In this episode of The Legal Rabbit Hole, Charlotte Day and Megan Lovell dive into the practical and legal steps required when someone passes away. This essential conversation covers everything executors need to know, from locating the Will to obtaining probate and administering an estate. Charlotte and Megan share their expert insights, answer common client questions, and provide advice on how to navigate this challenging time with clarity and confidence.

Key Takeaways

· Initial steps after a death: The importance of obtaining a death certificate, verifying the identity of executors and ensuring confidentiality.

· Responsibilities of executors: Collecting information about assets and liabilities, applying for a Grant of Probate and administering and distributing the estate.

· Funeral wishes and family dynamics: Discussing funeral wishes included in a Will and handling sensitive family situations and claims against the estate.

· Navigating probate: Understanding the process of obtaining a Grant of Probate. Identifying when probate is required based on the size and nature of the estate and common delays and how to overcome them.

· Addressing challenges: Protecting executors from liability through Trustee Act notices and searches for missing assets or wills and managing situations where trusts are created in a Will.

· Practical tips for executors: Keeping key documents organised and accessible, handling digital assets, such as cryptocurrency and online accounts and conducting due diligence.

· The value of professional advice: Why seeking help from solicitors can save time, reduce stress, and ensure accuracy and balancing personal grieving with the responsibilities of estate administration.

Resources Mentioned

Timms Solicitors : For further questions reach out to Timms Solicitors via their website, email at legal@timms-law.com or call freephone 0800 011 6666.

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In this episode of The Legal Rabbit Hole, hosts Charlotte Day and Megan Lovell delve into the critical issues surrounding homemade Wills. They discuss why drafting a Will without professional legal advice can lead to significant problems, including disputes, unintended tax consequences, and the failure to carry out the deceased's wishes.

Key Takeaways

· What is a homemade Will: Explanation of Wills created without solicitors’ guidance and why they are often problematic.

· Common pitfalls of homemade Wills: Missing dates or incorrect wording, the use of generic templates or pre-filled kits that lack nuance and precision and issues caused by physical alterations.

· Real-life examples: A case where the phrase "I wish" led to inheritance tax complications and a case where a Will was taken apart by a bank for copying, raising concerns about tampering.

· Why legal advice matters: The importance of clear and enforceable language in Wills. The role of a solicitor in assessing testamentary capacity and preventing undue influence. Additional steps solicitors take to minimise disputes post death.

· The Impact of COVID-19: How the pandemic increased the prevalence of homemade Wills. Long-term risks associated with last-minute and DIY estate planning during the pandemic.

· Best practices: Why professional guidance ensures your wishes are carried out. Steps solicitors take to make Wills as "watertight" as possible.

Resources Mentioned

Timms Solicitors : For further questions reach out to Timm's Solicitors via their website, email at legal@timms-law.com or call freephone 0800 011 6666.

If you're considering drafting a Will or updating your estate plan, contact Timms Solicitors to ensure your wishes are carried out with precision and legal certainty.

Don’t miss an episode of The Legal Rabbit Hole! Subscribe on your favourite podcast platform and leave us a review to let us know what you think.

In this episode of The Legal Rabbit Hole, Charlotte Day and Megan Lovell demystify the complex topic of inheritance tax (IHT). From the basics of inheritance tax thresholds to advanced strategies for minimising a tax liability through gifting and allowances, this episode is packed with actionable advice to help you plan for the future. Whether you're navigating your own estate planning or helping a loved one, you'll gain valuable insights to make informed decisions.

Key Takeaways

· What is inheritance tax: Common misconceptions and initial reactions from clients.

· Inheritance tax thresholds and allowances: The different thresholds available and how they can be claimed and transferred within a marriage.

· What is gifting: annual gifting allowances and utilising unused allowances from previous years. Impact of large gifts on inheritance tax liability. The seven-year rule and exemptions and other allowances.

· Pitfalls to avoid: Risks of transferring a primary residence to children during your lifetime. Why this strategy can trigger significant tax and legal complications.

Resources Mentioned

Speak to a Solicitor about your estate planning needs.

Government resources for inheritance tax thresholds and allowances.

Timms Solicitors : For further questions reach out to Timm's Solicitors via their website, email at legal@timms-law.com or call freephone 0800 011 6666.

Don’t miss an episode of The Legal Rabbit Hole! Subscribe on your favourite podcast platform and leave us a review to let us know what you think.