Wills & inheritance: questions and answers

United Kingdom 14

1. When does helping a family member financially count as a gift for Inheritance Tax?

   Helping family counts as a gift for Inheritance Tax unless it's exempt, and regular help from surplus income, the £3,000 annual exemption, £250 small gifts and…

2. Does a personal loan have to be repaid when someone dies?

   Usually, the deceased person’s estate must deal with the outstanding loan. The debt does not normally become a beneficiary’s personal debt just because they inherit…

3. Should I use a book or course to start UK inheritance tax planning?

   A book or course can teach inheritance-tax basics and help you organise your estate information, but it should be checked against current HMRC rules. Complex gifts…

4. Can I make a will that leaves part of my estate to charity?

   Yes. A UK will can leave part of an estate to charity, and a qualifying charitable gift can reduce the IHT rate to 36%. A missing original or newer unsigned draft…

5. How does an inherited ISA APS work, and how should I choose a provider?

   A surviving spouse or civil partner can receive an Additional Permitted Subscription based on a deceased ISA, on top of the ordinary ISA allowance. The APS is separate…

6. Why is probate delayed and how long does it take?

   In England and Wales, GOV.UK currently says you will usually get probate within 12 weeks of submitting an application. It can take longer when the application needs…

7. How can you check whether a financial service is safe?

   Do not judge a financial service from reviews alone. Check the FCA register and permissions, understand which compensation scheme applies, compare the real charges, and…

8. Do you need a solicitor for a will or probate?

   You do not always need a solicitor to make a will or apply for probate in England and Wales. Straightforward cases can often be handled without one, but mental-capacity…

9. What should I do after inheriting a house held in trust?

   If a parent leaves part of a house in trust, first establish the trust terms, trustees, beneficiaries and title. Then deal separately with probate, Inheritance Tax…

10. Does an executor need a separate bank account for an estate?

    There is no single rule saying every estate must use a special bank account, but an executor needs to keep estate money clearly separate from personal money and follow…

11. What happens to a council tenant’s home and belongings after they die?

    What happens after a council tenant dies depends on the tenancy agreement, the tenancy type and whether a qualifying person has a right to succeed. The council should…

12. How long can it take to recover and distribute money from an estate?

    There is no single universal estate-settlement timetable. Delay can come from probate, asset sales, tax, creditor claims, missing beneficiary information, bank…

13. Do I need both a will and a lasting power of attorney?

    A will and a lasting power of attorney do different jobs. A will controls what happens to your estate after death, while an LPA lets appointed attorneys make certain…

14. Should you use a will, a trust, or both for family wealth?

    A will and a trust do different jobs. A will sets out what should happen to estate assets after death, while a trust can control who manages assets, who benefits and…