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Wills, Probate, and Inheritance Tax For Dummies, 2nd UK Edition



Wills, Probate, and Inheritance Tax For Dummies, 2nd UK Edition

Julian Knight

ISBN: 978-1-119-99682-8 February 2011 330 Pages


Planning how to pass your estate on doesn’t have to mean complications, legal jargon and huge bills. Wills, Probate and Inheritance Tax For Dummies, 2nd Edition takes you through the process step-by-step and gives you all the information you need to ensure that your affairs are left in good order. It shows you how to plan and write your will, minimise the stress of probate, and ensure that your nearest and dearest are protected from a large inheritance tax bill.

Discover how to: 

  • Decide if a will is right for you
  • Value your assets
  • Leave your home through a will
  • Appoint executors and trustees
  • Choose beneficiaries
  • Draw up a DIY will
  • Work out how inheritance tax works and if you’re liable to it
  • Find out what can and can’t be taxed

Introduction 1

Part I: Planning Your Will 7

Chapter 1: Preparing for the Inevitable 9

Chapter 2: Recognising the Benefits of Making a Will 19

Chapter 3: Totting Up the Value of Your Estate 35

Chapter 4: Deciding Who Gets What 51

Chapter 5: Leaving Your Home in Your Will 63

Part II: Writing Your Will 75

Chapter 6: Choosing the Right People to Follow Your Wishes 77

Chapter 7: Getting It in Writing: Drawing Up Your Will 93

Chapter 8: Fine-Tuning Your Will 103

Chapter 9: Ringing the Changes: When and How to Change a Will 119

Chapter 10: Making Clear Your Funeral Wishes 135

Part III: Managing Probate 143

Chapter 11: What To Do When Someone Dies 145

Chapter 12: Pro-what? The Basics of the Probate Process 153

Chapter 13: Dealing with the Estate: First Steps 163

Chapter 14: Distributing the Estate 175

Part IV: Taxing Times: Inheritance Planning 197

Chapter 15: Introducing Inheritance Tax 199

Chapter 16: Simple Steps to Reduce Inheritance Tax 207

Chapter 17: Rolling Out the Big Guns: Understanding Trusts 223

Chapter 18: Using Trusts to Help Your Family 241

Chapter 19: Taking Care of Business: Inheritance Tax and Your Firm 251

Part V: The Part of Tens 261

Chapter 20: Ten Items to Keep with Your Will 263

Chapter 21: Ten Problem Wills to Avoid 269

Chapter 22: Ten Tips for Getting Your Estate into Tax-Saving Shape 275

Appendix 283

Index 287