Probate and Inheritance Tax Law
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Here are some common questions related to wills, probate and inheritance tax.
If I do not make a will would the government get all my money?
If people die without a Will the law sets out a list of relatives who will inherit in order of priority. The government will only get your money if you had absolutely no relatives in the list which is a very very long list.
How much does it cost to make a Will?
This of course depends on how long you spend discussing the matter with your solicitor and how complex the Will is. Wills can be done from a starting price of about 150.00 plus VAT but obviously the more complex discussions the more complex Wills can run up to several hundred pounds or even more in the most serious cases.
If I die without a Will, will my husband get all of my assets.
Any assets you have jointly with your husband will pass to him in any event whether or not you have a Will.
However assets which are in your sole name will pass to your husband up to a limit of 125,000 if you have children or completely if you do not have children. It is not automatic that your assets go to your husband since it depends on whether you have children and the value of your assets.
What is the tax free limit?
Every individual can leave an amount up to currently 312,000 free of inheritance tax. This does not apply to gifts to spouses because they are tax free. If a married couple leave everything to each other and then when the second one dies they will be allowed to use the first ones limit and leave a total of 624,000.
This doubling of the limit is reduced if any of the limit is used on the first step. Your solicitor will be able to explain this to you carefully.
Article Source: Articlelogy.com
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