Tag: Inheritance Tax
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Trust & Estate Planning
The person who transfers assets into the Trust, is called the Settlor. They can also be a Trustee. For legal reasons – if you want the Trust to be able to sell property – you should have at least two Trustees up to four. Beneficiaries of Trusts can also be Trustees. Trusts can last for…
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Changes to the Probate Application Process for Deaths on or after 1 January 2022
On 1 January 2022, The Inheritance Tax (Delivery of Accounts) (Excepted Estates) (Amendment) Regulations 2021 came into effect. The 2004 regulations were extended, so that the majority of non-taxpaying estates are no longer required to complete IHT forms in cases where a grant is required. The new regulations serve to minimise the administrative burdens imposed…
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The Tax Implications of the Trusts
What is a Trust? A Trust is a legal arrangement between a ‘Settlor’ and ‘Trustees’. Trustees hold certain assets which previously belonged to the Settlor and use those assets to benefit one or more of the ‘Beneficiaries’. The details of the arrangement are contained in a legal ‘Deed of Trust’ document which names the people…