Probate
MyLegalSafeGuards Probate Service is available for
use by a subscriber on the death of his or her spouse.
Why spend thousands on solicitors fees when
most estates can be self administered
When NOT to use this platform for probate
If there is no Will
Without having made a Will, a person is deemed to have died ‘intestate’. Form PA1A can be downloaded direct from the government website for self completion: https://assets.publishing.service.gov.uk/media/67af2a582c594609b38acddc/PA1A_0225_citizen.pdf
Where there is no surviving spouse
My Legal SafeGuard Propbate Service is intended only for those whose spouse has died and have an inheritance tax liability of less then £2,000,000
If the deceased was not domiciled in England or Wales
When a person who is not domiciled in England and Wales dies, the probate process can be much more complex and you should seek guidance from a professional Probate Practioner. Assets in England and Wales, including property, are subject to UK Inheritance Tax (IHT) regardless of domicile
If the deceased made gifts with reservation of benefit
A gift with reservation of benefit arises when the deceased gave away an asset during their lifetime but Continued to benefit from it in some way until death. For example; continued to live in a property that they gave away to their children.
Under UK law, the asset is treated as if it still belonged to the deceased for inheritance tax purposes, even though legal ownership may have been transferred.
If you are claiming any Gifts made by the deceased were part of normal expenditure out of income.
Gifts from income, not capital, are exempt from IHT, they do not use the £3,000 annual exemption and they do not need to survive 7 years. However, the probate paperwork is more complicated and this platform dosen’t currently have the capability for these cases.
If you need to claim Business Asset relief.
Business Relief (BR) reduces the value of certain business assets for inheritance tax and if the deceaseds’ estate qualifies, you should seek the help of a probate professional.
If you need to claim Agricultural relief.
Agricultural land and associated farm property may qualify for relief from inheritance tax which this platform does not currently have the capability to deal with.
If there were any assets held in trust for the deceased.
The word ‘Trust’ can mean very different things legally. Broadly, it falls into one of these categories:
-
The deceased had a right to benefit (but did not own the assets outright)
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The deceased was treated as the owner for IHT purposes
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The trust owned the assets independently
In each case the best way to proceed is to seek the help of a probate specialist.
If the deceased had any National Heritage assets.
Certain assets of outstanding national, scientific, historic, or artistic interest may qualify for conditional IHT exemption. help should be sought from a probate professional as this platform does not currently have the capability to handle these cases.
If you wish to claim a Reduced Rate of Inheritance Tax.
The standard IHT rate is 40%. This can be reduced to 36% if at least 10% of the net estate is left to qualifying charities. This platform cannot currently deal with these cases and help should be sought from a probate professional.
