Ian Gosling

What will be covered in my will?

A will is an important legal document which describes your wishes for what you would like to happen to your estate (everything you own) after your death. Being absolutely clear about who you want to benefit when you die will not only remove any doubt and help avoid family disputes, but also help your loved ones sort out your affairs at what will be a difficult time for them. First things first A good starting point for what and who you might want to include in your will is to consider the foll

What taxes will my estate incur and how will they be paid?

Inheritance Tax (IHT) is a tax levied on a deceased’s estate. The estate is, with a few exceptions, everything the deceased owns immediately before death. Normally the tax is charged at 40% of the value of the estate. However there are lots of exemptions that mean currently only about 1 in 20 estates pay any IHT. We explain these exemptions below. Leaving all or part of your estate to your husband, wife or civil partner The good news is that any gifts made in your will to your spouse or civil p

What is 'probate'?

Probate is the process of proving who is legally entitled to deal with the estate of someone who’s died. Commonly, it also describes the process of dealing with a deceased assets and affairs. Probate and Administration Technically probate only covers the situation where the deceased has a will which appoints executors. Where there is no will, or where there is a will but no effective appointment of executors, the process is called administration. Administrators are appointed by the court. Exec

How do I appoint trustees in a Will?

If your will includes a trust, you must appoint trustees. To keep things simple, with an Affio will your trustees and executors will be the same people, so the same qualities of a good executor will also apply to your trustees. Ideally trustees should be someone: * You trust to follow the instructions you make in your will and for any trusts needed. * Who is organised and good at paperwork. * Willing to take on the role. * Who will have the best interests of the beneficiaries at heart.

What is a 'trustee'?

A trustee is a person who has legal responsibility for assets on behalf of somebody else, called the beneficiary. Trusts have all sorts of uses. They can be complicated they don’t have to be. In fact even the most simple of wills might require someone to take legal responsibility for assets on behalf of someone else. A good example of this is where a will leaves something to a child under 18 In that case a trust is needed to hold the assets for them until they reach 18 (or older if that’s what