What is an executor?

In your Will, you must name the people you wish to appoint as 'executors'.  Executors are the people who will be responsible for carrying out your wishes and for sorting out your estate when you die.  They will need to apply for a Grant of Probate, collect all the assets of the estate, deal with all the paperwork and pay any debts, taxes, funeral expenses and administration costs out of money in the estate.  They will then be responsible for transferring any gifts and legacies to the beneficiaries named in your Will.

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Are you risking your children’s future by doing nothing?

In your Will, you can nominate someone to be a legal guardian for your children, just in case the worst happens and you die before they reach 18.

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Research* indicates that there is a significant section of society who haven’t even considered the importance of later life planning.  Whilst most of us understand the importance of making a Will (and maybe still haven’t actually got around to making one!) there is much less understanding of the need and uses for making Lasting Powers of Attorneys (LPA). Over a third of respondents had not even heard of an LPA and were unaware of the potential importance it may have for planning their later life.

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In 2017 the rules on Inheritance tax (IHT) changed, with the intention that eventually married couples and civil partners will be entitled to pass on assets worth £1 million, including the family home, without paying any inheritance tax by adding a new Nil Rate Band for your main residence, to the standard Nil Rate Band. 

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Joint Tenants or Tenants in Common

There are 2 ways of owning a property* – Joint Tenants (JT) or Tenants in Common (TIC). When a property is bought and registered with the Land Registry, the electronic title deeds will show who the owners of the property are.  We no longer require paper deeds. Properties are often owned as JT.  For example, if a couple (married or co-habiting) buy a house it’s usually as joint tenants (JT).

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