Partnership Bill 16</p><p> 2. What Happens if You Die without a Valid Will? 18 Present rules 19</p><p> 3. What You Should Know before Writing a Will 24</p><p> What is termed as 'property'? 25; Financial</p><p> matters 26; What is an executor? Who can be appointed? 30; Where should a will be kept? 32; What is a trust? 33; Small estates in England and Wales 34; 'Excepted estates' 35; What is a life</p><p> interest? 37</p><p> 4. What Can Affect Your Will? 39</p><p> Marriage 39; Divorce 40; Revocation of a will 40; Attestation clause 41; A 'wish of intent' 42; Disputes and unknown factors 42; Claiming</p><p> against an estate 44; Making a gift void 45;</p><p> Rules to follow 46</p><p> 5. How to Write a Will 49</p><p> Checklist for your will 50; Case study 51;</p><p> Example of a will 56; Notes 59; What is a</p><p> codicil? 63</p><p> 6. A Question of Tax 65</p><p> Equalisation of estates 67; Settlements 69; Transfers between husband and wife 71;</p><p> Domicile 72; Gifts 73; When is inheritance tax applied? 74; What can be achieved if no prior</p><p> planning has been done? 76; Business property relief 78; Relief for succession charges 79; Related property rules 80; Disposing of an asset 81; Interest in possession trusts 83; Children: accumulation and maintenance settlements 84; Discretionary trusts 85; Jointly owned property 86; Inheritance tax wartime compensation payments 87; How is tax paid? 87; Insurance against inheritance tax 89</p><p> 7. Dealing with Personal Tax Matters after Death 91</p><p> Allowable expenses before inheritance tax 93; How does this affect the surviving partner's tax position? 93; Self-assessment 95; What is a tax code? 96; Executor's duties 96; The distribution</p><p> of income to a beneficiary 99</p><p> 8. Who Can You Go to for Help? 102</p><p> When will you need assistance? 103; Where do</p><p> you start? 104; Solicitors 104; The Probate Registry 107; Proposed changes to the Probate Registry 108; Where else can advice be</p><p> sought? 110</p><p> 9. Documentation 112</p><p> Death certificate 112; What is a grant and why is it necessary? 113; What are all these forms for? 114; What happens next? 115</p><p> 10. Valuing and Administering the Estate 116</p><p> How to start 118; Property 118; National</p><p> Savings certificates 123; Premium Bonds 124; Insurance 124; Bank and building society</p><p> accounts 125; Shares and other investments 126; Other income 130; Hire purchase 130; Listing the valuations 131; Administering a trust 132</p><p> 11. What Happens in Scotland? 134</p><p> What is a 'small estate'? 134; Rights 137; Estate checklist 137; What does it all mean? 139; Children 140; Heritable property 140; Intestate estate 141; Does divorce alter a will? 143;</p><p> Debts 143</p><p> 12. Winding Up an Estate 144</p><p> Property 144; Bookkeeping 148; Tax returns 150; Accounts 151; Distributing legacies 151; Final accounts 152; Capital accounts 153; The closing stages 154</p><p> Appendix 1 Probate Checklist 157</p><p> Appendix 2 Glossary of Terms 160</p><p> Appendix 3 Frequently Asked Questions 165</p><p> Appendix 4 Useful Addresses 167</p><p> Index 171 Index of Advertisers 178</p>

Edition details

• Publisher: Kogan page
• Publication date: 2006
• Language: English
• ISBN 10: 0749448687
• ISBN 13: 9780749448684
• Binding: Paperback
• Number of pages: 208